Hold maintained. HL Bank's 9MFY12 net profit of MYR1.25b (+49% YoY) was
broadly within our expectations (74% of full-year) and consensus (77%).
Provisions were lower than expected, but this was offset by non-interest
income coming in at the low end. Fundamentals of the group remain solid
but there was little to excite in the results, with trailing loan
growth and NIM compression. Our forecasts are retained. Our TP is
unchanged at RM11.60 (P/BV of 1.7x, CY2012 ROE: 15.5%).
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Source: Maybank Research - 17 May 2012
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