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<Research>UBS Downgrades HANG SENG BANK (00011.HK) to Sell, Trims TP to $102, Expects Lower Full-yr Div.
UBS released a research report downgrading HANG SENG BANK (00011.HK) from Neutral to Sell, and trimming its target price from $112 to $102. HANG SENG BANK's 1H25 net profit dec...
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<Research>UBS Downgrades HANG SENG BANK (00011.HK) to Sell, Trims TP to $102, Expects Lower Full-yr Div.
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UBS released a research report downgrading HANG SENG BANK (00011.HK)  -1.700 (-1.483%)    Short selling $128.83M; Ratio 39.558%   from Neutral to Sell, and trimming its target price from $112 to $102.

HANG SENG BANK's 1H25 net profit decreased by 34.6% YoY, with credit costs logging a record high, leading to results that missed the expectations of UBS and the market, UBS noted.

Related NewsBofAS Trims HANG SENG BANK (00011.HK) TP to $93.6, Reiterates Rating at Underperform
Management maintained a cautious stance during the earnings call, guiding that expected credit losses (ECL) for 2H25 will be similar to 1H25, implying that 2025 credit costs could exceed 100 bps.

Considering the provisioning pressure brought by HANG SENG BANK's exposure to Hong Kong commercial real estate risks, the broker lowered its 2025-2026 EPS forecasts by 12-18%, and anticipated that, even if the dividend payout ratio may increase to over 90%, the 2025 DPS will unlikely to remain stable at $6.2, compared to $6.8 for 2024.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-01 16:25.)

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