For QE30/9/2012, HLBank's net profit increased by 21% q-o-q or 17% y-o-y to RM478 million while revenue increased by 4% q-o-q or 9% y-o-y to RM1.003 billion.
Table 1: HLBank's last 8 quarterly results
Chart 1: HLBank's last 27 quarterly results
Valuation
HLBank (closed at RM14.52 at the end of the morning session) is now trading at PE of 14 times (based on last 4 quarters' EPS of 103.74 sen). It could trade up to a PE of 15 times. HLBank's dividend yield is a meager 2.6%, due to low dividend payout of 35%.
Technical Outlook
HLBank is in an uptrend, with the 20-week EMA line as a good support for gaining entry to this stock.
Chart 2: HLBank's weekly chart as at Nov 14, 2012_12.30pm (Source: Quickcharts)
Conclusion
Based on good financial performance & positive technical outlook, HLBank is still rated a HOLD. However, its upside is limited as it is trading at a PE of 14 times.
Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, HLBank.
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