智通财经网·2025-12-03 07:37Core Viewpoint - Morgan Stanley maintains a positive outlook on HSBC Holdings, citing strong wealth growth and potential synergies with Hang Seng Bank, alongside improving market conditions in Hong Kong and the UK [1][2] Group 1: HSBC Holdings Performance - HSBC's target price for December 2026 has been raised from HKD 132 to HKD 138 [1] - The bank's exposure to risks in Chinese commercial real estate is only 0.7% of its total loans, with a loan loss reserve ratio of 15%, indicating manageable profit risks [1] - Morgan Stanley has increased its earnings per share forecast for HSBC for the fiscal years 2026 to 2027 by 3% to 4% [2] Group 2: Market Conditions - The operating environment in Hong Kong is improving, with signs of recovery in the residential market and slight improvements in commercial real estate [1] - The expected credit loss rate for Hong Kong commercial real estate in 2026 is projected to be lower than in 2025, suggesting a potential peak in risks [1] Group 3: Financial Projections - Average tangible equity return rate is forecasted at 16.6% for fiscal year 2025, declining to 15.8% in 2026, with slight recoveries in 2027 and 2028 at 15.9% and 15.8% respectively [2] - There are perceived upward risks in the earnings forecasts, indicating potential for better-than-expected performance [2]