JP Morgan (JPM US): Hold: Raising EPS estimates post Q2 2026, but expectations also keep rising

研报英文原文证据摘录

JP Morgan (JPM US): Hold: Raising EPS estimates post Q2 2026, but expectations also keep rising

Equities ● Universal Banks

15 July 2026

Financials & valuation: JP Morgan Hold

Financial statements Valuation data

Year to 12/2025a 12/2026e 12/2027e 12/2028e Year to 12/2025a 12/2026e 12/2027e 12/2028e

P&L summary (USDm) PE* 16.8 14.5 13.6 12.3

Pre-provision multiple 10.7 8.9 8.6 7.9Net interest income 95,868 105,472 110,251 114,431

P/NAV 3.2 3.0 2.8 2.6Net fees/commissions 89,713 105,507 104,294 110,979

Dividend yield (%) 1.7 1.8 2.0 2.4Total income 185,581 210,978 214,545 225,410

Operating expense -95,640 -107,500 -112,421 -117,922 * Based on HSBC EPS (diluted)

Bad debt charge -14,212 -11,094 -12,217 -12,688

HSBC PBT 75,729 92,385 89,908 94,800

PBT 75,729 92,385 89,908 94,800 ESG metrics

Taxation -18,681 -22,819 -23,214 -24,465 Environmental Indicators 12/2024a Governance Indicators 12/2025a

Minorities and others -1,369 -1,469 -1,440 -1,500 GHG emission intensity* 4.8 No. of board members 11

Attributable profit 55,679 68,097 65,253 68,835 Energy intensity* 13.6 Average board tenure (years) 9.5

HSBC attributable profit 57,296 63,878 65,253 68,835 CO2 reduction policy Yes Female board members (%) 45.5

Balance sheet summary (USDm) Social Indicators 12/2024a Board members independence (%) 90.9

Ordinary equity 362,438 375,226 382,666 389,044 Employee costs as % of revenues 25.7

HSBC ordinary equity 362,438 375,226 382,666 389,044 Diversity policy Yes

Customer loans 1,493,429 1,585,830 1,645,772 1,704,271

Debt securities holdings 777,332 812,587 828,961 845,541 Source: Company data, HSBC

Customer deposits 2,559,320 2,781,814 2,865,896 2,951,872 * GHG intensity and energy intensity are measured in kg and kWh respectively against revenue in USD ‘000s