Results within. HL Bank's 1QFY12 net profit of RM407m (+40% QoQ, +58%
YoY) was within expectations, coming in at 26% of our full-year
forecasts and consensus. While fundamentals of the group remain solid
post-merger, much of the positives are reflected in its current share
price, in our view. Merger benefits are unlikely to flow through just
yet, but integration costs will continue to feature. Our Hold call is
maintained with an unchanged TP of RM10.60 (1.6x 2012 P/BV, ROE: 14.4%).
Maybank research (30 November 2011)
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