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<Research>Citi Trims HANG SENG BANK (00011.HK) TP to $94, Rating Neutral
Recommend 11 Positive 16 Negative 10 |
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HANG SENG BANK (00011.HK)'s 1H24 net interest margin missed expectations, Citi Research issued a research report saying. Therefore, Citi Research cut its FY2024-FY2026 net interest margin forecasts by 3-4%. The broker decided to raise its FY2025 impairment charge forecast by 10% due to the continued uncertainty of HANG SENG BANK's asset quality. Citi Research lowered its FY2024-FY2026 EPS forecasts for HANG SENG BANK by 5-6%, and lifted its cost of equity assumption from 9.8% to 10.1%. Thus, the broker trimmed its target price for HANG SENG BANK from $106 to $94, with rating kept at Neutral. AAStocks Financial News |
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