Multivariable Cox regression analysis extracted age > 70 (adjusted HR 2.39, 95% CI 1.41–4.06, p = 0.001), male sex (adjusted HR 2.07, 95% CI 1.23–3.48, p = 0.006), cirrhosis (adjusted HR 2.97, 95% CI 1.78–4.92, p < 0.001), serum albumin < 3.5 g/dL at pw12 (adjusted HR 2.72, 95% CI 1.39–5.33, p = 0.003), and AFP > 7 ng/mL at pw12 (adjusted HR 4.92, 95% CI 2.72–8.88, p < 0.001) as independently associated with conferring higher risk for the development of HCC. Here, AFP is linked to Cirrhosis.