HSBC Reports Positive 1Q Result and Remains Undervalued
HSBC reported a positive first-quarter result with adjusted net profit before tax up 9% to $6.35 billion. The strong gains on the income line outpaced a 3.2% increase in adjusted operating expense, resulting in a positive jaw. The latter was negative in the fourth quarter but this was due to adverse market conditions, which impacted the income line. As noted at the time, the underlying operating expense was steady. Investment-related expense was slightly lower than last quarter but this is expec...
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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