大摩：下调汇丰控股目标价至83港元 料月底披露季绩时将公布30亿美元股份回购计划 金十数据4月10日讯，大摩将汇丰控股(00005.HK)今明两年的每股净利预测下调9%及8%。对渣打集团 (02888.HK)今明两年的每股净利预测各调低9%及4%，估计汇控于公布首季业绩时将宣布回购股份30亿 美元计划。该行下调对汇控目标价由92.3港元降至83港元，将渣打目标价由128.3港元降至112港元。 ...

智通财经4月9日电，香港交易所信息显示，贝莱德（BlackRock）在汇丰控股的持股比例于04月04日从 8.98%升至9.01%。 ...

Financial Performance - HSBC reported a pre-tax profit of $32.3 billion for 2024, up from $30.3 billion in 2023, representing a growth of approximately 6.6%[14]. - Pre-tax profit increased by $2 billion to $32.3 billion, including a net favorable impact of $1 billion from notable items[25]. - The group achieved a pre-tax profit of $32.3 billion in 2024, up from $30.3 billion in 2023[70]. - The average tangible equity return was 14.6%, while the adjusted return was 16%[57]. - The total shareholder return exceeded 30% for the year, driven by a stock price increase of over 20%[57]. - The average tangible equity return for 2024 was 14.6%, aligning with the target of around 15%[89]. - The adjusted pre-tax profit, excluding notable items, was $34.1 billion, compared to $32.7 billion in 2023, reflecting a growth of approximately 4.3%[89]. - The cost-to-income ratio for 2024 was 50.2%, compared to 48.5% in 2023[195]. Revenue and Income - Revenue remained stable at $65.9 billion, with a fixed exchange rate basis showing an increase of $2.9 billion to $67.4 billion[25]. - The net interest income for HSBC was $32.7 billion, a decrease from $35.8 billion in 2023, reflecting a decline of about 8.7%[15]. - Total revenue for the group was $65.9 billion, remaining stable compared to 2023, with a 5% increase when excluding notable items and at constant exchange rates[89]. - Wealth management business revenue increased by 18% in 2024, with fees and other income growing by 21%[58]. - The wealth management and personal banking segment added 799,000 new banking customers, a 66% increase compared to 2023[97]. Operating Expenses - The bank's operating expenses increased to $33 billion, compared to $32.1 billion in 2023, marking a rise of approximately 2.8%[16]. - Operating expenses increased by $1 billion to $33 billion, a rise of 3%, primarily due to increased technology spending and inflation[25]. - The group’s operating expenses for 2024 were $32.6 billion, a 3% increase from 2023, with a target increase of about 3% for 2025[192]. Capital and Dividends - The common equity tier 1 capital ratio improved to 14.9%, up from 14.8% in 2023, indicating a stronger capital position[17]. - HSBC declared a total dividend of $0.87 per share for 2024, which includes a special dividend of $0.21 per share, compared to $0.61 per share in 2023, reflecting a significant increase of approximately 42.6%[18]. - The board approved a fourth interim dividend of $0.36 per share, totaling $0.87 per share for 2024, including a special dividend of $0.21[25]. - The group aims to maintain a common equity tier 1 capital ratio of 14% to 14.5% and a dividend payout ratio target of 50% for 2025[30]. Strategic Initiatives - The bank plans to reduce its cost base by $1.5 billion and expects credit loss provisions to remain between 30 to 40 basis points of average loans in the medium term[24]. - HSBC aims to reallocate approximately $1.5 billion from non-strategic business activities to areas with significant competitive advantages and value-added returns in the medium term[24]. - The company plans to implement a new organizational structure starting January 1, 2025, to enhance growth potential[44]. - The group is actively reviewing its operations in various regions, including plans to exit certain markets and streamline its organizational structure[30]. Sustainable Financing and ESG - HSBC has provided and facilitated sustainable financing and investment totaling $393.6 billion since January 1, 2020, an increase from $294.4 billion in 2023[20]. - The company aims to achieve net-zero emissions by the end of 2050, with significant progress in reducing operational emissions expected by 2030, targeting a reduction of over 90% compared to 2019 levels[123]. - The company has invested billions of dollars in clean energy initiatives, supporting the transition to net-zero emissions and enhancing long-term financial returns for shareholders[120]. - The company anticipates a 40% reduction in operational, travel, and supply chain emissions by the end of 2030, while acknowledging that progress in supply chain emissions reduction has been slower than expected[123]. - The company is focusing on collaborating with clients to develop