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00011 HANG SENG BANK
RTNominal up85.650 +0.100 (+0.117%)
Research Report

27/07/2020 17:55

{I-bank focus}HK banks offer attractive risk-reward - GS

[ET Net News Agency, 27 July 2020] Goldman Sachs said HK banks' share price performance
has started to show relative improvement (versus HSI constituents) this year versus cycle
lows during 2019.
Share prices are still lower year-to-date (17% on average) on a continued weak operating
environment characterized by low/falling interest rates and rising unemployment in HK
amidst deep recessionary growth rates.
Goldman continues to highlight the value appeal, with the HK banks offering attractive
risk-reward, but with the upside being contingent upon macro recovery.
To reflect even lower HIBOR forecasts (~10bp) and higher credit costs, the research
house cut its 2020/21/22 EPS estimates by an average of 3% for the four local HK banks
under its coverage. It also revised its target prices for the counters as follows:
Name Rating Target Price
-------------------------------------------------------------
BOC Hong Kong (02388) Buy HK$32.00 from HK$32.90
Hang Seng Bank (00011) Buy HK$160.00 from HK$165.00
Bank of East Asia (00023) Neutral HK$l14.80 from HK$15.30
Dah Sing Banking (02356) Neutral HK$7.90 from HK$8.00

(KL)

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