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00011 HANG SENG BANK
RTNominal up85.650 +0.100 (+0.117%)
Others

13/01/2021 11:39

{I-bank focus}Morgan lifts Hang Seng Bank (00011) to HK$123

[ET Net News Agency, 13 January 2021] Morgan Stanley lifted its target price for Hang
Seng Bank (HSB) (00011) to HK$123 from HK$105 and maintained its "underweight" rating.
The research house lowered its 2020/21/22 EPS forecasts for HSB by 0.7%/5.4%/6.3%.
Changes in 2021 and 2022 were due to lower margins partly offset by stronger non-interest
income. Morgan also cut credit cost forecasts given the likelihood of better than
previously expected asset quality trends.
It noted that HSB has a strong balance sheet (low beta), and has gone through a
prolonged phase of improving profitability. However, current HIBOR stays at a low level,
given ample liquidity in HK and Morgan does not forecast a near term rebound, it will
continue to keep HSB's profitability under pressure.
Meanwhile, virtual banks are likely to compete aggressively at the initial stage,
putting additional pressure on incumbent banks' earnings. (KL)

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