transition plans that align with its strategic business and market considerations[124]. Market Expansion and Customer Engagement - The group expanded its customer base by approximately 800,000 new clients in Hong Kong[58]. - The company is investing in technology, including artificial intelligence and data analytics, to improve customer experience and operational excellence[85]. - The group received multiple additional licenses to expand its business in mainland China and opened branches in 20 new cities in India[60]. - The company is committed to providing accessible banking services and resources to help customers manage their finances effectively[128]. Governance and Leadership - The board has established a governance framework to ensure informed decision-making and effective communication with stakeholders[164]. - The board will oversee the implementation of a new organizational structure by 2025 to enhance communication and employee experience[170]. - The new Group CEO, appointed in July 2024, aims to drive growth and simplify operations while maintaining prudent risk management[165]. - The board has initiated the recruitment process for a new Chief Financial Officer following the appointment of the new Group CEO, with interim leadership in place[166].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company aims to achieve an average tangible equity return of approximately 15% over the three-year period from 2025 to 2027, excluding the impact of notable items. The forecast for 2025 includes a net interest income of approximately $42 billion from banking operations, with expected credit loss provisions ranging from 30 to 40 basis points of average loan balances. The company plans to maintain a common equity tier 1 capital ratio between 14% and 14.5% and a target payout ratio of 50% for 2025. Additionally, a share buyback plan of up to $2 billion is expected to be completed before the announcement of the first quarter 2025 results [4][5]. Financial Performance Summary - For the fiscal year 2024, total revenue is projected to be $65.9 billion, with a year-over-year growth of -0.3%. The net profit attributable to ordinary shareholders is expected to be $22.9 billion, reflecting a 2.2% increase year-over-year. The diluted earnings per share (EPS) is forecasted at $1.24, with a dividend per share of $0.87 [5][6]. - The company reported a net interest margin of 1.56% for 2024, a decrease of 10 basis points from 2023, with net interest income of $43.7 billion, down $4 billion from the previous year. The expected credit losses for 2024 are projected at $3.4 billion, equivalent to 36 basis points of average loan balances, while operating expenses are expected to increase by 3% to $33 billion [5][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company aims to achieve an average tangible equity return of approximately 15% over the three-year period from 2025 to 2027, excluding the impact of notable items. The forecast for net interest income from banking operations in 2025 is approximately $42 billion, with expected credit loss provisions ranging from 30 to 40 basis points of average loans [4][5] - The company plans to maintain a common equity tier 1 capital ratio between 14% and 14.5% and a target payout ratio of 50% for 2025. A share buyback plan of up to $2 billion is expected to be completed before the announcement of Q1 2025 results [4][5] - The company has repurchased a total of $20 billion in shares between 2023 and 2024, representing about 11% of shares outstanding as of the end of 2022 [4][5] Financial Performance Summary - For the fiscal year 2024, total revenue is projected to be $65.9 billion, with a year-on-year growth of -0.3%. The net profit attributable to ordinary shareholders is expected to be $22.9 billion, reflecting a 2.2% increase year-on-year [5][6] - The diluted earnings per share (EPS) for 2024 is estimated at $1.24, with dividends per share projected at $0.87 [5][6] - The company reported a net interest margin of 1.56% for 2024, a decrease of 10 basis points compared to 2023, with net interest income of $43.7 billion, down $4 billion year-on-year [4][5]

