Hang Seng Bank Remains Overvalued; Limited Benefits From Higher Interbank Rates in Fiscal 2017
We still see Hang Seng Bank as overvalued and believe the benefit from an increase in U.S. interest rates and stronger loan growth is factored into the current share price. We adjust our fair value estimate to HKD 154 from HKD 145 to factor in the time value of money.Interbank rates have picked up in recent months in anticipation of another U.S. interest rate increase in December. However, the impact on net interest margin for fiscal 2017 is limited, with one month left before year-end. As note...
Hang Seng Bank and its subsidiaries are engaged in the provision of banking and related financial services. Hong Kong and other businesses segment include: Retail Banking and Wealth Management; Commercial Banking activities; Global Banking and Markets; and Other. Co.'s Mainland China business segment comprised of the business of Hang Seng Bank (China) Limited and Co.'s share of profits from mainland associates. As of Dec 31 2014, Co. had total assets of HK$1,263,990,000,000.
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