[ET Net News Agency, 24 February 2021] Jefferies Research lifted its target price for
Hang Seng Bank (HSB) (00011) to HK$167.8 from HK$120.8 on higher long-term earnings growth
and maintained its "hold" rating.
The research house said HSB's 2H 2020 results were mixed. On the bright side, the retail
recovery was in progress, along with lower credit costs and dividend normalization.
However, challenges still remain as top-line weakness likely will continue in 2021 due to
suppressed NIM, bottom line dragged by the high cost to income ratio, and asset quality
pressure remain an overhang.
Given the near-term challenges of a high cost to income ratio, Jefferies cut its 2021/20
earnings forecasts. On the other hand, it raised its long-term earnings growth estimates
to 8-10% on the back of a strong retail business franchise, better economic prospects and
wealth management connect program. (KL)
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00011 HANG SENG BANK
Nominal 
100.000 +1.400 (+1.420%) Others
24/02/2021 17:22
{I-bank focus}Jefferies lifts Hang Seng Bank to HK$167.8
| Remark: | Real time quote last updated: 24/04/2024 17:59 |
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