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Bank of America: Reiterating HSBC Holdings' "buy" rating indicating that it still has upside potential
On March 17, BofA Securities said that HSBC Holdings provided business updates while releasing its 2024 fiscal year results. Management expects annual return on tangible equity of approximately 15% between 2025 and 2027, excluding major projects. In addition, HSBC has set targets for FY2025 and the interim period. The bank believes key highlights include double-digit CAGR growth in wealth management fees and other income in the medium term; Approximately $1.8 billion of upfront restructuring costs will be incurred in FY2025-26 and simplification savings of approximately $1.5 billion are expected to be realized by 2027. After HSBC released the re-segmentation data, BofA Securities reiterated its estimate, and the overall estimate remained basically unchanged. The bank is encouraged by this update. While HSBC's current share price is trading at around 1.2x FY2025 forward price-to-book (P/B) is not cheap, the bank still sees upside potential and reiterates its "buy" rating. Earnings per share forecasts for 2025 to 2027 were lowered to $1.39, $1.54 and $1.69 from $1.41, $1.55 and $1.7, respectively, and 2025 dividend forecasts were lowered to $0.67 from $0.68.