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<Research Report>CICC Expects HSBC HOLDINGS 4Q22 Adj. PBT to Grow Over 75% YoY, Rating Netural
2023/02/03 10:09
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.

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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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