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Opinions Darren Sissons
HSBC Holdings P L CHSBCBUYMar 27, 2015
Darren SissonsStock price when the opinion was issued
As of Jun 18, 2026. Market Open.
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Darren SissonsDarren Sissons
Darren SissonsHSBC 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 $45.90)
ING vs. HSBC Neither. He won't touch any European bank given negative interest rates. Period. HSBC does a lot of international lending and international flows aren't well-received by regulators; and they lend to the Far East. HSBC isn't a leader in many categories. ING, at least, leads in online banking in Europe, but they have loaned heavily to energy.
The government assets of Lloyds Bank are going to be sold down in 2016, and that is going to be the start of the cycle, and is what happened in the US. Rate rises are going to have to start first in the US, and then they will translate into rate rises in the UK. 20% of their earnings come out of Hong Kong in Hong Kong is pegged to the US$. The big catalyst will be increasing interest rates over time. This is a 3-5 year story. If the stock moves downwards, you are going to get a decent dividend here, so he would be a buyer at these levels.