Results above forecasts. HL Bank's 2QFY12 net profit of RM788m (+44%
YoY) was above our and consensus expectations, largely on account of
lower-than-expected provisions. While we are positive on merger benefits
filtering through, valuations are fair at this stage, in our view. Our
forecasts are revised up by about 10% for FY12 and FY13 respectively,
and our TP is raised to RM11.60 (P/BV of 1.7x, CY2012 ROE: 15.5%). Hold
maintained.
Maybank Research 28 Feb 2012
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