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<Research>G Sachs Keeps Buy on HSBC HOLDINGS w/ TP HKD103; Upside for HK Banks Limited
Recommend 27 Positive 43 Negative 28 |
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The P/E valuations of BOC HONG KONG (02388.HK) and HANG SENG BANK (00011.HK) have been adjusted to their 20-year averages, while market expectations for EPS growth for FY25/ 26 have also dropped below mid-cycle growth, according to Goldman Sachs' research report. In addition, Hong Kong's property market and loan business are expected to show a slow (around low single-digit) recovery. Along with the pressure on HIBOR, a driving factor for profitability, it poses downside risks to banks' net interest margins and balance sheets. As positive factors had already been absorbed by the market, Goldman Sachs saw no upside potential for the industry. Stock | Investment Rating | Target Price (HKD) HSBC HOLDINGS (00005.HK) | BUY | 103 STANCHART (02888.HK) | Neutral | 111 BOC HONG KONG (02388.HK) | Neutral | 31.1→35.1 HANG SENG BANK (00011.HK) | Neutral | 104→114 BANK OF E ASIA (00023.HK) | Sell | 9.5 → 10.5 DAHSING BANKING (02356.HK) | Neutral | 7.4→8.2 AAStocks Financial News |
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