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19/02/2020 17:12

{I-bank focus}Goldman cuts Hang Seng Bank (00011) to HK$202

[ET Net News Agency, 19 February 2020] Goldman Sachs lowered its target price for Hang
Seng Bank (HSB)(00011) to HK$202 from HK$209 and maintained its "buy" rating.
The research house said HSB's 2H 2019 EPS of HK$5.79 was 6% below Goldman's estimate on
lower than expected revenues. NIM and fee income also came in weaker than expectations,
while credit costs and operating expenses were ahead of Goldman's forecasts.
FY2019 DPS rose 9%, and the payout ratio rose from 60% during FY2018 to 64%.
Goldman cut its 2020/21/22 EPS forecasts by 5%/3%/4% to adjust for the lower than
expected NIM. However, it changed its DPS estimates by +4%/+2%/-1% as Goldman expects the
raised DPS of HK$8.2 to be maintained during 2020/21. (KL)

Remark: Real time quote last updated: 03/04/2020 17:59
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