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<Research>G Sachs: HSBC HOLDINGS 4Q25 Results Largely Beats Consensus; Strong Operating Guidance for This Yr
Recommend 37 Positive 54 Negative 37 |
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Goldman Sachs released a report covering HSBC HOLDINGS (00005.HK), which announced its 4Q25 results at noon, with PBT reaching USD8.6 billion, way above both Goldman Sachs' and market's expectations, thanks to banking NII beat and lower impairments. Asset quality also showed resilience, with a credit cost of only 37 bps, and limited provisions related to Hong Kong commercial real estate (CRE). The board announced a total annual DPS of US75 cents, above the market consensus of US72 cents. Regarding HSBC's privatization of Hang Seng Bank, HSBC announced a total benefits of USD900 million, including USD500 million in synergies (USD300 million from cost synergies to be reinvested in growth, and USD200 million from revenue synergies, expected to be realized by 2028); and an additional USD400 million in extra revenue and cost benefits. Management also pointed out that improvements in asset quality and growth opportunities will entail more potential benefits. Overall, HSBC's 4Q25 results largely outshone market expectations in terms of NII and provisions, and the 2026 guidance also exceeded consensus. Goldman Sachs expected market expectations for HSBC's PBT to be revised up by about 6%. HSBC's three-year targets demonstrated a robust growth and shareholder return outlook. AASTOCKS Financial News Website: www.aastocks.com |
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