CICC: Maintains "outperform" rating on HSBC Holdings (00005.HK), 1Q25 performance exceeds expectations.

The Zhitong Financial APP learned that CICC has released a research report stating that, considering the uncertainties in the macro environment caused by tariffs, they have lowered their 2025e and 2026e net profit forecasts for HSBC Holdings (00005.HK) by 5% and 8% respectively. The current stock price corresponds to 1.2x 2025e P/B and 1.1x 2026e P/B. They maintain their "outperform industry" rating and unchanged target price, corresponding to 1.3x 2025e P/B and 1.3x 2026e P/B, with a 16% upside potential compared to the current stock price.