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HSBC Holdings P L CHSBCHOLDJan 09, 2015Stock price when the opinion was issued
As of Jun 18, 2026. Market Open.
HSBC vs. ING. HSBC is a global bank, strong in Asia and the UK. ING is already restructured, more of a retail bank. Neither is expensive. But you can buy US banks at cheap multiples today. US banks are in better shape, more capital, fewer issues to worry about like negative interest rates. (Analysts’ price target is $45.90)
ING vs. HSBC Neither. He won't touch any European bank given negative interest rates. Period. HSBC does a lot of international lending and international flows aren't well-received by regulators; and they lend to the Far East. HSBC isn't a leader in many categories. ING, at least, leads in online banking in Europe, but they have loaned heavily to energy.
Feels this is a proxy on China. If you looked at this in its home currency of pounds, it hasn’t had the slip off that it has had in the ADR in the last couple of months. The US$ strength has worked to weaken ADRs. He is going to be a bit more patient with this. It has a good yield. He is just waiting for the turnaround in China and he thinks it is still coming but is getting a little impatient with the lack of results.