The Global Point

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The Global Point

Wednesday, 05 August 2026

Asia | CEEMEA | Latin America | Western Europe | Key Rating and Target Price Changes

Asia

Mitsubishi Heavy Industries (7011.T) - Q1 positive: FY3/27 guidance unchanged

as expected but risks skewed to upside

Q1 orders of ¥2.02trn (+26% YoY) were ahead of our forecast of ¥1.65trn. In the

mainstay energy division orders were an impressive ¥1.36trn (+56%), including

GTCC-related orders of ¥930.0bn (+54%; our forecasts were ¥900.0bn and

¥620.0bn respectively). MHI won orders for ten large-sized gas turbine units

(4GW) including six in Asia, compared to eight such units a year ago. In aerospace

& defense orders were off to a slow start, coming in at ¥120.9bn (-66%), with

defense orders of only ¥51.6bn (-82%). Q1 business profits of ¥159.6bn (margin of

13.4%) beat our above-consensus forecast of ¥117.0bn. Business profits were

¥101.3bn in energy (18.9% margin) and ¥32.4bn in aerospace & defense (11.3%

margin). FCF was +¥392.5bn, versus +¥64.4bn last year. The shares rose sharply

after the 13:30 announcement. MHI will host an investor meeting from 15:30.

Graeme McDonald

HSBC Holdings Plc (0005.HK) - Time To Take A Pause

HSBC shares are +40% YTD, one of the best performing stocks in the sector, and

now trade on ~11x fwd P/E and 2.2x P/TB for a ~18-19% RoTE. For a further rerating from here we believe one needs to believe in a period of more rapid top-line

growth and while there are some encouraging signs, we believe this will take time

to materialise. Meanwhile HSBC has guided to incremental cost spend near-term,

which may limit the magnitude of positive jaws in 2027, and the renewed focus on

volume growth may cap near-term buybacks. We therefore expect the shares to

now pause for breath and so downgrade from Buy to Neutral, with new target price

HK$165.5 (from HK$171.8) after trimming EPS forecasts by ~0-3%.

Andrew Coombs, CFA | Michael Zhang | Rajkumar Choudhary

Bull/Bear: HSBC Holdings Plc (0005.HK)