KUALA LUMPUR: AmResearch said HONG LEONG BANK BHD [] registered net earnings of RM257.2mil (-14.6% QoQ, +9.8% YoY) in 1QFY11, which if annualised would be 4.5% below its forecast and 5.9% below consensus of RM1,093mil FY11F.
'We maintain our BUY rating on Hong Leong Bank, with a raised fair value to RM11.20/share from RM10.90 previously,' it said.
AmResearch said it was rolling forward its base to calendar year 2011 instead of financial year-ending June 2011.
Based on calendarised ROE of 15.5% CY11F (previously FY11F of 15.9%), it estimated fair P/BV of 2.1x on a book value of RM5.23 (previously FY11F of RM4.93).
'We maintain our BUY rating on Hong Leong Bank, with a raised fair value to RM11.20/share from RM10.90 previously,' it said.
AmResearch said it was rolling forward its base to calendar year 2011 instead of financial year-ending June 2011.
Based on calendarised ROE of 15.5% CY11F (previously FY11F of 15.9%), it estimated fair P/BV of 2.1x on a book value of RM5.23 (previously FY11F of RM4.93).
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