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<Research>JPM Views HANG SENG BANK Privatization as Positive for HSBC HOLDINGS
Recommend 35 Positive 58 Negative 28 |
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HSBC HOLDINGS (00005.HK) announced that HANG SENG BANK (00011.HK) shareholders had approved the privatization proposal, meaning that HANG SENG BANK is set to delist on January 27, which, as JPMorgan said in its report, was in line with expectations despite the earlier-than-anticipated completion date. JPMorgan viewed the privatization of HANG SENG BANK as positive news for HSBC HOLDINGS, as management will be able to provide more guidance on synergies with HSBC HOLDINGS, while HSBC HOLDINGS' CET1 ratio will improve upon the transaction. In addition, JPMorgan expects BOC HONG KONG (02388.HK) and HSBC HOLDINGS to benefit from passive and active fund inflows after HANG SENG BANK's privatization. Maintaining a constructive view on the Hong Kong banking sector given a strong stock market, gradual recovery in the real estate market, and stable NIMs, JPMorgan named HSBC HOLDINGS and STANCHART (02888.HK) as its top picks among Hong Kong banks. AAStocks Financial News |
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