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<Research>UBS: HSBC HOLDINGS (00005.HK) Posts Strong 4Q25 Results; Rating Neutral
Recommend 5 Positive 11 Negative 7 |
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HSBC HOLDINGS (00005.HK) delivered a strong 4Q25 results, UBS released a research report saying. Excluding significant items, profit before tax (PBT) beat the market consensus by 9%, revenue was 3% higher than expected, and net interest income was 6% better than estimation (5% higher excluding one-off items). Fee and other income were 1% below expectations, while operating expenses were in line with forecast. Credit impairments were 12% below market consensus. During the period, the CET1 capital ratio was 14.9%, surpassing market consensus. Considering the privatization impact of Hang Seng Bank, the pro-forma CET1 capital ratio was 13.8%. HSBC HOLDINGS declared a fourth quarterly DPS of US$0.45 and continued to suspend share buybacks, in line with market expectations. Management also provided new guidance for FY2026. Therefore, UBS rated HSBC HOLDINGS at Neutral, with target prices of $140.6/ GBX1,309 for HSBC HOLDINGS' H-shares/ London-listed shares. AASTOCKS Financial News Website: www.aastocks.com |
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