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<Research>M Stanley: HSBC HOLDINGS' Mideast Biz Contributes 5% of Group's PBT; Bank Remains Comfortable on Full-Yr Guidance
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Morgan Stanley’s research report stated that HSBC HOLDINGS (00005.HK) Group CFO Pam Kaur was invited at the bank's 22nd European Financials Conference for a discussion. HSBC reaffirmed its long-term commitment to the Middle East market, where it has been operating for over 130 years and continues to view the region as a long-term growth market. Morgan Stanley set a TP of GBX1,409 for HSBC (HSBA.L) UK shares, with a rating of Equalweight. HSBC's major business exposure in the Middle East stems from two parts: HSBC Middle East Bank, primarily based in Dubai, contributing approximately USD1 billion in PBT to the group; and Saudi Awwal Bank, contributing about USD700 million. Together, they account for about 5% of the group's PBT, with loans in the region representing about 2% of the group's total loans. Despite escalated geopolitical risks, management remains comfortable about the full-year guidance, noting that any potential impact will depend on the duration of the conflict. AASTOCKS Financial News Website: www.aastocks.com |
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