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HSBC 1Q24: Consensus Beat But HK NPL Spike, Weak for STAN, HK Peers

FINANCIALS

HSBC 1Q24 results (HSBC: A3/A-/A+) are marginally ahead of consensus but include a jump in HK corporate non-performers (weak lateral for StanChart and HK peers) and a USD3bn buyback, which appears ahead of expectations. There’s nothing here to push spreads tighter, in our view.


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HSBC 1Q24 results (HSBC: A3/A-/A+) are marginally ahead of consensus but include a jump in HK corporate non-performers (weak lateral for StanChart and HK peers) and a USD3bn buyback, which appears ahead of expectations. There’s nothing here to push spreads tighter, in our view.


Keep reading...Show less