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<Research>G Sachs: HSBC HOLDINGS 2Q Core Earnings Beats; TP Added to $110
Recommend 23 Positive 48 Negative 32 |
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Goldman Sachs released a research report on HSBC HOLDINGS (00005.HK), of which 2Q25 core earnings beat both the broker's and market's expectations by 9% and 10%, respectively. This was mainly fueled by strong PPOP, with revenue also surpassing expectations, on the back of exceptional non-banking NII. HSBC management lately forecast that if HIBOR remains at the current level of about 1%, it will have a negative impact of approximately USD100 million per month on the Banking NII. Goldman Sachs slightly raised its forecasts for the Banking NII for 2025-27 to USD41.9 billion, USD43 billion, and USD44.1 billion, respectively, which was up to 4% higher than market expectations. The broker hiked EPS forecasts on HSBC for 2025-29 by 6%, 5%, 4%, 3%, and 2%, respectively. Based on the upward revision in earnings forecasts, Goldman Sachs raised the target price for HSBC's London shares from GBX1,020 to GBX1,060 and the Hong Kong shares target price from HKD109 to HKD110, with a Buy rating kept. AASTOCKS Financial News Website: www.aastocks.com |
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