The quarterly results were in line with expectations, continuing to enjoy efficiency gains and accelerated deleveraging. The group will buy back shares in H2 for a total consideration of $2bn, thus offsetting the dilution of the scrip dividend. Although neutral from a valuation stand point, we view such an announcement as an optimistic signal vis-à-vis future capital generation and the impact of still pending legacy issues.
31 Jul 2017
Optimistic signal
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Optimistic signal
HSBC Holdings Plc (HSBA:LON) | 645 54.8 1.3% | Mkt Cap: 121,749m
- Published:
31 Jul 2017 -
Author:
David Grinsztajn -
Pages:
2
The quarterly results were in line with expectations, continuing to enjoy efficiency gains and accelerated deleveraging. The group will buy back shares in H2 for a total consideration of $2bn, thus offsetting the dilution of the scrip dividend. Although neutral from a valuation stand point, we view such an announcement as an optimistic signal vis-à-vis future capital generation and the impact of still pending legacy issues.