Broker Name: Not explicitly stated in the document (inferred as internal or generic analyst report, since no broker name is given).

Date of Report: Not explicitly stated in the document (date not provided).

Excerpt from Analyst Report

• Report Summary
• Hong Leong Finance (HLF) is the market leader among Singapore finance companies, holding about 76% market share and is well-positioned to serve SMEs and retail customers.
• Earnings are expected to recover after bottoming out in FY25, with margin stabilisation and a projected 20% year-on-year earnings rebound as funding costs normalise.
• HLF has a consistent track record of dividend payouts, with yields expected at 3.6%-4.8% for FY25F-27F, supporting the share price.
• The stock is trading at a low 0.57x P/BV, which is at a 25% discount to its peers, despite comparable returns on equity, suggesting potential for re-rating to a fair value of SGD3.20.

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