Opinions
Charles Lannon
HSBC Holdings P L C
HSBC-N
COMMENT
Jun 24, 2015
$47.160
Stock price when the opinion was issued
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It is a great bank if you want to be in Asia. The problem like many British and European banks is that they could not decide if they wanted to be in certain markets. They bought and built up certain businesses and did not do very well at those. They are a good retail bank and a very good commercial bank. They help companies grow in Asia and the US. Hong Kong will not be an opportunity for them now. It's not an expensive stock but they need to decide what they want to be.
banks
HOLD
Nice run. Hold, or take profits?
Banks tend to move on the same macro variables. It's too painful on your taxes to sell this one only to buy another similar one. You're better off just holding on.
Not a compelling barn-burner buy today, at best it's a hold. European banks are tactically more attractive than the US and, especially, the Canadian banks.
banks
In the last 6 weeks or so, this bank has announced pretty significant restructuring, significant cost cuttings and are going to cut their way in order to get some kind of earnings growth. Have had many operational and regulatory challenges. Prefers Toronto Dominion (TD-T) which still has the opportunity to grow. This one is growth constrained, and potentially has some regulatory issues if they try to relocate their headquarters from London back to Hong Kong.