UB-HSBC@EP2611A

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

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Hong Kong Stocks ADR Price Movements

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

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HSBC to Announce Q1 2023 Earnings Forecast

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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.

HSBA

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

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

European markets, excluding the UK, are advancing despite Middle East tensions. The pan-European Stoxx 600 is up 0.5%, with Germany's DAX gaining 1.53% and France's CAC 40 up 0.65%. The UK's FTSE 100 is down 1.25%, impacted by HSBC's disappointing earnings, which fell short of last year's profits. Other UK banks also declined. In Germany, Infineon rose 4.3%, while Rheinmetall reported a 7.7% increase in earnings. Overall, the UK market underperforms due to banking sector weaknesses amid geopolitical concerns.

- Major European markets, except the UK, gained ground despite escalating tensions in the Middle East.  
- UK market weakness is attributed to disappointing earnings from HSBC Holdings, which reported a drop in pre-tax profit.  
- In contrast, new car sales in the UK rose by 24% year-over-year in April 2026, indicating a rebound in the automotive sector.

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European Stocks Advance As Investors Focus On Earnings; UK Market Underperforms

- The STOXX 600 index increased by 0.5% amid ongoing tensions between Iran and the U.S. over the Strait of Hormuz.  
- HSBC shares declined after reporting profits below expectations, while Wall Street futures showed an upward trend.  
- New trading acronyms like "NACHO" and "TACO" reflect market sentiment as traders adjust to evolving geopolitical and economic conditions.

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LIVE MARKETS-Some NACHOs with your TACOs, sir?

HSBC reported a Q1 pre-tax profit of $9.4 billion, slightly down from $9.5 billion last year and below expectations. Revenue rose 6% to $18.6 billion, driven by strong wealth management fees. However, credit losses increased to $1.3 billion, raising investor concerns and causing shares to drop 4.6% in Hong Kong and 5.2% in London. The bank's CFO expressed confidence in managing the $1.3 billion charge. HSBC also warned of potential risks from geopolitical tensions and approved a 10-cent interim dividend, highlighting mixed financial results.

- HSBC reported a first-quarter pre-tax profit of $9.4 billion, slightly down from $9.5 billion last year and below expectations.  
- Revenue increased by 6% year-over-year to $18.6 billion, driven by wealth management fees, but rising credit costs, which jumped to $1.3 billion, raised investor concerns.  
- The bank warned of potential risks from geopolitical tensions, stating that oil price spikes could impact profits, while declaring a 10-cent interim dividend as part of its financial outlook.

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HSBC's Q1 Pre-Tax Profit Falls Short Amid Rising Credit Losses, Shares Slip

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

HSBC HOLDINGS reported a 5.7% decline in its London shares following a first-quarter profit before tax (PBT) of USD9.376 billion, down 1.1% YoY, and provisions for expected credit losses (ECL) rising 48% YoY to USD1.3 billion, surpassing forecasts. The company's Hong Kong shares also fell 5.16%. Despite the higher provisions, Morgan Stanley raised its target price to HKD150.5 and maintained an Overweight rating on the stock.

- HSBC Holdings announced its first-quarter results for March 2026, reporting a PBT decline of 1.1% year-over-year to USD 9.376 billion, below market expectations.  
- The company's expected credit losses surged 48% year-over-year to USD 1.3 billion, exceeding forecasts, leading to a drop in stock prices for both its Hong Kong and London listings.  
- Morgan Stanley noted that HSBC’s net interest income outlook could counterbalance the effects of increased provisions and slightly raised its target price to HKD 150.5, maintaining an Overweight rating.

AASTOCKS News

HSBC HOLDINGS' London Shares Dive 5.7% as 1Q Provisions Exceed Expectations

OCBC - OCBC's recent acquisition of HSBC's retail and wealth management operations in Indonesia aims to enhance its fee income and expand its wealth franchise in Southeast Asia. Especially in high-growth ASEAN markets where global banks are reducing retail and wealth operations, this strategic move comes as a way to diversify earnings sources. I am not surprised with OCBC's latest acquisition given the fact that they have been expanding into the Southeast Asia market, particularly in China as well. I believe OCBC can deliver strong results quarter after quarter as well as competitive dividend yield. What I'm looking out for is how they are going to manage business given the widespread understanding that interest rates may continue to be lowered, and whether special dividends will be given.

