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00011 HANG SENG BANK
RTNominal up146.300 +2.300 (+1.597%)
Research Report

12/10/2020 15:31

{I-bank focus}JEF starts Hang Seng Bank (00011) at HK$120.8

[ET Net News Agency, 12 October 2020] Jefferies Research initiated coverage on Hang
Seng Bank (HSB)(00011) with a "hold" rating and a target price of HK$120.8.
The research house said HSB achieved a better than peers ROE thanks to better
profitability in both its interest-earning and fee-earning business, supported by its
strong retail franchise.
However, the advantage could be diminishing in the current asset quality down cycle
given its higher asset quality pressure (higher credit costs), and shrinking risk appetite
(lower top-line profitability).
HSB is currently trading at a historical low rolling P/B of 1.3x, but still higher than
peers. Jefferies doesn't see much upside either, considering 10% 2020 ROE. In addition,
the dividend yield of 3.1% is less attractive than peers. (KL)

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