Bank of East Asia (0023) cut its full-year Hang Seng Index target by nearly 7% to 27,100 from 29,000 forecast in April, according to Ming Pao.
The target implies a forecast price-to-earnings ratio of 12 times, down from 12.6 times previously. Chief investment strategist Pang Wai-wai said the revision reflects a roughly 10% cut this year in the forecast P/E of companies in the Hang Seng Index.
Pang said the Hang Seng Index is currently trading at 10.2 times P/E, below the five-year average of 10.5 times, indicating valuations remain attractive. He added that earnings prospects for mainland China A-shares are better than for Hong Kong H-shares, citing stronger profit growth among companies in the STAR 50 Index, which has more semiconductor and network equipment names, while Hong Kong stocks have more consumer-oriented internet shares.
STOCKS | Bank of East Asia Cuts Full-Year Hang Seng Index Target to 27,100
2026-06-24 10:01:47
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