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(Sharecast News) - ShoreCap stayed at a 'hold' on shares of HSBC following the lender´s third quarter results.
The analysts labelled the results, which threw up lower than expected revenues and bigger than anticipated impairments as "disappointing".
On the back of HSBC's results, they cut their estimates for its earnings per share in 2019, 2020 and 2021 by 8.0%, 9.0% and 10.0%, respectively.
"While lower interest rates, ongoing trade wars and unrest in Hong Kong are largely to blame for the more challenging revenue outlook, HSBC's main problem remains the structural underperformance of its US, Continental European and UK Non Ring-Fenced Banking (notably Global Banking & Markets) operations," they said.
In turn, they marked down their estimate for the shares's fair value from 665.0p to 580.0p, telling clients that they should switch into shares of a combination of rivals Barclays, Lloyds and StanChart instead, all of which were buy rated.
Nontheless, given management´s moves to reduce its exposure to globally systemically important banks, they believed that regulators would not ask HSBC to hold more capital permanently.
"We assume that the dividend can be maintained and still expect share buy backs to be used to neutralise the dilutive impact of the scrip over time.
"Finally, we think these decisive moves mean that acting CEO Noel Quinn is now in pole position to step into the role on a permanent basis, replacing predecessor John Flint with whom the group recently parted company due to the pace of change being deemed too slow."
18 Apr 2024 14:12
UK dividends calendar - next 7 days
| Friday 19 April | |
| Chelverton UK Dividend Trust PLC | dividend payment date |
| Empiric Student Property PLC | dividend payment date |
| FW Thorpe PLC | dividend payment date |
| Heavitree Brewery PLC | dividend payment date |
| Heavitree Brewery PLC A | dividend payment date |
| JPMorgan Global Emerging Markets Income Trust PLC | dividend payment date |
| Palace Capital PLC | dividend payment date |
| STS Global Income & Growth Trust PLC | dividend payment date |
| Monday 22 April | |
| no events scheduled | |
| Tuesday 23 April | |
| Crest Nicholson Holdings PLC | dividend payment date |
| Invesco Asia Trust PLC | dividend payment date |
| Pantheon Infrastructure PLC | dividend payment date |
| Pembroke VCT PLC B | dividend payment date |
| Pinewood Technologies Group PLC | ex-dividend payment date |
| Wednesday 24 April | |
| Conduit Holdings Ltd | dividend payment date |
| Thursday 25 April | |
| abrdn Asian Income Fund Ltd | ex-dividend payment date |
| AVI Japan Opportunity Trust PLC | ex-dividend payment date |
| Bakkavor Group PLC | ex-dividend payment date |
| Bankers Investment Trust PLC | ex-dividend payment date |
| Bodycote PLC | ex-dividend payment date |
| Cairn Homes PLC | ex-dividend payment date |
| Central Asia Metals PLC | ex-dividend payment date |
| City of London Investment Trust PLC | ex-dividend payment date |
| ConvaTec Group PLC | ex-dividend payment date |
| CQS Natural Resources Growth & Income PLC | ex-dividend payment date |
| Derwent London PLC | ex-dividend payment date |
| Eurocell PLC | ex-dividend payment date |
| Foresight Solar Fund Ltd | ex-dividend payment date |
| Greggs PLC | ex-dividend payment date |
| Hansard Global PLC | dividend payment date |
| Harworth Group PLC | ex-dividend payment date |
| Henderson Far East Income Ltd | ex-dividend payment date |
| HSBC Holdings PLC | dividend payment date |
| Invesco Select Trust PLC Global Equity Income | ex-dividend payment date |
| Invesco Select Trust PLC UK Equity | ex-dividend payment date |
| JPMorgan Claverhouse IT PLC | ex-dividend payment date |
| Legal & General Group PLC | ex-dividend payment date |
| ME Group International PLC | ex-dividend payment date |
| Morgan Advanced Materials PLC | ex-dividend payment date |
| Morgan Sindall Group PLC | ex-dividend payment date |
| Mortgage Advice Bureau Holdings PLC | ex-dividend payment date |
| MP Evans Group PLC | ex-dividend payment date |
| Murray International Trust PLC | ex-dividend payment date |
| Portmeirion Group PLC | ex-dividend payment date |
| Public Policy Holding Cos Inc | ex-dividend payment date |
| Rightmove PLC | ex-dividend payment date |
| Sabre Insurance Group PLC | ex-dividend payment date |
| Schroder Oriental Income Fund Ltd | ex-dividend payment date |
| Secure Trust Bank PLC | ex-dividend payment date |
| Seed Innovations Ltd | ex-dividend payment date |
| Seplat Energy PLC | ex-dividend payment date |
| Shaftesbury Capital PLC | ex-dividend payment date |
| Spirax-Sarco Engineering PLC | ex-dividend payment date |
| St James's Place PLC | ex-dividend payment date |
| Stelrad Group PLC | ex-dividend payment date |
| Team Internet Group PLC | ex-dividend payment date |
| Tufton Oceanic Assets Ltd | ex-dividend payment date |
| Tyman PLC | ex-dividend payment date |
| Volta Finance Ltd | dividend payment date |
| Wickes Group PLC | ex-dividend payment date |
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