Investment Rating - The report maintains a Neutral rating for HSBC Holdings PLC [2][3]. Core Insights - The report highlights effective cost control and structural optimization as key strategies for HSBC, with a focus on maintaining a stable proportion of time deposits and reducing interest rate sensitivity through increased hedging [4][19]. - The company expects a dividend payout ratio of 50% for 2025 and has announced a $2 billion share buyback, expected to be completed before the Q1 2025 earnings report [18]. - The report projects a slight decrease in net income for 2025, with a forecasted net profit attributable to the parent company of $22.33 billion, reflecting a year-on-year decline of 2.6% [3][4]. Financial Performance Summary - For the fiscal year ending December 2023, HSBC reported net interest income of $35.8 billion, with a projected decrease to $33.4 billion in 2025 [4][15]. - The pre-tax profit for 2023 was $30.3 billion, with expectations of $30.5 billion in 2025, indicating a stable performance despite market challenges [4][15]. - The return on equity (ROE) is projected to decline from 14.87% in 2023 to 14.00% in 2025 [4][15]. Revenue and Profitability Analysis - Excluding significant one-off items, operating revenue increased by $1.2 billion year-on-year, driven by net interest income and wealth management business income [17]. - The audited revenue showed a decrease of 8% year-on-year, while audited pre-tax profit increased by 133% year-on-year, indicating strong operational resilience [17]. - The wealth management business saw growth across all lines, with asset management up 8%, life insurance up 58%, and private banking up 23% [20]. Cost Management and Efficiency - The report indicates that HSBC's total expenditure increased by 5% year-on-year in 2024, aligning with targets, while operating expenditure is expected to rise by 3% year-on-year in 2025 [21]. - The company aims to save approximately $1.5 billion in expenses by 2026 through restructuring and reducing redundant functions [9][21]. Market Position and Strategy - HSBC's CET1 ratio in Q4 2024 was 14.9%, exceeding the target range of 14.0%-14.5%, indicating a strong capital position [18]. - The company is prioritizing capital deployment towards dividends, balance sheet expansion, share buybacks, or mergers and acquisitions, with a focus on strategic alignment and value creation [18].

Investment Rating - The report maintains a Neutral rating for HSBC Holdings PLC [2][3] Core Insights - The report highlights effective cost control and structural optimization as key strategies for the company [1] - The company expects a slight decrease in net income for 2025, with a projected decline of 2.6% year-on-year, followed by a modest recovery of 2.7% in 2026 [3] - The target price for HSBC is set at HK$89.51, based on a price-to-book ratio of 1.10 for 2025 [3] Financial Performance Summary - For the fiscal year ending December 2023, net interest income was reported at US$35.796 billion, with a projected decrease to US$33.404 billion in 2025 [2][15] - The pre-tax profit for 2023 was US$30.348 billion, with expectations of US$30.479 billion in 2025 [2][15] - The net income attributable to the parent company for 2023 was US$22.432 billion, with a forecast of US$22.327 billion for 2025 [2][15] - The return on equity (ROE) is expected to decline from 14.87% in 2023 to 14.00% in 2025 [2][15] Operational Highlights - The company reported a year-on-year increase in operating revenue of US$1.2 billion (up 8.8%), driven by net interest income and wealth management business income [4][17] - The wealth management business saw significant growth across all lines, including asset management (+8%), life insurance (+58%), private banking (+23%), and investment product sales (+31%) [20] - The company plans to maintain a dividend payout ratio of 50% in 2025, with a US$2 billion share buyback expected to be completed before the Q1 2025 earnings report [18] Cost Management - HSBC aims to save approximately US$1.5 billion in expenses by 2026, with a projected reduction of US$300 million in 2025 [9][21] - The company has successfully stabilized the proportion of time deposits over the past two quarters, reducing interest rate sensitivity through increased hedging [19] Credit and Risk Management - The credit cost guidance for 2025 is maintained at 30-40 basis points, with an annualized credit cost of 57 basis points reported for Q4 2024 [8][21] - The company reported a total loan amount decrease of 1% year-on-year, while deposits increased by 2.7% [7]

