Hang Seng Bank Reports Stellar 1H Result; FVE Increased to HKD 170
Narrow-moat-rated Hang Seng Bank reported a stellar first-half result with solid growth across both net interest income and fee income. However, with rising uncertainty on global trade and weaker investor sentiment likely in the medium term, we expect growth to moderate in the second half.Our fair value is increased to HKD 170 as we increase our net interest margin, or NIM, assumption but we continue to see the bank as overvalued. While average Hibor was meaningfully higher in the first half, m...
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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