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<Research>JPM Expects 1Q Growth Momentum of HSBC HOLDINGS/ STANCHART to Be Intact, Prefers HSBC HOLDINGS
Recommend
47
Positive
77
Negative
45
JPMorgan released a research report forecasting that HSBC HOLDINGS (00005.HK) will record YoY growth of 5% in revenue and 4% in adjusted profit before tax for 1Q26, while STANCHART (02888.HK) will post slower growth of 3% and 0%, respectively.

Given the uncertain interest rate trend, both banks are unlikely to revise their net interest income guidance at this stage, the broker noted.

Related News Citi: STANCHART (02888.HK) Valuation Not Expensive; Buyback Size May Fall Short of Mkt Expectations
Given the uncertain trajectory of developments in the Middle East conflict, the broker preferred HSBC HOLDINGS over STANCHART until greater clarity emerges. Both companies are rated at Overweight.
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