Hong Leong Finance kept at 'underperform' with $2.10 target price by Credit Suisse

Stock Name: Hong Leong Fin
Company Name: HONG LEONG FINANCE LIMITED

Research House: Credit Suisse

Price Call: SELL

Target Price: 2.10

SINGAPORE (Nov 11): Credit Suisse is maintaining its "underperform" call on Hong Leong Finance with an unchanged target price of $2.10.

In a results review on Nov 11, analyst Anand Swaminathan said the financing company's 3Q14 net profit of $14.3 million, down 28.1% y-o-y and making up 67% of the FY14 estimates by the house, came in below its expectations due to higher loan loss provisioning and renewed NIM (Net interest margin) pressure.