HLFGHong Leong Financial Group
HLFGHarbor Lights Financial Group (Manasquan, NJ)
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EFFICIENCY SCORE DERIVED FROM SFA Company name Efficiency MAY 0.8357 PBK 0.9164 CIMB 0.8812 HLBK 0.8992 RHBBANK 0.8901 HLFG 0.9233 AMM 0.8452 BIMB 0.9279 AHB 0.8706 LPI 0.9145 STMB 0.9379 ALLZ 0.9502 MNRB 0.928 MHBS 0.8784 PO 0.7602 MBS 0.9358 BURSA 0.8618 ACSM 0.9638 INS 0.9367 RCE 0.9226 APX 0.8461 JOH 0.5857 ECML 0.8818 HLG 0.9347 TAE 0.8434 MAA 0.8309 Average 0.8809 Source: Data from historical data of Bloomberg terminal.
EFFICIENCY SCORE DERIVED COMBINATION OF DEA AND SFA Company name Efficiency MAY 0.7693 PBK 0.8709 CIMB 0.8196 HLBK 0.8354 RHBBANK 0.8146 HLFG 0.8791 AMM 0.7822 BIMB 0.8867 AHB 0.8247 LPI 0.9573 STMB 0.9465 ALLZ 0.9683 MNRB 0.9464 MHBS 0.9241 PO 0.8595 MBS 0.9009 BURSA 0.9023 ACSM 0.9819 INS 0.9675 RCE 0.9337 APX 0.9231 JOH 0.7929 ECML 0.9409 HLG 0.9627 TAE 0.8443 MAA 0.9155 Average 0.8904 Source: Data from historical data of Bloomberg terminal.
'The increase was mainly due to higher contribution from the commercial banking and insurance divisions,' HLFG said in a filing with Bursa Malaysia today.
'Hong Leong Capital's revenue also declined to RM72.73 million from RM81.62 million,' HLFG said.
Formed in 2009, HLIB had absorbed the stockbroking operations of HLG Securities, core stockbroking entity of HLFG Group, and SBB Securities.
The ratings are based on the improved domestic market position and core earnings capacity of commercial banking subsidiary, Hong Leong Bank (HLB), after the completion of the bank's merger with EON Bank Group (EBG), the group's stable consolidated operating performance and risk profile, and HLFG's recurring access to debt capital markets.
The HLFG Group is one of the largest financial services groups in the country with total group assets amounting to MYR 169.7 billion as at end-March 2012.
MARC notes the franchise inter-linkages between HLFG's banking and insurance operations, and views positively the recent establishment of the strategic partnership between its life insurance operating company, Hong Leong Assurance (HLA), and foreign strategic partner, Mitsui Sumitomo Insurance Company, Limited of Japan (MSIJ).
MARC expects the capital markets-driven nature of HLIB's investment banking and retail stockbroking businesses to continue to be reflected in a higher degree of earnings volatility compared to HLFG's other business segments.
At the holding company level, HLFG's double leverage ratio surged to 152 per cent as at end-March 2012 from 88 per cent in FY2011 due a significant increase in external borrowings to fund its additional equity investments in HLB.
Hong Leong Financial Group Bhd (HLFG) reported a pre-tax profit drop of 8.3 percent during the financial year 2011(FY11).