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00011 HANG SENG BANK
RTNominal up101.600 +1.600 (+1.600%)
Research Report

04/08/2020 15:27

{I-bank focus}BofA trims Hang Seng Bank (00011) to HK$133

[ET Net News Agency, 4 August 2020] BofA Global Research lowered its target price for
Hang Seng Bank (HSB)(00011) to HK$133 from HK$156 and maintained its "underperform" rating
on low rate environment, HK economic downturn, and relatively unattractive valuation.
The research house said HSB's 1H ROE (return on equity) dropped 6.3ppt to 10.7% in 1H,
which was the second-lowest levels in its past 20 years' history.
BofA cut its 2020-22 earnings by 11-23%. It expects continued NIM (net interest margin)
decline in 2H, driven by lower HIBOR (daily average 1M/3M HIBOR fell 26bp/34bp MoM in Julu
2020). (KL)

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