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GS cuts Hang Seng Bank (00011) target to $200
06 Aug 2019
(Infocast News) Goldman Sachs says that Hang Seng Bank's (00011) performance in the first half of 2019 was modestly ahead of the brokerage firm's estimate. That said, key metrics such as net interest margin (NIM), fee income and operating expenses missed expectations. After incorporating the results for the first six months of 2019 into research model, the brokerage has made changes to its forecasts.

Goldman Sachs has cut its estimates on the revenues of Hang Seng Bank for 2019, 2020 and 2021 by 3%, 5% and 6% respectively on a mix of lower NIMs and weaker non-interest income, and cut PPOP (pre-provision operating profit) forecasts by 4-7%.

The brokerage also revises lower EPS estimates on Hang Seng Bank by 3%, 7% and 7%. Its DPS estimates fall by less (nil to 2%) on account of still strong capital position and about 60% dividend payout (FY18). The earning changes and refreshed RIM model lead the brokerage to cut RIM-derived target price by 4% from HK$209 to HK$200. The brokerage maintains its Neutral rating on the stock.

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