2024-08-04 08:01Investment Rating - The report maintains an "Add" rating for the company [1][3] Core Views - The company aims to achieve an average tangible equity return of approximately 15% for both 2024 and 2025, excluding notable items [3] - The expected net interest income for the banking business in 2024 is projected to be around $43 billion, an increase from previous estimates [3][19] - The company plans to maintain a dividend payout ratio of 50% for 2024 and has announced a share buyback program of up to $3 billion, expected to be completed within three months [3][5] Financial Highlights - Total revenue for 2023 is projected at $66.1 billion, with a year-on-year growth of 30.5% [2] - Net profit attributable to ordinary shareholders is expected to be $22.4 billion in 2023, reflecting a 56.4% increase year-on-year [2] - Earnings per share (EPS) is forecasted to be $1.15 for 2023, with dividends per share expected to be $0.61 [2] - For the first half of 2024, the company reported a stable pre-tax profit of $21.6 billion, with total revenue increasing by $0.4 billion to $37.3 billion, a growth of 1% [5] - The average tangible equity return for the first half of 2024 is reported at 21.4%, while the adjusted figure excluding notable items is 17% [5] Future Projections - The company anticipates total revenue to reach $67.7 billion in 2024, with a modest growth rate of 2.5% [2] - The net profit attributable to ordinary shareholders is expected to grow to $22.9 billion in 2024, a 1.9% increase [2] - The EPS is projected to rise to $1.22 in 2024, while dividends per share are expected to increase to $0.81 [2]