CICC: Maintains "neutral" rating on HSBC Holdings (00011) with a target price of HK$109.5.

According to the Zhixin finance and economics APP, CICC released a research report stating that, taking into account the recovery of revenue and the recent significant provision of bad debts by Hang Seng Bank (00011), the company's 2025E and 2026E operating income forecasts have been raised by 2.4% and 4.3% to HK$41 billion and HK$42.1 billion, respectively. The company's 2025E net profit attributable to shareholders forecast has been reduced by 13.9% to HK$14.7 billion, and the 2026E net profit forecast has been raised by 4.1% to HK$17.6 billion. The company is currently trading at 1.3x/1.3x 2025E/2026E P/B. Considering the company's long-term and short-term performance potential, the bank maintains its target price of HK$109.5, corresponding to 1.3x/1.3x 2025E/2026E P/B and a potential downside of 3.8%. The neutral rating is maintained.