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<Research>JPM: HSBC HOLDINGS 2Q Underlying Pre-Tax Earnings Beat
Recommend 23 Positive 44 Negative 30 |
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HSBC HOLDINGS (00005.HK)'s 2Q25 underlying pre-tax earnings were 10% higher than market expectations, driven by its net interest income and fee and other income that exceeded forecasts by 2% and 11%, respectively, on sustained momentum in the wealth management business, according to JPMorgan's research report. The return on tangible equity for 2Q reached 18.2%, beating the market's full-year expectation of 15.5%. The CET 1 ratio remaining at 14.6% and the USD3 billion share buyback plan met the broker's expectations. JPMorgan set its target price at HKD118 for HSBC HOLDINGS with an Overweight rating unchanged, considering the increase in provisions due to tariffs and Hong Kong commercial real estate risks staying within the expected range and the annualized credit cost for 2Q being 7 bps lower than the broker's expectations. AAStocks Financial News |
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