Ge Long Hui·2026-02-10 06:55Core Viewpoint - Citigroup's report indicates that Hong Kong bank stocks are expected to announce their second-half 2025 results in mid-February, with performance likely to meet expectations, although potential revenue growth may be offset by higher impairment charges [1] Group 1: Performance Expectations - The normalization of HIBOR is anticipated to support net interest income in Q4 2025 [1] - Growth in fee income may slow down due to high base effects [1] Group 2: Capital and Share Buyback - Despite Hong Kong banks having capital ratios at historical highs, Citigroup does not expect any share buyback announcements in the annual results [1] Group 3: Stock Recommendations - Citigroup favors international banks in Hong Kong, with HSBC as the top pick, expecting positive guidance for 2026 and improvements in non-net interest income to drive profit growth [1] - The target price for Bank of China Hong Kong has been raised from HKD 41.3 to HKD 47.6, with a "Buy" rating [1] - The target price for Bank of East Asia has been increased from HKD 12.6 to HKD 14.9, with a "Neutral" rating [1]