Hong Leong Bank Bhd · MYX:HLBANK

Hong Leong Bank Bhd — Investor Presentation (October 2026)

18 slides from Hong Leong Bank Bhd's investor presentation, October 2026

  1. Slide 1: Quarterly Market Outlook 4Q2026

    Quarterly Market Outlook 4Q2026 Global Markets Oct 2026

  2. Slide 2: Global Central Banks Policy Rates Outlook

    Global Central Banks Policy Rates Outlook Current 4Q26 1Q27 2Q27 3Q27 Remarks (4Q) Remarks (1Q-3Q27) United States Federal Reserve 3.75-4.00 4.00-4.25 4.25-4.50 4.25-4.50 4.25-4.50 +25bps +25bps Fed Funds Rate Eurozone European Central Bank 2.50 2.75 2.75 2.75 2.75 +25bps No change Deposit Rate Unit

  3. Slide 3: US – Expect further rate hikes in 4Q26 and 1Q27

    US – Expect further rate hikes in 4Q26 and 1Q27 to ensure “timelier return” to the 2.0% inflation goal • Growth outlook remains firm –softer but still stable labour market, 2025 2026F 2027F strong productivity growth, resilient domestic spending, still robust capital investment due to AI infrastruct

  4. Slide 4: Eurozone – Highly uncertain economic and inflation outlook

    Eurozone –Highly uncertain economic and inflation outlook • Economic and inflation outlook remains highly uncertain: 1) Private consumption growth to grow moderately owing to some losses in purchasing 2025 2026F 2027F power and higher uncertainty. 2) Domestic demand supported by defence GDP (%) 1.2

  5. Slide 5: UK – BOE caught between inflation and growth dilemma

    UK – BOE caught between inflation and growth dilemma • Little evidence of material second-round effects in price and wage- 2025 2026F 2027F setting, coupled with weakness in economic activity and labour market, justified BOE’s recent rate pause decision GDP (%) 1.2 1.1 1.1 • Odds of a November rate

  6. Slide 6: Japan – Less hawkish than expected Ueda suggests status quo in 4Q

    Japan – Less hawkish than expected Ueda suggests status quo in 4Q • More moderate growth, in a tug of war between negative impact of 2025 2026F 2027F higher crude oil prices on consumer/business spending, and AI-related demand and policy supportive measures GDP (%) 1.2 0.6 0.8 • CPI likely to accele

  7. Slide 7: Australia – Already restrictive policy rate suggests little room for further hike

    Australia – Already restrictive policy rate suggests little room for further rate hike • Subdued GDP growth, a combination of weaker growth in real household disposable income, softer conditions in the housing market 2025 2026F 2027F and impact from the increases in the cash rates earlier in the yea

  8. Slide 8: China – Two-speed economy stays

    China – Two-speed economy stays • Little sign of sustained recovery for domestic demand – negative wealth 2025 2026F 2027F effect from home prices, weak consumer confidence drags on consumption recovery GDP (%) 5.0 4.5 4.4 • Investment outside the priority sectors to stay subdued amid Inflation (%)

  9. Slide 9: Hong Kong – 4Q marks the historic kick-off of the first 5-year plan

    Hong Kong – 4Q marks the historic kick-off of the first 5-year plan • Moderated growth outlook in 2H26 reflecting less favourable base effect, downside risks from the geopolitical tension and tighter financial conditions • Hong Kong has benefitted from its role as a regional trade, logistics and 202

  10. Slide 10: Singapore – Continue benefitting from AI capex cycle

    Singapore – Continue benefitting from AI capex cycle • The Singapore economy has and will continue to benefit from the AI capex 2025 2026F 2027F cycle; outperformance in exports supported manufacturing and investment activities in the tech sector, with associated spillover to trade and logistic GDP

  11. Slide 11: Vietnam – Phenomenal growth outperforming its regional peers

    Vietnam – Phenomenal growth outperforming its regional peers • Surprisingly strong growth momentum averaging 9.0% YTD - 2025 2026F 2027F Manufacturing stays as the main engine of growth, underpinned by strong exports and sustained FDI; Value-added tax cuts, accelerated GDP (%) 8.0 9.0 7.7 infrastruc

  12. Slide 12: Malaysia – Expect policy normalization in 2027 amid resilient growth

    Malaysia – Expect policy normalization in 2027 amid resilient growth • Cautiously optimistic of continuous double-digit growth for exports - 2025 2026F 2027F global tech/AI boom to cushion blow from geopolitical/supply angst • Domestic demand to shift into lower gear as uncertain environment weighs

  13. Slide 13: Markets Outlook - FX

    Markets Outlook - FX FX – USD likely to remain bid in 4Q before giving up ground in subsequent quarters; MYR to FX Forecasts gradually appreciate as exports continue to shine 30-Sep Q4-26F Q1-27F Q2-27F Q3-27F 12-month Outlook EUR: ECB likely to hike further to keep inflationary DXY 101.58 102.22 10

  14. Slide 14: Markets Outlook – Fixed Income

    Markets Outlook – Fixed Income CURRENT 4Q2026 1Q2027 2Q2027 3Q2027 UST 10Y 5.29% 5.00% 4.90% 4.80% 4.70% MGS 10Y 4.00% 3.90% 3.85% 3.80% 3.80% SGS 10Y 2.45% 2.35% 2.30% 2.25% 2.25% Sovereigns – Bullish on government bonds for 4Q 2026 with inflationary concerns likely to give way to fears over econom

  15. Slide 15: US Fixed Income – Bullish on USTs in 4Q26 with Fed likely to hike

    US Fixed Income – Bullish on USTs in 4Q26 with Fed likely to hike further to quell inflation • UST -- USTs plunged in 3Q26 amidst growing inflationary concerns triggered by a prolonged conflict in the Gulf that has resulted in a renewed surge in oil prices amidst worries over an extended disruption

  16. Slide 16: Malaysia Fixed Income – slightly constructive in 4Q26

    Malaysia Fixed Income – slightly constructive in 4Q26 • Government Bonds – MGS and GII plunged in 3Q26 as overall benchmark yields closed higher between 21 and 45bps q/q (2Q26: -9 to +2bps) amidst a backdrop of bearish global government bond markets and the robust growth picture domestically. • Fore

  17. Slide 17: Singapore Fixed Income – expect SGS to stay neutral

    Singapore Fixed Income – expect SGS to stay neutral in 3Q26 • SGS – Singapore Government Securities plunged for the quarter, taking cue from the sharp moves lower in major government bond markets, as overall benchmark yields closed higher by between 37 to 55bps (2Q26: 3 to 32bps higher). • The 5-yr

  18. Slide 18: Disclaimer

    DISCLAIMER This report is f or inf ormation purpos es onl y and does not take int o account t he i nvest ment obj ecti ves, financial situation or particul ar needs of any particul ar recipient. The information c ont ained her ein does not constitut e the pr ovision of inves tment advice and is not

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