[ET Net News Agency, 3 August 2020] Goldman Sachs said HSBC's (00005) reported 2Q
underlying PBT (profit before tax) of US$2.6bn was 19% below Goldman's estimates. The miss
was driven by higher than expected credit charges. PPOP (pre-provision operating profit)
was 20% ahead. The capital position was also better than expected.
All in, the research house expects the share price reaction today to this release could
be negative. Goldman maintained its "buy" rating and a target price of HK$55 on the stock,
expecting the resumption of dividends next year to be a positive catalyst for the shares.
The management reiterated its guidance of US$3bn negative impact on NII (net interest
income) this year with a further negative impact in 2021. With HIBOR declining
meaningfully this quarter, Goldman expects the run-rate during 2Q will re-set lower. (KL)
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00005 HSBC HOLDINGS
Nominal 
62.400 -1.450 (-2.271%) Others
03/08/2020 14:02
{I-bank focus}HSBC's 2Q miss by higher credit charges - GS
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