Opinions
Lorne Steinberg
HSBC Holdings P L C
HSBC-N
DON'T BUY
Jan 30, 2018
$54.200
Stock price when the opinion was issued
banks
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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
He doesn't like this one. The dividend is secure. It’s a massive behemoth bank, but has been struggling to drive earnings growth for years. There's been no organic growth. They may have to make an acquisition, but acquisitions are not cheap these days. If you want to own banks, you are better off owning Goldman Sachs (GS-N) or Morgan Stanley (MA-N). There are better investments elsewhere.