UB#HSBC RC2809L

Citibank Publishes Report Analyzing HSBC's Wealth Management Issues

Goldman Sachs Report: HSBC Exceeds Q1 Expectations, Target Price at HK$160

CFRA Maintains Buy Rating on HSBC Holdings with Lowered Price Target

HSBC Hong Kong Business Reports 4.7% Increase in First Quarter Pre-tax Profit to 2.589 Billion USD

HSBC Reports Q1 Pre-Tax Profit of $9.376 Billion, Down 1.14% Year-Over-Year

HSBC reports additional $400 million provision in Q1

HSBC Reports Q1 Commercial Property Credit Risk in Hong Kong

HSBC Suffers a $400 Million Profit Hit

HSBC Sees 48.5% Increase in Q1 Expected Credit Losses, Yue Ling Explains Impact of Fraud Case

Morgan Stanley Raises Forecast and Target Price for HSBC

HSBC Reports Q1 2026 Pre-Tax Profit of $10.1 Billion

Morgan Stanley Downgrades HSBC Target Price to 1419 Pence

HSBC Announces 2026 Financial Targets and Strategies

HSBC Sees $500 Million Synergies Through Listing of Hang Seng Bank

HSBC Reports Q1 2026 Earnings and Announces First Interim Dividend

HSBC expects tax profits to be impacted by mid to high single-digit percentages in 2026

HSBC to Consider Resuming Stock Repurchases via Quarterly Process

HSBC Reports Q1 2026 Pre-Tax Profit Down 1%, Revenue Up 6%, Raises Net Interest Income Guidance

Hong Kong Stocks ADR Price Movements

OCBC NISP Agrees to Acquire HSBC's Retail and Wealth Management Business in Indonesia

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Citi's research report on HSBC HOLDINGS (HSBA.L) indicates a weak quarterly performance, with slower revenue growth in wealth management, increased costs, and larger impairment provisions. Management attributed these issues to accounting treatments and foreign exchange fluctuations. Citi supports HSBC's explanations and appreciates additional disclosures on private credit, maintaining a Buy rating with a target price of GBP 14.7.

- Citi's research report highlights that HSBC HOLDINGS experienced slower revenue growth in its wealth management sector compared to competitors, with increased costs and larger impairment provisions.  
- Management attributed these issues to the accounting treatment of CSM, foreign exchange fluctuations, and special cases in the UK.  
- Citi supports HSBC's explanations and has set a target price of GBP 14.7 while maintaining a Buy rating.

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Citi: HSBC HOLDINGS (HSBA.L) Quarterly Performance Weak, Maintains Buy Rating

JPMorgan has reiterated its Overweight rating on HSBC HOLDINGSafter the bank's mixed Q1 results led to a 3.8% drop in share price. Despite concerns over a USD400 million credit loss provision due to a fraud incident, JPMorgan believes the share price has overcorrected. The bank sees potential upside in net interest income guidance and maintains its cost and return on tangible equity outlook. With a target price of HKD180, JPMorgan views the current share price weakness as a buying opportunity.

- JPMorgan's report highlights mixed results for HSBC in Q1, with the share price dropping 3.8% while the HSI rose 0.6%.  
- The bank believes market concerns over a USD 400 million credit loss from a fraud incident have led to an overcorrection in the share price.  
- Despite risks, JPMorgan maintains an Overweight rating on HSBC, anticipating continued benefits from high interest rates and strong inflows, setting a price target of HKD 180.

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JPM: HSBC HOLDINGS  Shares Overcorrect Post Results, Reiterate Overweight

G Sachs reported that HSBC HOLDINGSachieved an underlying profit before tax of USD10.1 billion in Q1, exceeding expectations by 3%. This was driven by strong non-interest income from wealth management, with a 15% YoY increase in fee income. However, higher costs and provisions offset some positives. Credit costs were better than expected at 52 bps, with full-year guidance raised to 45 bps. G Sachs rates the stock as Buy with a target price of HKD160.

- HSBC Holdings reported an underlying profit before tax of USD 10.1 billion in Q1, exceeding broker expectations by 3%, mainly due to higher net interest income from non-banking operations.  
- Strong non-interest income was driven by a 15% year-on-year increase in fee income, with net new money reaching USD 39 billion, primarily from Asia.  
- Despite higher costs and provisions, credit costs were better than expected at 52 basis points, with a revised full-year estimate of 45 basis points.

Goldman Sachs

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G Sachs: HSBC HOLDINGS  1Q Results In Line; Wealth Management Drives Strong Non-interest Income

The Hong Kong stock market has shown fluctuations over the past four trading days, with the Hang Seng Index currently just below 25,900 points. A positive outlook for Asian markets is anticipated due to falling crude oil prices. On Tuesday, the Hang Seng Index closed down 197.27 points or 0.76% at 25,898.61, influenced by losses in financial and technology sectors. Notable stock movements included HSBC dropping 5.16% and Baidu rising 2.12%. The U.S. markets ended positively, which may influence the Asian markets' performance.

- The Hong Kong stock market has shown volatility with the Hang Seng Index settling under 25,900 points, likely to rise on Wednesday.  
- The market's performance is influenced by a positive global outlook due to falling crude oil prices, with the U.S. markets also showing gains.  
- Hong Kong's retail sales data for March is due later, following a 19.3 percent increase in February, indicating ongoing economic activity.

