The group also resumed an interim dividend per share (DPS) of 1 cent for the period.
CGS International’s Ong Khang Chuen and Kenneth Tan have kept their “add” call on Hong Leong Asia (SGX:H22
) at a raised target price of $1.20 from $1.00 previously as they believe the group is an underappreciated proxy for the construction industry upcycle in Singapore and Malaysia.
The analysts note that Hong Leong Asia’s 1HFY2024 ended June profit after tax and minority interests (patmi) of $50 million formed 66% of their full-year forecasts, beating expectations.
