HSBC: Feedback from the Asia Seminar

Research evidence excerpt

HSBC: Feedback from the Asia Seminar

Idea

May 21, 2026 10:10 AM GMT

Morgan Stanley Europe S.E., Madrid Branch+MHSBC | Europe Alvaro Serrano

Equity Analyst

Feedback from the Asia Seminar Alvaro.Serrano@morganstanley.comMorgan Stanley Asia (Singapore) Pte.+ +44 20 7425-6942

Nick Lord

The flows into Hong Kong whether via new to bank customers in Equity Analyst

Nick.Lord@morganstanley.com +65 6834-6746

wealth, Asia trade flows or RMB internationalization, paints a Aitong Li

Research Associatestronger for longer growth picture for HSBC in the region. A

Aitong.Li@morganstanley.com +65 6834-6295

simplified and more agile structure on top of that, puts 20%

Morgan Stanley & Co. International plc+

ROTE increasingly on the cards 2028E. Almario Sulaj

Research Associate

Wealth growth outlook remains strong. The IPO pipeline in Hong Kong is playing a Almario.Sulaj@morganstanley.com +44 20 7425-2049

role in the strong Net New money flows in Q1. With c. 500 companies waiting to

HSBC (HSBA.L, HSBA LN)

list, momentum is likely to be strong short term, and HSBC flagged that Q2 activity

Banks | United Kingdom

remains strong. More structurally, the wealth creation coming from the mainland,

Stock Rating Equal-weight

the increasing allocation of savings to financial products, and the international Industry View Attractive

diversification, leaves a strong growth outlook for flows for the foreseeable future Price target 1,463p

Shr price, close (May 20, 2026) 1,360p

with HK expected to become a larger wealth hub than Switzerland and Singapore 52-Week Range 1,411-847p

before 2029. Mkt cap, curr (mn) £235,192

Up/downside to price target (%) 8

Avg daily trading value (mn) £240

HSBC also has room to increase wallet share. Non-resident new customers from

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e