Investment Rating - The report does not explicitly state an investment rating for HSBC Holdings PLC (5 HK) [1]. Core Insights - HSBC Holdings PLC reported a revenue decline of 11.2% year-on-year, which was below the consensus forecast of -1.9%. The main reason for this decline was a significant drop in non-interest income, which fell by 37.1% year-on-year, contrasting with a consensus expectation of a 12.1% increase. Net interest income decreased by 1.2%, but this was better than the expected decline of 9.9% [3][4][6]. - The cost-to-income ratio increased by 1.7 percentage points to 50.2%, which was better than the consensus estimate of 53.7%. The net profit attributable to common shareholders turned positive at $197 million, although this was below the consensus estimate of $597 million [3][4][6]. - Customer loans increased by 0.2% year-on-year, which was below the expected growth of 1.9%. Total deposits rose by 2.7%, exceeding the Bloomberg consensus estimate of 2.1% [3][4][6]. - The total provision for credit losses was $1.362 billion, up 32.1% year-on-year, which was higher than the consensus estimate of $895 million, which anticipated a decrease of 13.2% [3][4][6]. - The Common Equity Tier 1 (CET1) capital ratio increased by 0.1 percentage points to 14.9%, slightly below the expected 15.0%. The return on equity (ROE) for FY24 decreased by 0.7 percentage points to 13.6%, which was above the consensus estimate of 13.4% [3][4][6]. Summary by Relevant Sections Revenue and Profit - Revenue for Q4 2024 was $11.564 billion, down 11.2% year-on-year, compared to a consensus estimate of -1.9%. Non-interest income was particularly weak, falling 37.1% year-on-year [3][4][6]. Business Segment Performance - Wealth and Personal Banking revenue grew by 59.6%, exceeding the expected 50.2%. Commercial Banking revenue increased by 1.3%, surpassing the forecast of a 1.6% decline. Global Banking and Markets revenue rose by 17.4%, better than the expected 9.0% [3][4][6]. Asset Quality and Provisions - The non-performing loan (NPL) ratio decreased to 2.18%, better than the expected 2.39%. The total provision for credit losses was significantly higher than anticipated, indicating a cautious approach to asset quality [3][4][6]. Capital Adequacy and Returns - The CET1 ratio was reported at 14.9%, slightly below expectations, while the ROE was better than consensus, indicating a relatively strong capital position despite the challenges faced [3][4][6].

Financial Performance - Pre-tax profit increased by $2 billion to $32.3 billion, including a notable impact of $1 billion from significant items[7] - Revenue remained stable at $65.9 billion, with a fixed exchange rate basis showing an increase of $2.9 billion to $67.4 billion[7] - Net interest income decreased by $3.1 billion to $43.7 billion, reflecting the impact of business disposals and increased funding costs[7] - Operating expenses rose by $1 billion to $33 billion, an increase of 3%, primarily due to technology spending and inflation[7] - The reported pre-tax profit increased by $1.3 billion to $3.2 billion, reflecting the absence of a $3 billion impairment related to the investment in the joint venture, Bank of Communications, in Q4 2023[10] - Reported revenue was $11.6 billion, down 11%, impacted by a foreign exchange reserve loss related to the sale of the Argentine business, but offset by the absence of impairments from the sale of the French retail banking business[10] - The company reported a net profit of $24,999 million for 2024, compared to $24,559 million in 2023, reflecting an increase of 1.8%[56] - The profit attributable to ordinary shareholders was $22,917 million, compared to $22,432 million in the previous year, marking a growth of about 2.2%[43] - The company reported a total comprehensive income of $26,939 million for 2024, compared to $29,542 million in 2023, a decline of 8.8%[56] Capital and Dividends - The Common Equity Tier 1 capital ratio improved to 14.9%, up 0.1 percentage points, driven by capital generation[7] - The board approved a fourth interim dividend of $0.36 per share, totaling $0.87 per share for 2024, including a special dividend of $0.21[7] - The target common equity tier 1 capital ratio is maintained at 14% to 14.5%, with a dividend payout ratio target of 50% for 2025, excluding significant notable items[10] - The total dividend declared for 2024 reached $0.87 per share, including a special dividend of $0.21 per share[21] - Total dividends paid to shareholders in 2024 amounted to $16,410 million, an increase from $11,593 million in 2023, representing a 41.5% growth[93] - The fourth dividend for the fiscal year ending December 31, 2024, is set at $0.36 per share, with an expected total payout of approximately $6,400 million[94] Share Buybacks - The company