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<Research>M Stanley: HSBC HOLDINGS 4Q25 Ppop Beats Forecast by 10%; TP Elevated to $149
Recommend 35 Positive 41 Negative 35 |
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HSBC HOLDINGS (00005.HK) once leaped nearly 4.1% to a high of $140.8 after midday, and last mounted 3.4% to $139.9. HSBC HOLDINGS announced its 4Q25 underlying Ppop, which was 10% higher than market consensus, mainly driven by 6% beat on net interest income and better capital performance, with a QoQ increase of 40 bps, Morgan Stanley released a research report saying. The Company's net interest income guidance for 2026 is at least US$45 billion, higher than the market consensus of US$43.5 billion. The Company also raised its return on tangible equity (ROTE) guidance to 17% or higher. The broker estimated HSBC HOLDINGS' share price to have a strong positive reaction. After HSBC HOLDINGS' results announcement, Morgan Stanley decided to raise its earnings forecast by 9-12%, believing that the stronger guidance reflects management's confidence in the HIBOR trend and deposit side performance. The current stock price is equivalent to a 1.7x estimated PB ratio for 2026, with ROTE exceeding 17%. Therefore, the broker reiterated rating at Overweight on HSBC HOLDINGS, and elevated its target price from $138.1 to $149. AASTOCKS Financial News Website: www.aastocks.com |
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