HSBC upgraded to Overweight from Underweight at Barclays » 05:0709/1709/17/21
Barclays analyst Aman…
Barclays analyst Aman Rakkar double upgraded HSBC to Overweight from Underweight with a price target of 530 GBp, up from 480 GBp. After hosting management at the firm's conference, the analyst has "greater conviction on an improving outlook." The bank's revenue momentum should accelerate, including at its key Asia Wealth unit, Rakkar tells investors in a research note. Near-term growth concerns and China policy developments are driving a "weak" valuation, creating an attractive entry point, says the analyst. Rakkar believes HSBC is trading at a "rare" discounted valuation.
HSBC upgraded to Outperform from Sector Perform at RBC Capital » 05:0109/1709/17/21
RBC Capital analyst…
RBC Capital analyst Benjamin Toms upgraded HSBC to Outperform from Sector Perform with a price target of 460 GBp, up from 450 GBp. The shares have underperformed year-to-date due to a combination of state intervention in China and a rebasing of dividend expectations, Toms tells investors in a research note. With the stock now at a 40% valuation discount to the company's historical average, HSBC's current share price offers a "good entry point," says the analyst. He says HSBC "screens as attractive relative to the sector."
|Over a week ago|
Goldman hires Citi, HSBC bankers as Mideast deals surge, Bloomberg says » 17:1509/0509/05/21
GS, C, HSBC
Goldman Sachs (GS) is…
Goldman Sachs (GS) is hiring bankers from rival firms Citigroup (C) and HSBC (HSBC) as the U.S. lender seeks to expand its business in the Middle East amid a surge in deals from the region, Bloomberg's Matthew Martin, Dinesh Nair, and Nicolas Parasie report. Mergers and acquisitions activity in the Middle East and Africa region has more than doubled this year to about $125 billion, according to data compiled by Bloomberg, boosted by deals like a $12.4 billion stake in Saudi Aramco's oil pipelines. Reference Link
HSBC sees permanent hybrid work, decreased business travel, Bloomberg says » 06:3109/0309/03/21
HSBC is planning to…
HSBC is planning to operate in a significantly different way after the pandemic subsides, with as many as 70% of employees backing a hybrid working model with the bank's business travel budget slashed in half, Bloomberg's Denise Wee and Francine Lacqua report, citing CEO Noel Quinn. "My own view on the return to office is it would be a waste if we didn't learn from the last 18 months," Quinn said. The bank, which has had over 90% of employees working remotely, plans to cut its property footprint by 40% and doesn't expect to renew many of its city-center leases over the next years. Reference Link
|Over a month ago|
HSBC initiates legal proceedings against Republic of El Salvador » 16:5708/1808/18/21
HSBC Latin American…
HSBC Latin American Holdings initiated legal proceedings against the Republic of El Salvador for breach of its investment treaty with the United Kingdom, and seeks to recover at least $49.3M in damages that the Bank alleges were wrongly awarded against it by the Supreme Court of El Salvador. The arbritation case will be heard by the International Centre for Settlement of Investment Disputes. Based in Washington, D.C., ICSID is part of the World Bank Group and supports the resolution of international investment disputes between investors and sovereign states. "HSBC is involved in legal cases in courts around the world, and we accept the outcome of those proceedings when they are resolved according to the rule of law," said Leopoldo Ortega, General Counsel, HSBC Latin America. "This case is effectively a judicially sanctioned denial of justice, and our decision to take it to an independent international tribunal is meant to protect both our financial interests and the rule of law in international investing."
HSBC agrees to acquire AXA Singapore for $575M » 06:0208/1608/16/21
HSBC Insurance Asia-Pacific Holdings Ltd, an indirect wholly-owned subsidiary of HSBC Holdings plc (HSBC), has entered into an agreement to acquire 100% of the issued share capital of AXA Insurance Pte Limited, or AXA Singapore (AXAHY), for $575M. Noel Quinn, CEO, HSBC Holdings plc, commented: "This is animportant acquisition that demonstrates our ambition to grow our Wealth business across Asia. Wealth is one of our highest growth and highest return opportunities, and plays to our strengths as an Asia-centred bank with global reach. We are acquiring a good business that fits well with our existing operations, and which strengthens our status as one of Asia's leading wealth and insurance providers." Following deal completion, which is subject to regulatory approval, the intention is to merge the operations of HSBC Life Singapore and AXA Singapore, subject to further approval by the Singapore regulator and courts.
HSBC price target lowered to 450 GBp from 480 GBp at RBC Capital » 14:1308/0908/09/21
RBC Capital analyst…
RBC Capital analyst Benjamin Toms lowered the firm's price target on HSBC to 450 GBp from 480 GBp and keeps a Sector Perform rating on the shares.
HSBC price target raised to 450 GBp from 430 GBp at Morgan Stanley » 15:1208/0508/05/21
Morgan Stanley analyst…
Morgan Stanley analyst Magdalena Stoklosa raised the firm's price target on HSBC to 450 GBp from 430 GBp and keeps an Equal Weight rating on the shares.
HSBC upgraded to Overweight from Neutral at JPMorgan » 08:1308/0408/04/21
JPMorgan analyst Katherine Lei upgraded HSBC to Overweight from Neutral with a price target of HK$52, up from HK$51, after having "actualized" Q2 data and revised up FY21 EPS by 20% while also making no material changes to FY22-23 estimates. HSBC shares has corrected 10% in the past three months, likely on concerns of a COVID relapse in the UK and a weakening U.S. long bond yield, but fundamentals have remained stable and Lei thinks broad-based macro and labor market improvement in Hong Kong support a revenue recovery and credit cost normalization, the analyst tells investors.
HSBC upgraded to Buy from Hold at DBS Bank » 05:5908/0308/03/21
DBS Bank analyst Cindy…
DBS Bank analyst Cindy Wang upgraded HSBC to Buy from Hold with a 576.65 GBp price target.