4QFY21: Capping Off A Decent FY21 Performance

HLBank reported in-line 4QFY21 results. Earnings growth was flattish as weaker trading income offset commendable net interest income and fee income growth. Bank of Chengdu also registered impressive growth. Maintain BUY and target price of RM22.30 (1.50x FY22F P/B, 10.4% ROE). Among its peers, we believe HLBank may have the lowest provision risk given its relatively high mortgage portfolio which is well collateralised.