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

Re: HSBC 02 (0005) (Jun 10 - Dec 20)

Postby winston » Tue Aug 04, 2020 12:04 pm

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HSBC (5 HK & HSBA LN) - Higher provisions weighed on 2Q results

HSBC’s 2Q20 results was a disappointment despite that pre-provisions operating profit came in 17% better than expected and capital position remained strong with Common Equity Tier 1 ratio came in better than expected at 14.9%.

Higher than expected provisions and ongoing pressure on net interest income (NII) are our key concerns going forward.

With 1-month HIBOR is currently at 25bps (vs. an average of 1.42% in 1H20), we expect net interest margin continue to compress in 2H20 and will weigh on NII and the full impact will gradually be reflected in 2H20e and 21e.

While its strong capital will raise the focus on possible dividend resumption, we do not expect this to happen until next year.

Despite that HSBC commits to several key strategic initiatives, including lower operating cost, reallocating its capital towards Asia, we do not see any near-term catalyst for share price to outperform in the next six months.

We revised down our earnings estimates by 7-14% in 2020e-2021e, driven by a combination of possible impairments, downward pressure on NIM and further impact of “near-zero” interest rate.

We expect downward pressure on consensus estimates in this and next year.

5 HK: We lowered our Fair Value to HK$39 with an unchanged valuation multiple which is set at -2 s.d. to historical average. BUY.

HSBA LN: We set our Fair Value at GBp395 which is set at -2 s.d. to historical average. BUY.

Source: OCBC
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Re: HSBC 02 (0005) (Jun 10 - Dec 20)

Postby behappyalways » Tue Aug 04, 2020 5:45 pm

HSBC sees second-quarter profits plunge by 82 per cent thanks to coronavirus
https://www.youtube.com/watch?v=23cxoSWf_F0
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Re: HSBC 02 (0005) (Jun 10 - Dec 20)

Postby behappyalways » Thu Aug 06, 2020 3:56 pm

HSBC bet the bank on China. It's in big trouble if tensions escalate
https://edition.cnn.com/2020/08/05/busi ... index.html
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Re: HSBC 02 (0005) (Jun 10 - Dec 20)

Postby winston » Tue Sep 15, 2020 3:13 pm

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<Research Report>Citi: HSBC HOLDINGS (00005.HK) 2Q Underlying PBT Misses

Aug 3, 2020

HSBC HOLDINGS (00005.HK)'s 2Q20 PBT hit US$2.6 billion, 12% below consensus, reported Citigroup.

Underlying PPOP of US$5.9 billion was 17% above consensus.

Annual loan loss provision was estimated at US$8-13 billion, up from earlier guidance of US$7-11 billion.

Citigroup projected the bank's NIM stress to last into 2021.

Source: AAStocks Financial News
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Re: HSBC 02 (0005) (Jun 10 - Dec 20)

Postby winston » Mon Sep 21, 2020 5:04 pm

HSBC shares fall to 25-year low on China fears, banks report

by Alfred Liu

Europe’s largest bank is a possible candidate for China’s “unreliable entity list”.

HSBC was among global banks named in a report by the International Consortium of Investigative Journalists on lenders that “kept profiting from powerful and dangerous players” in the past two decades even after the US imposed penalties on the institutions.

The bank has rankled China over its participation in the American investigation of Huawei Technologies Co.

It also faces difficulties in navigating low interest rates and surging loan losses sparked by the global pandemic.

Last month, it issued a stark warning about tough times ahead while reporting that first-half profit halved and predicting loan losses could swell to US$13 billion this year.

To make matters worse, HSBC sparked anger in Hong Kong earlier this year, alienating some of its most loyal investors, after scrapping its dividend in response to the pandemic.


Source: Bloomberg

https://www.theedgemarkets.com/article/ ... nks-report
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Re: HSBC 02 (0005) (Jun 10 - Dec 20)

Postby behappyalways » Wed Sep 23, 2020 1:04 pm

滙豐股價失守30元 小股東不捨得賣 醫學會擬逐步減持 - 20200921 - 財經新聞 - 有線新聞 CABLE News
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Re: HSBC 02 (0005) (Jun 10 - Dec 20)

Postby winston » Sat Sep 26, 2020 7:26 pm

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China’s Ping An Insurance Increases Stake in HSBC to 8%

BlackRock Inc., the second-biggest holder, currently owns 7.14%.

Ping An purchased the shares at an average HK$28.2859 apiece.


Source: Bloomberg

https://www.bloomberg.com/news/articles ... f=mnbOB2zL
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Re: HSBC 02 (0005) (Jun 10 - Dec 20)

Postby winston » Mon Sep 28, 2020 1:03 pm

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HSBC Shr Jumps 3.7% as Ping An Wing Boosts Stake at Over $300M

HSBC HOLDINGS (00005.HK) 's share price jumped 3.7% to $29.25, being the strongest bluechip.

Its volume hit 14.55 million shares with turnover of $419 million.

PING AN (02318.HK) 's Ping An of China Asset Management, acquired 10.80 million shares of HSBC on market, involving $305 million.

Upon completion, the Chinese insurer overtook BlackRock as HSBC's largest shareholder.

Source: AAStocks Financial News
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Re: HSBC 02 (0005) (Jun 10 - Dec 20)

Postby behappyalways » Mon Sep 28, 2020 3:40 pm

HSBC Posts Biggest Intraday Jump Since 2009
https://www.youtube.com/watch?v=aY4_sWpmA6M
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Re: HSBC 02 (0005) (Jun 10 - Dec 20)

Postby winston » Mon Oct 12, 2020 1:55 pm

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US, China threats loom darkly over HSBC

Europe's biggest bank faces possible double whammy of US sanctions and placement on China's 'unreliable entity' list

By JEFF PAO

Speculation is now rife that the US could include HSBC – despite its United Kingdom rather than Chinese origins – in a pending next round of sanctions to be imposed on Hong Kong to punish Beijing for squeezing the semi-autonomous city.

The contours of those sanctions are expected to be announced as early as today (October 12) in Washington.


“Extension of sanctions to corporates with strong links to the Chinese state, or Chinese state-owned enterprises, could increase credit risk in banks’ loan portfolios or limit their growth opportunities,” the report said.

Secondary sanctions – including most significantly denial of US dollar clearance via US financial institutions – are also potentially on Washington’s punitive menu for Hong Kong and by association HSBC, although Fitch anticipates a more incremental US approach, according to the Fitch report.


If HSBC is indeed heavily sanctioned by the US, it may need to sell its Hong Kong-based Hang Seng Bank to raise capital to pay the potential fines.

The bank could be one of the first firms to be named on Beijing’s “unreliable entity list” in retaliation for assisting the US’s Huawei probe.

HSBC’s net profit fell 69% in the first six months of this year.

HSBC could eventually be forced by Beijing to sell its Hong Kong and China affiliated businesses, including its Hang Seng Bank subsidiary to a Chinese firm.


Source: Asia Times

https://asiatimes.com/2020/10/us-china- ... over-hsbc/
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