＜Research＞JPM: HSBC Appoints Georges Elhedery as New CEO; Strategy Expected to Keep Continuity

　　JP Morgan was unsurprised by the news of HSBC HOLDINGS (00005.HK) +0.550 (+0.818%) Short selling $90.51M; Ratio 35.380% 's appointment of Georges Elhedery as its new CEO, as it had been covered in the media earlier. Overall, the event was viewed by the broker as a positive development, which removed overhang risk and hinted at continuity of current strategies, including reinforcing the company's efforts to increase shareholder returns.

　　The broker expected HSBC's ROTE to remain at 13%-15% even if the Fed cuts interest rates to 3%, and projected the company's total shareholder return to be 9.5% in 2025, or 9% at the end of the rate cut cycle. The broker maintained an Overweight rating on HSBC HOLDINGS, with a target price of $83.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-18 12:25.)

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