Hong Leong Finance

Hong Leong Finance: 1st quarter earnings declined 8.9% to $15.3m, as the 13.7% y/y growth in net loan assets to $9.0b being offset by a lower loan yield due to competition. This could reflect a lower loan yield for the 3 bigger banks for the 1st quarter of 2013, after the recent govt budget measures of financing restrictions on vehicle loans and property measures starts to impact the financing companies. HL Finance trades has NAV/share of $3.72, trades at P/B of 0.74x.