What changed
$HSBC — ADD 📊 | 6 MONTHS THESIS
🎯 latest | Rev $19.1B | EPS $2.20 vs $2.16 🟢
💡 Consensus expects HSBC to remain a low-return, geopolitically challenged bank with limited upside. Variant view: internal efficiency gains and revenue mix shift toward higher-return Asia businesses will deliver mid-single-digit ROTE improvement, and the upcoming buyback announcement will force upward EPS revisions and multiple expansion toward 11x.
📉 Reward/risk: 2.5:1
🏢 Business Quality: 6/10
📊 Valuation: fair — P/E ~10.5x on annualized Q4 EPS, slightly below global bank peer median of 11x; P/B estimated ~0.9x, in line with historical average; no clear...
🔮 Catalyst: Announcement of expanded share buyback program at Q1 2025 trading update or results
💰 Entry: $90, stop $86, target $100
📊 Our read: ADD. Full analysis →
https://stockduty.xyz/s/HSBC0616