HSBC/StanChart: Asia Seminar: Hard not to be positive – lifting ests, PTs

Research evidence excerpt

HSBC/StanChart: Asia Seminar: Hard not to be positive – lifting ests, PTs

Equity Research

15 May 2026

HSBC/StanChart

Asia Seminar: Hard not to be

positive – lifting ests, PTs

Despite a backdrop of war and energy price risk, the outlook European Banks

remains positive, bolstered by strong Asia momentum, POSITIVE Unchanged

particularly in HK. Focus turns to next week’s Asia Seminar, European Banks

Aman Rakkar, CFAincluding likely positive targets from STAN. While constructive

on both, we retain preference for HSBC on greater EPS +44aman.rakkar@barclays.com(0)20 3555 1425

upside. Barclays, UK

Hard not to be positive

Despite a backdrop of war and higher energy prices, we think it's hard not to be positive given

strong momentum led out of Asia, particularly Hong Kong which we see as a rich source of

outsized returns and multi-year growth. Focus turns to next week’s Asia Seminar/Investor Event,

where we expect a positive read on both banks' Asia/ME franchises – particularly Wealth

Management – and updated medium-term targets from StanChart (with associated upside

potential). While positive on both names, we retain our relative preference for HSBC, driven

primarily by our above consensus estimates, with attractive valuations at both at c8x 2028e PE.

StanChart – focus on Asia Investor Event: >15% 2028e RoTE a base case,

but with upside risks

• Updated medium-term targets: Focus turns to next week's update of medium-term targets:

of note, we look for 2028e RoTE guided in excess of 15% (note BARCe 16%) predicated on a

5-7% revenue CAGR (BARCe 6.2%), alongside a shift in distributions towards higher

dividends. Figure 7 summarises our expectations and estimates vs consensus.

• Focus on revenue growth and mix: Alongside revenue growth, we expect focus on an