HSBC 02 (0005) (Jun 10 - Dec 24)

[winston]

not vested

<Research Report>HSBC HOLDINGS (00005.HK) reiterated Buy with TP set at $83 by GS on positive outlook of HFC

Goldman is positive about the outlook of HSBC Finance Corporation (HFC), in view of the improvement in the US property market and expects the impairment loss of HFC will fall in the next three years to US$2.9 billion, US$1.7 billion and US$800 million respectively from 2011's US$5 billion.

The broker is more optimistic towards HSBC HOLDINGS (00005.HK)'s profit for 2012-14 compared to market analysts.

HSBC HOLDINGS was reiterated Buy with target kept at $83.


Source: AAStocks Financial News

[winston]

not vested

HSBC Profit Misses Estimates, Takes $800 Million Probe Provision

HSBC Holdings Plc, Europe’s largest bank by value, reported profit that missed analysts’ estimates and made an $800 million provision for penalties from a U.S. money-laundering investigation.

http://www.bloomberg.com/news/2012-11-0 ... ision.html

[winston]

HSBC earnings hit by provisions for US settlement by Victor Cheung

HSBC Holdings (0005) improved earnings in the third quarter but was hit by a US$1.15 billion (HK$8.97 billion) provision for fines it may have to pay to settle money-laundering charges in the United States and other fines in the UK.

Europe's largest bank faces allegations of misselling in Britain and it warned US authorities could impose criminal charges on the institution.

"The final amount of financial penalties could be higher, possibly significantly higher, than the amount accrued," chief executive Stuart Gulliver warned.

The total consists of US$800 million worth of provisions made in the July- September period, on top of US$700 million set aside earlier.

Provision for its British misselling payment protection insurance scandal, rose a further US$353 million in the third quarter to total US$1.7 billion.

These potential settlement fees ate into the lender's underlying profit before tax for the third quarter, which rose 1.3 times from a year back to US$5.04 billion - helped by a better performance in global banking and markets business.

The numbers, however, failed to meet forecasts.

In London, HSBC shares dropped as much as 2.7 percent in early trading after the results were revealed as analysts said they were surprised by the surge in provisions.

Cost-to-income ratio for the first nine months of the year was 62.6 percent compared with 60.9 percent a year ago.

Gulliver said stripping out the provision, the cost-to-income ratio would be 54 percent, but it will be a "challenge" to close the gap to the target because the euro zone economy continues to be weaker than expected.

As for the revamp HSBC started last year, it made annualized savings of US$3.1 billion and expects to do better in 2013. Gulliver said the sales and disposals are "three quarters of the way through" completion, but only half of the 30,000 targeted staff cuts have been implemented.

Gulliver said the bank is reducing unsecured loan businesses, such as cards, for secured ones.

This is likely to result in thinner interest rate spreads but the move will also lower impairment charges, already down 48 percent year on year to US$1.7 billion in the third quarter.

http://www.thestandard.com.hk/news_deta ... 21106&fc=2

[winston]

not vested

<Research Report>HSBC HOLDINGS (00005.HK) remains top pick among European peers as provision below estimate - CS

HSBC HOLDINGS (00005.HK) reported better-than-expected pretax profit, on underlying basis in the third quarter result, due to lower provision (particularly anti-money laundering in the U.S) and higher income growth, Credit Suisse said in a report.

HSBC HOLDINGS's revenue and operating expenses on underlying basis was US$16.1 billion and US$9.1 billion respectively, both beating Credit Suisse forecast.

The group is expected to exceed cost control target of US$2.5-3.5 billion by the end of 2013.

HSBC HOLDINGS is kept Outperform with target price $77.59 on strong quarterly performance, satisfactory dividend yield and deposit business growth.


Source: AAStocks Financial News

[winston]

HSBC Might Pay $1.8 Billion Money Laundering Fine: Sources

HSBC Holdings might pay a fine of $1.8 billion as part of a settlement with U.S. law-enforcement agencies over money-laundering lapses, according to several people familiar with the matter.

http://www.cnbc.com/id/100282569

[winston]

HSBC faces probe by US authorities

HSBC Holdings (0005) faces investigation by US authorities and an inquiry by British lawmakers after admitting to failings by its Swiss private bank that may have allowed some wealthy customers to dodge taxes by helping them conceal millions of dollars of assets.

The United States is also probing whether HSBC manipulated currency rates, and a US law enforcement official said the investigations may prompt the Department of Justice to revisit a 2012 deferred prosecution agreement with the bank.

The agreement was part of a US$1.9 billion (HK$14.82 billion) settlement that allowed HSBC to avoid criminal charges after it was found to have helped move hundreds of millions of dollars in illicit drug money through the US financial system.

"It is quite possible that the [agreement] may be reopened," the US law enforcement official said.

British lawmakers plan to open an inquiry into the bank for its past practices in Switzerland.

HSBC shares fell 2 percent in London morning trade yesterday after slipping 1.3 percent in local trading to close at HK$71.85.

The International Consortium of Investigative Journalists, which coordinated the release of details of leaked client data, said those who held HSBC accounts in Switzerland, included football and tennis players, rock stars and Hollywood actors. The list also included 984 locals and 246 mainlanders.

HSBC's admission of failure has renewed scrutiny on Stephen Green, who was executive chairman between 2006 and 2010.

Green was later made a member of Britain's upper house of parliament and was minister for trade and investment between 2011 and 2013.

Authorities in France, Belgium and Argentina have said they are also investigating.

Source: REUTERS

[winston]

HSBC would be mad to up sticks and redomicile just because of regulation

HSBC is to revisit the ‘complex’ issue of where to base its head office but any new state would have to be big enough to fund a bail-out in a crisis

http://www.theguardian.com/business/nil ... ing-crisis

[winston]

<Research Report>G Sachs expects HSBC 1Q net profit at US$4.235B

Goldman Sachs said in a report that HSBC HOLDINGS (00005.HK) will release its first-quarter results tomorrow and its net profit for the reporting period is expected to be US$4.235 billion, and net profit before tax is expected to be US$5.802 billion.

The broker said the market focus will be on HSBC's earnings performance and whether the future strategy will be disclosed at the analysts' meeting.

The broker rated the stock at Buy with target set at $83.

Source: AAStocks Financial News

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