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2HFY22F core NP to be lowered by CM

■ 1HFY3/22 core NP (inclusive of CM) was above our full-year forecast (74.8%) and Bloomberg estimate (62%) due to robust net interest income.
■ We project a 49.7% hoh drop in Alliance’s 2HFY22F core NP due to the additional tax expense under CM.
■ We upgrade Alliance from Reduce to Hold given the strong net interest income and 2QFY22 financial results. Raise EPS by 23-26% and TP by 30%.

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