CICC: Raised the target price of HSBC Holdings (00005) to HK$111.9 and maintained an "outperform" rating.

According to the Zhixin Finance APP, Zhongjin released a research report stating that considering the strong performance of non-interest businesses at HSBC Holdings (00005), the company has raised its 2025E/2026E operating income forecast by 3.1% and 3.6% to 68.1 billion and 69 billion US dollars respectively; the company has also raised its 2025E/2026E net profit attributable to shareholders by 1.9% and 8.7% to 21.9 billion and 24.4 billion US dollars respectively. Trading at 1.2x/1.2x 2025E/2026E P/B, in consideration of changes in discount factors, the bank has raised the company's target price by 9.3% to 111.9 Hong Kong dollars, corresponding to 1.4x/1.3x 2025E/2026E P/B and 15.4% upside potential, maintaining an outperform industry rating.