HSBC Holdings PLC / Standard Chartered PLC: Asia roadtrip: hard not to be positive, reiterate HSBC OW

Research evidence excerpt

HSBC Holdings PLC / Standard Chartered PLC: Asia roadtrip: hard not to be positive, reiterate HSBC OW

Equity Research

26 May 2026

HSBC Holdings PLC / Standard Chartered PLC

Asia roadtrip: hard not to be

positive, reiterate HSBC OW

We came away from our week in Asia – meeting management, STAN.L/STAN LN EQUAL WEIGHT

policy makers and investors – with greater conviction in the European Banks POSITIVE

outlook for growth, and earnings upside, with HSBC in Price Target GBp 2100

Price (22-May-26) GBp 1946

particular far too undervalued at <8x fwd PE. Lowly Potential Upside/Downside +7.9%

valuations also sparking selective Asia investor interest in Source: Bloomberg, Barclays Research

domestic UKs. HSBA.L/HSBA LN OVERWEIGHT

European Banks POSITIVE

We met with senior management of HSBC and Standard Chartered in Hong Kong, alongside Price Target GBp 1600

senior policy officials and investors (summary agenda below). Both banks presented a Price (22-May-26) GBp 1374

compelling case for growth, driven by market-leading Asia businesses. Potential Upside/Downside +16.4%

Source: Bloomberg, Barclays Research

• Asia growth compelling; both banks uniquely positioned: Both banks highlighted a

compelling outlook for Asia, driven by intra-regional trade, shifting consumption patterns,

European Banks

and, most notably, accelerating outbound investment from Mainland China. Growth is Aman Rakkar, CFA

increasingly supported by cross-border flows rather than domestic banking, which plays +44 (0)20 3555 1425

directly to the strengths of both franchises. In this context, both management teams were aman.rakkar@barclays.com

confident in their ability to navigate an increasingly complex geopolitical backdrop, where Barclays, UK

fragmentation is reinforcing demand for international banking services.