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<Research>JPM Still Names HSBC HOLDINGS as Top Pick Among APAC Banks, Expects Stock to Re-Rate
Recommend 42 Positive 71 Negative 47 |
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According to a JPMorgan report, HSBC HOLDINGS (00005.HK)'s 4Q24 results beat expectations with adjusted profit before tax surpassing the broker's and the market's expectations by 10% and 9% respectively. In addition, HSBC HOLDINGS' latest guidance of mid-teens ROTE (around 13-17%) may lead to mid-single-digit to low-teens upgrades in the market's 2025-26 EPS growth forecast for the bank. Still considering HSBC HOLDINGS as its top pick among Asia-Pacific banks, JPMorgan reiterated the Overweight rating with a target price of $95. From a valuation perspective, HSBC HOLDINGS is currently trading at 1.1 times the forecasted P/B ratio, with an ROE of 12.5%. Compared to the past decade's average P/B ratio of 0.9 times and an average ROE of 8.7%, there is still room for further re-rating. AAStocks Financial News |
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