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Opinions Mark Grammer
HSBC Holdings P L CHSBCCOMMENTDec 16, 2015
Mark GrammerStock 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.
A global bank and really well positioned in emerging markets. The problem is that emerging markets are not doing well. When they turn, he thinks this company will turn. Thinks the dividend is secure unless they get into some regulatory issues. A problem he worries with on banks outside of the US. Fairly attractive dividend at about 6%. They may have to cut in the short term, but overall he thinks this is a reasonable investment.