智通财经网·2026-01-09 06:30Core Viewpoint - Citigroup's report indicates that HSBC Holdings (00005) is expected to achieve a return on tangible equity (RoTE) of approximately 19% to 20% from 2027 to 2028, leading to an increase in the target price from HKD 127.8 to HKD 138.3, while maintaining a "Buy" rating [1] Group 1 - Citigroup has slightly adjusted HSBC's earnings per share forecasts for 2025 to 2027 down by 0% to 1%, while introducing forecasts for 2028 for the first time [1] - The minor downward adjustment reflects the assumption of an additional Federal Reserve rate cut in 2026, yet the forecasts remain 2% to 9% higher than the company's latest market consensus adjusted pre-tax profit [1] - The higher revenue assumptions, particularly from strong non-interest income growth in the Asian wealth business, are the main contributors to the optimistic outlook [1] Group 2 - Citigroup projects HSBC's pre-tax earnings for 2025, 2026, and 2027 to be USD 29.584 billion, USD 35.94 billion, and USD 40.301 billion, respectively [1] - The expected dividend returns for 2025, 2026, and 2027 are projected to be 4.6 cents, 5.2 cents, and 5.9 cents, respectively [1] - The adjusted return on equity for 2025, 2026, and 2027 is anticipated to be 12.2%, 15.9%, and 17.9%, respectively [1]