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<Research>M Stanley: Int'l Banks Preferred Among HK Banks on Reasonable Valuation; Ratings Overweight for HSBC HOLDINGS/ STANCHART
Recommend 36 Positive 49 Negative 31 |
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Local interest rate factors and credit quality risks persisted in 1H25, Morgan Stanley released a research report saying. Among banks, the broker preferred international banks over local banks, as local banks are overvalued, while international banks have relatively reasonable valuations, supportive capital returns and positive outlooks. Morgan Stanley kept ratings at Overweight on HSBC HOLDINGS (00005.HK) and STANCHART (02888.HK). Morgan Stanley believed that BOC HONG KONG (02388.HK) will see supportive dividend returns, and expected the upcoming interim results to show pressure on net interest margins, but non-interest income will perform strongly. The broker will monitor management's views on credit quality and capital management, with rating for BOC HONG KONG at Underweight, and raised its target price from $24.7 to $31.4. Morgan Stanley added that HANG SENG BANK (00011.HK) is overvalued, with rating kept at Underweight, and added its target price from $93 to $94.5. AAStocks Financial News Website: www.aastocks.com |
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