Upgrade to BUY. Having recently upgraded our TP on HL Bank to MYR14.60
from MYR11.60 (+26%) pegged to a CY12 P/BV of 2.1x, our RNAV for HLFG is
correspondingly raised to MYR14.20 (+16% upside) from MYR10.80. HLFG
offers a cheaper alternative to HL Bank, alongside exposure to the
rapidly expanding insurance businesses of the group. The only major
drawback is the illiquid nature of the stock.
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Source: Maybank Research - 17 July 2012
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