Ge Long Hui·2025-12-03 05:22Core Viewpoint - Morgan Stanley maintains a positive outlook on HSBC Holdings, citing strong wealth growth and potential synergies with Hang Seng Bank observed during a recent financial tour in Hong Kong [1] Group 1: Financial Performance - HSBC's earnings per share forecast for the fiscal years 2026 to 2027 has been raised by 3% to 4% [1] - The average tangible equity return rate for fiscal year 2025 is projected to be 16.6%, with a decline expected to 15.8% in 2026, followed by 15.9% and 15.8% in 2027 and 2028 respectively [1] Group 2: Market Conditions - The operating environment in Hong Kong and the UK is showing signs of improvement [1] - There is a slight improvement in the commercial real estate situation in Hong Kong [1] Group 3: Investment Rating - HSBC Holdings is given an "Overweight" rating, with the target price for December 2026 raised from HKD 132 to HKD 138 [1]