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Hong Kong Shares May See Renewed Support On Wednesday

HSBC reported a Q1 pretax profit of $9.4 billion, slightly down from $9.5 billion last year, with revenue between $18.6 and $19.1 billion. Shares fell 5.1% after the earnings miss, influenced by factors like the Middle East conflict and rising inflation, which could reduce profits by mid-to-high single digits. HSBC plans to sell its Indonesia retail unit to OCBC for S$6.6 billion and will launch an HKD stablecoin in H2.

- HSBC's Q1 pretax profit reached $9.4 billion, slightly below the previous $9.5 billion, with revenue estimates between $18.6 and $19.1 billion.  
- Shares dropped about 5.1% following the earnings miss, influenced by factors such as Middle East conflict, rising inflation, and slower growth, which could impact future profits.  
- The bank announced the sale of its Indonesia retail and wealth unit to OCBC Indonesia for a price linked to NAV plus a potential premium, expected to close by Q2 2027.

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Key facts: HSBC Q1 pretax $9.4bn; shares -5.1%; warns mid‑high single‑digit profit hit

HSBC says a worst-case scenario tied to the Iran conflict could hammer global stocks and boost oil prices, but U.S. markets continue to push toward record highs.

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HSBC flags risks to stocks. US markets aren’t listening.

Morgan Stanley analyst Alvaro Serrano has maintained a Hold rating on HSBC Holdings (HSBA) with a price target of p1,419.00. Serrano, who focuses on the Financial sector, has an average return of 7.3% and a 55.93% success rate on recommended stocks. Additionally, RBC Capital's Benjamin Toms also issued a Hold rating for HSBC, while Barclays maintained a Buy rating on the same day.

- Morgan Stanley analyst Alvaro Serrano has maintained a Hold rating on HSBC Holdings with a price target of p1,419.00.  
- Serrano is a Financial sector analyst covering stocks like Banco Santander and Barclays, with an average return of 7.3% on recommendations.  
- On the same day, RBC Capital also issued a Hold rating for HSBC, while Barclays maintained a Buy rating for the stock.

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HSBC Holdings (HSBA) Gets a Hold from Morgan Stanley

HSBC has incurred a £295m loss due to the collapse of a shadow bank linked to fraud allegations. The bank's exposure was through a financial sponsor, not directly with the mortgage lender Market Financial Solutions (MFS), which collapsed amid serious fraud claims. HSBC set aside $1.3bn for credit losses and reported a 1.1% drop in profits to $9.4bn. Shares fell 5.6%, raising concerns about global lenders' exposure to private credit. HSBC's CFO stated the issue is unique and the bank is reviewing its risk management strategies.

- HSBC reported a $400 million hit linked to the collapse of Market Financial Solutions, a mortgage lender facing serious fraud allegations.  
- The bank's exposure was indirect, described as "secondary," and it has set aside $1.3 billion for credit losses amid economic uncertainties, including factors from the Iran war.  
- Shares fell 5.6%, raising concerns about global lenders' risks in private credit, although HSBC emphasized the issue is isolated and remains vigilant in reviewing its risk strategies.

The telegraph

HSBC suffers £295m hit from ‘shadow bank’ collapse

CFRA has maintained a Buy rating on HSBC Holdings Plc, trimming its target price to USD100 from USD108 due to increased near-term risk. Analysts believe the market has overreacted to Q1 results, overlooking the company's strong fundamentals, including an 18.7% adjusted RoTE and significant growth in the Wealth franchise. The 2026 EPS forecast remains at USD1.60, while the 2027 EPS is raised to USD1.80, reflecting confidence in the company's earnings potential.

- CFRA has reduced its target price for the stock from USD 108 to USD 100, reflecting a higher near-term risk premium attributed to increased uncertainty.  
- The firm maintains a "Buy" recommendation, viewing recent market reactions as an overreaction to non-fundamental issues, despite strong business performance indicators, including 18.7% adjusted RoTE and improved NII guidance.  
- CFRA has kept its 2026 EPS forecast at USD 1.60 and raised the 2027 EPS forecast to USD 1.80, indicating confidence in continued earnings growth.

Fidelity

Research Alert: CFRA Keeps Buy Opinion On Adss Of Hsbc Holdings Plc

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The FTSE 100 Index has declined for four consecutive days, dropping to £10,225 due to surging UK bond yields and disappointing earnings from HSBC. The ten-year bond yield reached 5.10%, while the 30-year yield hit 5.80%, raising concerns about the British economy and potential interest rate hikes. HSBC's stock fell 6% after reporting a pre-tax profit of $9.4 billion, below expectations, and a $400 million loss linked to a collapsed company. The index may continue to fall, with key support at £9,500 and resistance at £10,500.

- The FTSE 100 Index declined for four consecutive days, closing at £10,225 due to surging UK bond yields and disappointing HSBC financial results.  
- UK bond yields, particularly the ten-year yield at 5.10% and the 30-year yield at 5.80%, are rising amid economic concerns and inflation, while HSBC's poor earnings report and significant losses further pressured the index.  
- The index has formed a double-top pattern, and technical analysis suggests a potential continued decline, with key support at £9,500 and resistance at £10,500.

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FTSE 100 Index slips as UK bond yields surge and HSBC earnings miss

UB#HSBC RC2809L(56147.HK)