HSBC Reports Strong First Half of 2017; Boosting FVE
HSBC reported a strong first half of 2017, and we are increasing our fair value estimate to $45.50 from $41 per share to reflect particularly strong lending growth in Asia. Loan impairments have also declined sharply to around 0.19% of gross loans, about half of last year’s levels, a performance that we don’t expect to continue over the long run, especially with slowing growth in China. However, as overall adjusted revenue has increased about 3% in the first half of 2017, while costs have contin...
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