Solid yield play in interest downturn cycle
- FY23 results below market expectations; net earnings-to-shareholders c.USD22.4bn
- Negative surprise from USD3bn on impairment on BOCOM
- Core profit largely in line with expectations; HSBC remains a solid dividend yield player in FY24/25F
- Reiterate BUY with TP revised up to HKD 74.6 as valuation base rolling over to FY24F
