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<Research>M Stanley: HANG SENG BANK's Interim NP Misses on High Credit Impairment Provisions
Recommend 8 Positive 8 Negative 14 |
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Weighed down by high credit impairment provision loss, HANG SENG BANK (00011.HK)'s interim net profit tumbled by over 30.5% YoY to HKD6.88 billion, worse than the general market expectations, according to Morgan Stanley's research report. Its pre-provision profit was 2.7% lower than the broker's forecast but 9% higher than market expectations. To Morgan Stanley, HANG SENG BANK's overall interim performance was weaker than expected. Considering the lingering uncertainties in the Hong Kong commercial real estate sector, the broker kept an Underweight rating on the bank with a target price of HKD93. HANG SENG BANK also announced a share buyback of up to HKD3 billion with completion expected within six months, in line with Morgan Stanley's expectations. AAStocks Financial News |
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