On January 8, Globenewswire reported that DBS issued a research report indicating that HSBC Holdings, as a global bank, is better able to cope with uncertainties compared to other local or regional Hong Kong banks, including credit risks associated with Hong Kong commercial Real Estate, a downward interest rate cycle, and diversification in regional distribution, all of which help reduce the negative impact of economic slowdown and potential tariffs imposed by the USA. DBS believes that HSBC will be able to achieve its target of a tangible equity return on tangible equity (RoTE) in the mid-double digits as planned, with RoTE expected to be around 14% for the 2025/2026 fiscal year. Under the support of robust capital positions and sustainable RoTE, the bank expects the group to maintain strong returns for Shareholders, becoming a key catalyst for the stock. The bank reaffirmed HSBC's 'Buy' investment rating, with the Target Price raised from HKD 75.5 to HKD 84.2.