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00005 HSBC HOLDINGS
RTNominal down69.150 -0.050 (-0.072%)
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09/10/2019 14:46

{I-bank focus}Morgan chops HSBC Holdings (00005) to HK$51

[ET Net News Agency, 9 October 2019] Morgan Stanley lowered its target price for HSBC
Holdings (00005) to HK$51 from HK$70 and downgraded its rating to "underweight" from
"equal-weight".
The research house said HK is the largest contributor to earnings and profitability at
HSBC (50-55% of group PBT). Ex-Asia, its ROCET1 (Return on Common Equity Tier 1) has
languished in mid-single digits. Morgan expects meaningful pressure on HK earnings - a
likely decline in HK PBT, from US$11.6bn in 2019 to US$8.6bn in 2021.
It said the support for HSBC comes from its 7% yield, but with scrip unlikely to be
neutralised in the near term, book value progression will stay tepid. Morgan expects this
to keep the stock price weak. (KL)

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