瑞银发表研报指，汇丰控股去年第四季业绩表现强劲，撇除重大项目的除税前利润较市场普遍预期高出 9%，收入较预期高3%，净利息收入高出6%(剔除一次性项目后高出5%)，而手续费及其他收入低于预期 1%，经营开支符合预期，信贷减值则较市场预测低12%。期内普通股权一级资本比率为14.9%，高过市 场预期。计及私有化恒生影响，备考普通股权一级资本比率则为13.8%。瑞银指，集团确认是次收购恒 生后对普通股权一级资本比率的净成本影响为110个基点，较预期好，预期至2028财年可带来9亿美元收 益，相关重组成本则为6亿美元。瑞银认为，是次交易对汇控增加香港银行业务的敞口及简化集团架构 具有重要意义。汇控宣派第四次季度股息每股45美仙，继续暂停股份回购，符合市场预期。瑞银予汇控 评级"中性"，港股目标价140.6港元，伦敦上市目标价1309便士。 来源：滚动播报 ...

集团的目标是2026、2027及2028年的平均有形股本回报率达到17%6，甚至更高(不计及须予注意项目)。 此项经修订目标反映集团盈利呈增长趋势，以及集团在策略执行方面进展理想。 格隆汇2月25日丨汇丰控股(00005.HK)公布年度业绩，截至2025年12月31日止年度，列账基准除税前利 润减少24亿美元至299亿美元，主要是须予注意项目的按年不利影响净额49亿美元所致。除税后利润减 少19亿美元至231亿美元。 集团将会以2026至2028年收入按年增长为目标，力求2028年的收入较2027年增长5%(不计及须予注意项 目并按固定汇率基准计算)。2026、2027及2028年的股息派付比率目标基基准维持在50%。集团的目标 基准派付比率乃按每每股盈利(不计及重大须予注意项目及相关影响)的百分比计算。就2026年而言，根 据目前对政策利率的预期，预计银行业务净利息收益最少达到450亿美元。 2025年第四季度，列账基准除税前利润增加45亿美元至68亿美元，列账基准除税后利润增加46亿美元至 52亿美元。收入增加43亿美元至164亿美元，增幅为42%，不计及须予注意项目之固定汇率收入增加10 亿美元至177 ...

Core Viewpoint - Standard Chartered's stock price fell by 2% on October 8, underperforming the Hang Seng Index by 0.8 percentage points, potentially due to allegations of violating Iran sanctions and a £1.5 billion ($2 billion) settlement with investors [1] Group 1: Financial Impact - The actual settlement amount has not been disclosed, but the company stated that the settlement would not significantly impact its operating performance or financial condition [1] - JPMorgan expects the related expenditure to be classified as a special item by Standard Chartered in Q4 2025, which may lower the Common Equity Tier 1 (CET1) capital ratio and could limit share buyback potential in 2026 [1] - The negative impact on the CET1 capital ratio is anticipated to be less than approximately 13 basis points [1] Group 2: Investment Outlook - JPMorgan reiterated an "Overweight" rating for Standard Chartered with a target price of HKD 190 [1] - The forecast for Standard Chartered's CET1 capital ratio in Q4 2025 is 14%, with a projected share buyback of $2.5 billion in 2026 and a total return rate of 7.2%, the highest among banks in the Greater China region [1]

Core Viewpoint - Standard Chartered Group's stock price has shown a recovery of nearly 2%, trading at HKD 171.7 with a transaction volume of HKD 52.634 million, despite a previous decline related to legal settlements over sanctions violations [1] Group 1: Stock Performance - The stock price of Standard Chartered Group fell by 2% on December 8, underperforming the Hang Seng Index by 0.8 percentage points [1] - The recent recovery in stock price indicates a potential rebound following the negative news [1] Group 2: Legal Settlement - The decline in stock price may be linked to media reports regarding the group's settlement of GBP 1.5 billion (USD 2 billion) with investors over allegations of violating Iranian sanctions [1] - Although the actual settlement amount has not been disclosed, the company stated that it would not significantly impact its operational performance or financial condition [1] Group 3: Financial Projections - JPMorgan estimates that the related expenditure will be classified as a special item in the fourth quarter of 2025, with no impact on earnings per share or normalized return on tangible equity (ROTE) [1] - The settlement may reduce the common equity tier 1 capital ratio and could limit the upside for share buybacks in 2026, although the negative impact is expected to be less than approximately 13 basis points [1] - JPMorgan forecasts the common equity tier 1 capital ratio for Standard Chartered Group to be 14% in the fourth quarter of 2025, with a share buyback plan of USD 2.5 billion in 2026 and a total return rate of 7.2%, the highest among banks in the Greater China region [1]

Core Viewpoint - HSBC Holdings (00005) announced plans to privatize its subsidiary Hang Seng Bank (00011) at a price of HKD 155 per share, which will impact its Common Equity Tier 1 (CET1) capital ratio [1] Group 1: Transaction Details - The privatization will result in a decrease of 125 basis points in HSBC's CET1 ratio, prompting the company to suspend share buybacks for three quarters to maintain the ratio within regulatory guidelines [1] - The transaction is expected to reduce buybacks by approximately USD 7 billion [1] Group 2: Financial Projections - JPMorgan estimates that the CET1 ratio will be 14% by the end of Q2 2026, indicating a long-term positive impact from the privatization [1] - Even without considering revenue synergies or cost optimization, earnings per share and dividends per share are projected to exceed baseline forecasts by 1.5% and 3.1% respectively by 2027, primarily due to the exclusion of minority interests from Hang Seng Bank [1] Group 3: Performance Metrics - HSBC reported a tangible return on equity of 38% for its Hong Kong operations in 2024, while Hang Seng Bank reported only 11% for the same period [1]

Group 1 - UBS forecasts a significant decline in Hang Seng Bank's (00011) earnings per share for the first half of this year due to compression in net interest income (NII) and an expected rise in expected credit loss (ECL) expenses [1] - The bank is currently trading at 1.3 times the one-year forward price-to-book ratio, with a target price of HKD 112 and an estimated dividend yield of 5.4% for 2025 based on the target price [1] - Hang Seng Bank is expected to announce a new share buyback plan alongside its earnings report on July 30, despite a weak profit outlook [1] Group 2 - UBS notes that the Hong Kong Interbank Offered Rate (HIBOR) has remained below 1% for a month, deviating from seasonal patterns, and predicts HIBOR will stabilize between 2% and 2.5% by year-end [2] - As a result of the low HIBOR environment, UBS has revised down its forecast for Hang Seng Bank's NII for 2025, while slightly increasing the forecast for non-interest income due to potential boosts in net fee income and trading income [2] - UBS has also slightly raised its estimate for ECL expenses for Hang Seng Bank in light of cautious views on non-performing loan (NPL) risks [2]