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<Research>CICC Raises HANG SENG BANK (00011.HK) TP to $109.5 as 2H24 Results Slightly Beat
Recommend 6 Positive 11 Negative 3 |
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HANG SENG BANK (00011.HK)'s 2H24 operating income/ operating profit before provision/ net profit rose by 1.1%/ 0.2%/ 6.2% YoY each, slightly better than CICC's expectations, mainly due to lower-than-expected non-interest income and credit costs, CICC released a research report saying. However, the Company did not announce a new round of buybacks, which in the broker's view was reacted negatively by the market. HANG SENG BANK's failure to announce a new round of buybacks at the results announcement is not in line with CICC's forecast, but the broker estimated that the capital position will remain intact in the future, with the possibility of HANG SENG BANK restarting buybacks in the future not being ruled out. Therefore, the broker lifted its 2025/ 2026 earnings forecasts for HANG SENG BANK by 9%/ 4.8% to $17.072 billion/ $16.913 billion, and raised its target price for the Company by 9% to $109.5, with rating kept at Neutral. AAStocks Financial News |
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