On August 5th, Haitong International released a report stating that HSBC Holdings' Q2 revenue fell 11.3% YoY to $16.54 billion, and pre-tax profit fell 3.1% YoY to $12.7 billion, both of which exceeded market expectations. The bank expects shareholders' earnings growth to rise by 15.3% and fall by 16.5% respectively for the fiscal years 2024 to 2025, with a target price of HKD 61.51 and a 'neutral' rating. The report also noted that HSBC raised its guidance, but its non-performing loan ratio was lower. The decline in net interest income in Hong Kong was mainly due to the quarterly decline in interbank offered rates in Hong Kong banks and the migration of fixed-term deposits, with the 2024 fiscal year net interest income guidance target raised from $41 billion to about $43 billion. In addition, HSBC announced a further repurchase of $3 billion in stocks. The new RoTE target for fiscal years 2024 and 2025 is around 15%.
大行评级｜海通国际：维持汇丰控股“中性”评级 目标价为61.51港元
Bank rating | Haitong Int'l: maintains a "neutral" rating for HSBC Holdings with a target price of HKD 61.51.
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