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<Research>BofAS: Basel III Implementation in Jan 2025 to Have Positive Impact on HANG SENG's Capital Position
Recommend 13 Positive 11 Negative 8 |
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BofA Securities wrote in a report that HANG SENG BANK (00011.HK) is paying a first interim DPS of $1.2 for 2024, up from $1.1 a year ago, but it has not disclosed its internal capital targets. The lender cannot commit to a 90% dividend payout ratio in the future, but noted that it will do its best to generate the best possible return for shareholders. The broker also expected the implementation of Basel III in January next year to have a positive impact on HANG SENG's capital position. BofAS believed HANG SENG's net interest margin will narrow this year from 2.51% in 2H23, but is expected to remain above 2% for the full year. On the asset side, the lender continued to see weak demand for loans in the market and will therefore focus more on transactional banking. Mortgage lending has performed well and will continue to be a key business area. The broker maintained HANG SENG's target price at $103.5 and rated it Buy. AAStocks Financial News |
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