高盛：微升汇丰控股目标价至110港元

Core Insights - Goldman Sachs released a research report indicating that HSBC Holdings' core earnings for Q2 exceeded expectations, primarily driven by strong pre-provision profit (PPOP) and non-banking net interest income [1] Financial Performance - HSBC's management reiterated guidance for net interest income, cost growth, and return on tangible equity (ROTE) for 2025, but raised the full-year credit cost guidance to approximately 40 basis points [1] - Management anticipates that if HIBOR remains at 1%, it will negatively impact the bank's net interest income by about $100 million per month [1] Earnings Forecast Adjustments - Goldman Sachs adjusted its net interest income forecasts for HSBC for the years 2025 to 2027 and raised its earnings per share forecasts for 2025 to 2029 [1] - Based on these adjustments, Goldman Sachs increased HSBC's target price for UK shares to 1060 pence and slightly raised the target price for H shares to 110 Hong Kong dollars, maintaining a "Buy" rating [1]