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<Research>G Sachs Cuts Earnings Forecasts for HK Banks, Lowers Ratings/ TPs of BOC HONG KONG & BANK OF E ASIA
Recommend 49 Positive 66 Negative 47 |
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Goldman Sachs released a research report correspondingly lowering its 2025-2027 EPS forecasts for Hong Kong banks by 14%/ 19%/ 15%, or an average of 16%, as its economist team has lowered its Hong Kong GDP forecast, taking into account the lower HIBOR forecast level and higher credit cost forecast, and dropping its target prices by an average of 9%. Goldman Sachs now forecasted the Fed to cut interest rates by 5 times this year, while falling net interest margin and rising credit costs will add downside risks for Hong Kong banks. The broker anticipated that it will be more difficult to see a major valuation re-rating in the face of sluggish growth in lending business and lower profitability. Goldman Sachs downgraded BOC HONG KONG (02388.HK) to Neutral from Buy, and dropped its target price to $29.5 from $31.9. The broker also downgraded BANK OF E ASIA (00023.HK) to Sell from Neutral, and cut its target price to $9.4 from $10.7. Goldman Sachs kept rating at Buy on HSBC HOLDINGS (00005.HK), with a target price at $98. AAStocks Financial News |
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