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<Research>M Stanley: HSBC HOLDINGS (00005.HK) 2Q Rev. Beats; TP Raised to $107.1 w/ Rating Overweight
Recommend 30 Positive 51 Negative 25 |
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HSBC HOLDINGS (00005.HK)'s 2Q25 adjusted profit before tax was 10% and 12% ahead of Morgan Stanley's expectation and market consensus each, mainly driven by non-interest income, with net interest income also beating forecasts by 2%, according to Morgan Stanley's research report. HSBC HOLDINGS reiterated its full-year net interest income guidance, which Morgan Stanley believed can offset the impact of higher provisions in Hong Kong's commercial real estate, alleviating concerns for this quarter. Morgan Stanley raised its EPS estimations by 1.6-3%, aligning closely with consensus. With a TBV of 1.4x, the broker rated London-listed HSBC Holdings plc (HSBA.L) at Equalweight and Overweight in Asia, and raised its target price from $90 to $107.1. Morgan Stanley believed that the higher full-year expectations reflect Hong Kong's commercial real estate trends, but losses seem manageable. BANKCOMM (03328.HK)(601328.SH)'s impairment reflected the recognized US$1.1 billion dilution, in line with expectations, with an additional US$1 billion impairment test not included in consensus. These two costs had no significant impact on capital. AASTOCKS Financial News Website: www.aastocks.com |
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