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<Research>CICC: HSBC HOLDINGS (00005.HK) 3Q Net Interest Income Beats; 2025 Earnings Forecast Lowered
Recommend 20 Positive 32 Negative 23 |
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HSBC HOLDINGS (00005.HK)'s 3Q25 results were better than CICC's expectations, according to CICC's research report. HSBC HOLDINGS' 3Q25 adjusted revenue was US$17.9 billion, up 4% YoY. Net profit on a dividend basis hiked by 1% YoY to US$6.2 billion, beating the estimations of the broker and market, mainly due to better-than-expected net interest income and wealth management income. Considering the slowdown in non-interest income growth of the Company, CICC lowered its 2025 revenue forecast for HSBC HOLDINGS by 1.3% to US$67.2 billion, and reduced its 2025 net profit attributable to ordinary shareholders of the parent company forecast by 3.7% to US$21.1 billion. Taking into account the resilience of the net interest margin, the broker raised its 2026 revenue forecast by 4% to US$71.7 billion, and increased its 2026 net profit attributable to ordinary shareholders of the parent company forecast for HSBC HOLDINGS by 11.2% to US$27.1 billion. Therefore, CICC kept its target price for HSBC HOLDINGS unchanged at $111.9, with rating at Outperform. AASTOCKS Financial News Website: www.aastocks.com |
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