HSBC HOLDINGS(HK:00005) Ge Long Hui A P P·2025-09-23 09:09Core Viewpoint - Citigroup's report highlights that highly internationalized UK banks have performed strongly over the past three months, benefiting from rising HIBOR and easing tariff concerns, while domestic UK banks lag behind due to growing macroeconomic worries ahead of the November 26 budget announcement [1] Group 1: Bank Performance - Citigroup favors Natwest and HSBC as industry picks, both receiving "buy" ratings [1] - HSBC's target price has been raised from HKD 105.6 to HKD 118.2 and is included in the short-term upward observation list for the next 90 days [1] Group 2: Financial Projections - Citigroup expects HSBC's third-quarter pre-tax profit to reach USD 8.3 billion, exceeding market consensus by 3% [1] - The estimated net interest income for the quarter is projected at USD 10.7 billion, which is 2% higher than market consensus [1] - Non-interest income is forecasted to be USD 6.5 billion, surpassing market expectations by 4%, primarily driven by wealth management fees [1] Group 3: Dividend and Buyback Plans - The bank is anticipated to announce a quarterly dividend of USD 0.10 per share [1] - HSBC plans to initiate a USD 3 billion share buyback program [1]