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<Research Report>CICC Expects HSBC HOLDINGS 4Q22 Adj. PBT to Grow Over 75% YoY, Rating Netural
HSBC HOLDINGS (00005.HK)'s 4Q22 adjusted profit before tax (PBT) was anticipated to balloon 75.4% YoY, along with a 115% YoY upsurge in the net profit attributable to the parent company, CICC said in a report.
The group's adjusted PBT and net profit attributable to the parent company were projected to shoot up 10.1% and 11.4% on a YoY basis in the year of 2022. The higher-than-consensus estimates were mainly underpinned by the recent exchange rate changes and potential positive impact on business results from the improving economic outlook in HSBC's core markets, the broker illustrated.
Owing to the improvements in exchange rates and macroeconomic conditions, the broker raised the 2022-24E earnings for HSBC HOLDINGS by 3%/ 4.2%/ 5.9%, to USD14.1 billion/ USD21 billion/ USD21.5 billion. The rating for the stock was kept at Neutral, with its target price hiked by 23.2% to $69.66.
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