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<Research>HSBC Research: USD Deposits Exceed HKD Deposits for 1st Time in 2H25; HKEX/ BOC HONG KONG/ BANK OF E ASIA Liked
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In September, Hong Kong financials were mainly influenced by trends in USD deposits, IPOs and HIBOR, HSBC Global Research published a research report saying. Notably, USD deposits surpassed HKD deposits for the first time in 2H5, reflecting Hong Kong's enhanced role as a global wealth management center, capable of handling diverse global investment and transaction demands. The market currently presents interest rate arbitrage opportunities, prompting investors to convert some HKD time deposits into USD time deposits for higher yield. It is expected that excess funds will allow banks to invest in other income-generating assets to boost net interest income and further drive fee income potential by directing deposits towards wealth management solutions such as bancassurance, mutual funds, and structured products. Capital markets demonstrated robust performance, with a rise in IPO applications. HSBC Global Research liked HKEX (00388.HK) on benefits from the trend, with rating at Buy and a target price of $521. The broker also favored BOC HONG KONG (02388.HK) and BANK OF E ASIA (00023.HK), both rated at Buy, with target prices of $42.8 and $15.2 respectively. AASTOCKS Financial News Website: www.aastocks.com |
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