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G Sachs: HSBC HOLDINGS Quarterly Results Beat Estimates; Kept on CL Buy List

 Goldman Sachs said in its report that the 1Q results of HSBC HOLDINGS (00005.HK)  -1.350 (-2.621%)    Short selling $147.39M; Ratio 24.358%   topped estimates with adjusted pre-tax profit of US$5.4 billion, 11% and 1% higher than market consensus and Goldman Sachs' expectation. Goldman Sachs rated the bank at Buy with target price of $67 and kept including it in the Conviction Buy List. 

The bank's results were favored by improved turnover and lower operating expenses, accompanied by outperforming global banking and market business over its peers. However, the impact from market fluctuation on insurance investment portfolio dragged the revenue from retail banking business. 
HSBC HOLDINGS said it was confident that the disposal of Brazilian business will be completed in mid-2016.

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