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RTNominal down150.000 -2.000 (-1.316%)
Research Report

05/08/2020 18:01

{I-bank focus}DBS cuts Hang Seng Bank (00011) to HK$120

[ET Net News Agency, 5 August 2020] DBS Group Research lowered its target price for
Hang Seng Bank (HSB)(00011) to HK$120 from HK$145 and maintained its "hold" rating.
The research house said HSB's 1H earnings missed was due to NIM squeeze, lower
non-interest income, and higher provisions. The third wave of COVID-19 infections in HK
and continuing trade disputes may lead to higher provisions in 2H.
DBS expects HSB's NIM to narrow as HIBOR trends down and HSB continues to focus on
better quality borrowers. Imputing NIM pressure, lower non-interest income and higher
provisions due to COVID-19 pandemic and lower HIBOR, DBS cut its FY2020/21 earnings
forecasts by 22%/23%. (KL)

Remark: Real time quote last updated: 26/02/2021 17:59
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