plans to initiate a share buyback of up to $2 billion, expected to be completed before the Q1 2025 earnings announcement[7] - The company announced a total of $9 billion in share buybacks, with an additional $2 billion announced recently[21] - HSBC announced share buybacks totaling up to $20 billion in February 2024, $30 billion in April 2024, $30 billion in July 2024, and another $30 billion in October 2024, with completion dates extending into 2025[69] Customer Loans and Assets - Customer loans decreased by $8 billion on a reported basis, but increased by $14 billion on a fixed exchange rate basis[7] - The net customer loans decreased to $930,658 million in 2024 from $938,535 million in 2023, reflecting a decline of approximately 0.9%[12] - Total assets as of December 31, 2024, were $3,017,048 million, a slight decrease from $3,038,677 million in 2023[12] - The total external assets increased to $3,017,048 million in 2024, compared to $2,972,547 million in 2023[49] Credit Losses - Expected credit losses remained stable at $3.4 billion, with specific provisions related to commercial real estate in mainland China[7] - The expected credit loss increased by $300 million to $1.4 billion, with $800 million of this related to commercial banking, including $200 million associated with risks in the Chinese commercial real estate sector[10] - The expected credit loss as a percentage of average total customer loans was 0.36% in 2024, consistent with 0.36% in 2022, indicating stable credit quality[12] Operational Efficiency - The cost discipline remains a priority, with a target for 2025 operating expenses to increase by about 3% compared to 2024[10] - The cost-to-income ratio improved to 50.2% in 2024 from 48.5% in 2023, indicating better operational efficiency[12] - The total operating expenses for 2024 were $33,043 million, an increase from $32,070 million in 2023, which is a rise of 3.0%[52] Strategic Focus and Growth - The company aims to create a more streamlined and focused banking operation, emphasizing strategic growth and cost management[6] - The company continues to focus on strategic investments to enhance growth in competitive advantage areas[22] - The company plans to accelerate the expansion of global wealth management offerings, particularly in Hong Kong and the UK markets[36] - The company is committed to optimizing its operational model to adapt to rapidly changing market conditions[36] Legal and Regulatory Matters - HSBC is involved in ongoing legal proceedings related to its operations, but management believes appropriate provisions have been made as of December 31, 2024[111] - HSBC is under investigation for alleged misconduct in the foreign exchange market, with ongoing litigation in various jurisdictions[119] - The UK Competition and Markets Authority has been investigating HSBC and four other banks for anti-competitive behavior since 2018, with expected minimal impact on HSBC[124] Taxation - The effective tax rate for 2024 was 22.6%, up from 19.1% in 2023, influenced by non-deductible losses from the sale of HSBC Argentina and adjustments related to deferred tax[84] - HSBC's tax strategy includes compliance with the OECD's Base Erosion and Profit Shifting (BEPS) framework, with a global minimum tax expense of $221 million recorded for the year[84] - The deferred tax assets net value is $5.5 billion as of December 31, 2024, down from $6.5 billion in 2023, with significant contributions from the UK ($2.6 billion), the US ($3.0 billion), and France ($0.5 billion)[88][89] Management and Governance - HSBC Holdings has complied with the corporate governance codes of both the UK and Hong Kong in 2024[145] - The Group Audit Committee has reviewed the 2024 Annual Report and Accounts, providing assurance to the Board of HSBC Holdings[145] - The management uses non-IFRS measures to present financial performance, adjusting for currency translation differences[150]

Group 1 - HSBC Holdings announced the purchase of 3.6732 million ordinary shares with a par value of $0.5 each on February 11, 2025, at a repurchase price of HKD 83.30 to HKD 83.75 per share [1] - Following this purchase, the repurchase has been completed. The company has repurchased approximately 186 million ordinary shares at a volume-weighted average price of GBP 7.4862 from the UK and about 131 million ordinary shares at a volume-weighted average price of HKD 74.4516 from the Hong Kong Stock Exchange for cancellation, with a total cost of approximately $3 billion [2]