SG Bank Earnings Round 2: Can UOB + OCBC Match the Bar DBS Just Set? DBS just printed a record income quarter, kept the 15-cent capital return dividend, and still has SGD 2.6B of buyback firepower left through 2027. The bar is high. This week, UOB and OCBC have to answer it — and both are walking into the same headwind: a falling-rate world that's chewing into NIM. Two reports. Two very different questions. 🗓️ Wednesday, May 7 — $UOB(U11.SG)The most NIM-exposed of the big three. Consensus net profit ~SGD 1.4B (–8% YoY, –3% QoQ). Management's own 2026 NIM guide: 1.75%–1.80% — already below where DBS just printed (1.89%). Three things to watch:- Can wealth + cards + treasury offset the NIM squeeze? UOB's non-interest income engine grew 20%+ in 2024 — Q1 will tell us if that flywheel is still spinning.- Credit costs: management guided 25–30 bps for the year. Anything above and the regional/SME exposure story gets harder.- Capital return signal: DBS just normalised the &#34;extra dividend on top of payout&#34; playbook. Will UOB follow with anything beyond a routine interim?UOB has been the cheapest of the three on P/B for months. A clean Q1 changes that overnight. 🗓️ Thursday, May 8 — $OCBC Bank(O39.SG)The special-dividend story. Consensus net profit ~SGD 1.80B (–4.5% YoY, +3.0% QoQ), NIM compressing to ~1.82%, and management has reaffirmed the 50% payout ratio. The thing investors actually want to know:- Does OCBC declare a special dividend / capital return? This is the single biggest catalyst on the call. The Street has been pricing in optionality; results day is when the optionality cashes — or doesn't.- Wealth franchise: OCBC has been quietly leading the big three on wealth growth. Q1 is the test for whether that's still a structural story or a 2024 high-water mark.- 2026 guidance refresh: in February, OCBC guided &#34;stable to rising&#34; income for 2026. Whether that survives a quarter of NIM compression matters more than the EPS print itself.Of the three, OCBC has the cleanest &#34;buy on capital return news&#34; setup if the special dividend lands. 📊 The Benchmark — DBS Just Reported (Apr 30)For context, here's what UOB and OCBC are being measured against:- Net profit: SGD 2.93B (+1% YoY, +24% QoQ — beat)- Total income: record SGD 5.95B- NIM: 1.89% (–23 bps YoY)- Dividend: 81 cents total (66c ordinary + 15c capital return)- Buyback: SGD 400M done, SGD 2.6B remaining through 2027DBS made it look easy by leaning on wealth, deposit growth, and capital discipline. The question for UOB and OCBC is whether the same playbook works at their scale. 💡 Bottom LineThe 2026 SG bank thesis just narrowed to one question: who has the capital to keep returning it to shareholders while NIM compresses? DBS already answered. UOB and OCBC have 48 hours to make their case. By Friday, you'll know which of the three deserves the overweight in your STI sleeve. 🎁 How to Earn Rewards:🟢 Vote = 200 Task Coins (everyone gets this!)🔵 Vote + Comment + Repost (30+ words) = 888 Task Coins⭐️ Extra SGD 1 Cash Coupon for any qualifying post with original commentary (≥ 80 words: your view, observation). ⏰ Activity Period: Now — Sunday, May 10, 2026, 23:59:59 (SGT) ‼️ Important:1. No reward for duplicate or similar content.2. Rewards issued within 7 working days.

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UOB — deep value, biggest NIM risk

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I expect MAS will tighten its monetary policy tomorrow. This should benefit stocks like the three big banks and consumer staples.

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MAS is more on the side of &#34;fighting inflation,&#34; but will do so in a very cautious manner, rather than turning fully hawkish.In other words, it's less like &#34;completely standing on the sidelines,&#34; and more like gently tapping the brakes first, then watching oil prices and the Middle East situation.

There is no point in trading the energy spike as the events flip-flops constantly. Staying out of this sector and just invest in areas within my circle of competence, like banks, REITs, Etc.

Firstly, I believe MAS will opt for a moderate strengthening of the SGD rather than implementing aggressive monetary policy changes tomorrow. It is challenging to strike a balance between controlling inflation and maintaining stable unemployment levels. Strong SGD is bad for export industry, especially electronic and pharmaceutical sectors.Lastly, I think the EV automotive, nickel, and solar panel industries stand to benefit from higher energy costs, while most other sectors are likely to be negatively impacted by rising energy expenses.

U.S.-Iran negotiations break down — Trump warns of possible limited military action. The U.S. Navy will begin blockading all maritime traffic in and out of Iranian ports. Oil prices surge.This alone is enough to cause widespread investment anxiety in the investment field. Cash is the king.

US Iran war is just noise, everyone should ignore the noise and engage in proper risk management. It risk of downside is worse than losing the upside.

US Iran talks do not seem to be going anywhere. Too many uncertainties, will be cautious while taking advantage of opportunities

RHB is correct, any supportive measure is not a permenant solution. There is only 1 permenant solution, which is open the straits. The international will needs to be stronger.

UB-HSBC@EP2611A(28725.HK)

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

HSBC Holdings (HSBA) Gets a Hold from Morgan Stanley

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

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

European Stocks Advance As Investors Focus On Earnings; UK Market Underperforms