HSBC (00005 HK): 1H19 Results Beat Expectations

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研究 [Table_Title] Flash Note: HSBC Holdings (00005 HK) Richard Cao 曹柱 EquityResearch (86755) 2397 6870

快讯：汇丰控股 (00005 HK) [email protected]

5 August 2019 [Table_Summary] HSBC (00005 HK): 1H19 Results Beat Expectations

汇丰控股 (00005 HK): 2019年上半年业绩好于预期

快  What happened: HSBC Holdings (the "Company") posted its unaudited 1H19 results. Key fundamentals are as

讯 follows:

Flash Note Table 1: Main Financial Results

USD yoy% USD

Revenue 29,372 mn 7.6% DPS 0.31

Shareholder’s Profit 8,507 mn 18.6%

EPS 0.63 31.3% Source: the Company.

 Comments and views: The Company's 1H19 reported shareholder's profit beat our expectations. In 1H19, reported revenue of US$29.4 bn was 7.6% higher YoY, mainly driven by revenue growth in RBWM and CMB. 证 Adjusted revenue of US$28.5 bn was 8.0% higher YoY, excluding the effects of foreign currency translation 券 differences and movements in significant items. Reported operating expenses of US$17.1 bn was 2.3% lower

研 YoY. Adjusted operating expenses of US$16.2 bn was 3.5% higher YoY, excluding the effects of foreign

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究 currency translation differences and movements in significant items. Positive adjusted jaws of 4.5% was

报报 supported by favourable market impacts in insurance manufacturing, the non-recurrence of a 1H18 adverse swap mark-to-market loss in Corporate Centre and disposal gains in Latin America. In 1H19, reported PBT of 告究

US$12.4 bn was 15.8% higher YoY, including an US$828 mn in dilution gain recognized on the completion of EquityResearch Report

研 the merger of the Company's associate the Saudi British Bank with Alawwal bank in Saudi Arabia. It also

[Tab included a provision of US$615 mn in respect of the mis-selling of payment protection insurance, and US$248

券

le_I mn of severance costs arising from cost efficiency measures across the Company's global businesses and

证 functions. Adjusted PBT of US$12.5 bn in 1H19 was 6.8% higher YoY, excluding the effects of foreign currency nfo1 translation differences and movements in significant items. The Company intends to initiate a share buyback of 银 ] up to US$1 bn, which is expected to commence shortly. 行行  Investment suggestion: In 2H19, considering the lower-than-expected world economy outlook, geographical 业

issues, and the FED's interest rates cut, we expect that the Company's earnings outlook will not be as bright as

Banking Sector 1H19. We currently maintain our earnings forecast for the Company. We currently maintain our TP of HK$79.68 and the "Accumulate" rating for the Company.

 事件描述：汇丰控股（“公司”）公布 2019 年上半年未经审计的业绩，主要指标表现如下：

表 1：主要财务指标

[Tab 美元变动% 美元 le_I 收入 29,372 百万 7.6% 每股股息 0.31 nfo2 中] 股东净利 8,507 百万 18.6%

汇外每股净利 0.63 31.3% 丰运控资料来源：公司。输股

HSBC Holdings HSBC HK) (00005

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[Table_PageHeader] HSBC Holdings (00005 HK)

[Table_CompanyRatingDefinition] 观点评论：2019 年上半年列帐基准股东净利好于我们预期。2019 年上半年，列帐基准营业收入为 294 亿美元，同比增长 7.6%，主要是受零售银行及财富管理业务和工商金融业务的收入增长拉动；经调整营业收入为 285 亿美元，同比增长 8.0%，当中并未计入货币换

] 1 r a M t h g i R _ e l b a T [

算的影响及重大项目的变动。列帐基准营业支出为 171 亿美元，同比下降 2.3%；经调整营业支出为 162 亿美元，同比增长 3.5%，当中并未计入货币换算的影响和重大项目的变动。在对制订保险产品业务有利的市场影响、2018 年上半年企业中心项下掉期按市值计价

所导致的亏损不复再现和拉丁美洲的出售利润带动下，经调整收入增长率与支出增长率之差为 4.5%。2019 年上半年，列账基准除税前利润同比增长 15.8%，达 124 亿美元，当中已计及联营公司沙地英国银行与沙地阿拉伯 Alawwal bank 合并完成后确认的摊薄增益 8.28 亿美元、有关不当销售还款保障保险的准备 6.15 亿美元，以及各环球业务和部门推行成本效益措施所产生的遣散费 2.48 亿美元。2019 年上半年经调整除税前利润增加 6.8%，达 125 亿美元，当中并未计入货币换算的影响和重大项目的变动。公司拟进行总额最多 10 亿

美元的股份回购计划，预计于短期内展开。 5 August 2019

 投资建议：2019 年下半年，考虑到差于预期的世界经济前景、地缘政治问题，以及美联储的降息，我们预计公司的盈利前景不如 2019 年上半年明朗。我们暂维持我们对公司的盈利预测。我们暂维持我们对公司 79.68 港元的目标价及“收集”投资评级。

] 2 r a M t h g i R _ e l b a T [

(00005 HK)

汇丰控股

HSBC Holdings

Flash Note

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Company Rating Definition The Benchmark: Hong Kong Hang Seng Index

] 1 r a M t h g i R _ e l b a T [

Time Horizon: 6 to 18 months Rating Definition

Buy 买入 Relative Performance>15%; or the fundamental outlook of the company or sector is favorable. Accumulate 收集 Relative Performance is 5% to 15%; or the fundamental outlook of the company or sector is favorable. Neutral 中性 Relative Performance is -5% to 5%; or the fundamental outlook of the company or sector is neutral. 5 August 2019 Reduce 减持 Relative Performance is -5% to -15%; or the fundamental outlook of the company or sector is unfavorable. Sell 卖出 Relative Performance <-15%; or the fundamental outlook of the company or sector is unfavorable.

Sector[Table_ RatingIndustry DefinitionRatingDefinition] The Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months

Rating Definition ] 2 r a M t h g i R _ e l b a T [

Outperform 跑赢大市 Relative Performance>5%; or the fundamental outlook of the sector is favorable. Neutral 中性 Relative Performance is -5% to 5%; or the fundamental outlook of the sector is neutral. Underperform 跑输大市 Relative Performance<-5%; Or the fundamental outlook of the sector is unfavorable.

[DISCLOSURETable_DISCLOSUREOFINTERESTS OF INTERESTS ]

(1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Except for KAISA GROUP (01638 HK),GUOTAI JUNAN I (01788 HK),CHINA MINSHENG BANKING CORP.- H SHARES (01988

HK),BANK OF GANSU (02139 HK),JINSHANG BANK (02558 HK),ZHONGLIANG HLDG (02772 HK),BINHAI INVESTMENT (02886 (00005 HK) HK),CAM SCSMALLCAP (03157 HK),HAITIANTIAN (08227 HK),Guotai Junan and its group companies do not hold equal to or more than 1% of the market capitalization of the issuer mentioned in this Research Report. (4) Guotai Junan and its group companies have not had investment banking relationships with the issuer mentioned in this Research Report

within the preceding 12 months. 汇丰控股 (5) Guotai Junan and its group companies are not making a market in the securities in respect of the issuer mentioned in this Research Report. (6) Guotai Junan and its group companies have not employed an individual serving as an officer of the issuer mentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated with Guotai Junan and its group companies.

HSBC Holdings

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Flash Note

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