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<Research>Haitong Int'l Downgrades HANG SENG BANK (00011.HK) to Neutral With TP Cut to $91.41
Recommend 8 Positive 12 Negative 6 |
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Haitong Int'l has released a report estimating HANG SENG BANK (00011.HK)'s net profit to be $18.872 billion for FY24 and $17.778 billion for FY25, a growth of 5.7% and a decline of 5.8% respectively. In the light of the deterioration of Hong Kong's commercial real estate (CRE) loan quality and net interest margins (NIMs) that are likely to fall further, Haitong Int'l downgraded the rating on HANG SENG BANK to Neutral, with a TP down to $91.41 from $119.17. Haitong Int'l cited forecasts made by HANG SENG BANK's management that borrowing demands would resume as there may be 1 to 2 rate cuts in 2HFY24, and that NIMs in FY24 would be marginally lower than FY23. AAStocks Financial News |
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