20150623-DEUTSCHE_BANK-汇丰控股(0005):INVESTOR_DAY_2015,CHANGING_WORLD,CHANGING_PLAN-993339

$汇丰控股(hk00005)$
HSBC held an investor day on June 9th 2015 which gave considerable detail on its strategy out to 2017.Key targets(RoE >10%,2017 run rate exit costs flat on 2014,progressive dividend)were pre-announced,but the investor presentations laid out the management actions on business exits,redeployment,cost control and growth opportunities.This note takes a detailed look at HSBC’s investor day disclosures,which we estimate imply $27.3bn of adjusted PBT for 2017(7% higher than consensus,2% below DBe).Our estimates are left unchanged at this stage,though our TP changes marginally from HK$68 to HK$69 on TVM / FX movements.
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