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<Research>G Sachs Increments Slightly TP of HSBC HOLDINGS (00005.HK) to $81, Rates Buy
Recommend 39 Positive 91 Negative 37 |
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Goldman Sachs noted in a research report that HSBC HOLDINGS (00005.HK)'s 1Q24 results were in line with the broker's expectations. Taking into account the latest results, the broker revised its EPS forecasts on the group for the 5 years from FY24 to FY28 by up 6%, up 5%, down 2%, down 3% and down 4% respectively. The broker raised slightly its target price on HSBC by $1 from HK$80 to HK$81 and gave the group a Buy rating. Goldman expected HSBC's net interest income to be US$43.4 billion, US$40.7 billion and US$40.6 billion in FY24/FY25/FY26 respectively, while non-interest income during the 3 years are forecasted to be US$20.8 billion, US$22.0 billion and US$22.9 billion. Meanwhile, the broker believed that the pace of share buybacks will accelerate this year after the sale of the group's Canadian business, coupled with the growth of loans from next year onwards. The broker predicted the repurchase scale to reach US$10 billion and US$8 billion in FY24 and FY25 respectively. The broker forecasted HSBC's dividend yield for FY24 and FY25 to be 7%, as well as a buyback yield of about 5-6%. Thus, excluding the special dividend yield, the total return on capital would be about 12%-13%. AAStocks Financial News |
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