HSBC keeps a buy rating and a HKD58 price target on BOC Hong Kong (02388.HK).
Management announced at 1H2026 results a shareholder return plan of at least
HKD10.5 bln covering fiscal 2026–28; HSBC says details for 2027–28 will need
later review. The bank warns buybacks may not be executed at elevated
valuations, noting BOC Hong Kong’s status as a subsidiary of a Mainland SOE
bank. HSBC cites stable NII growth, a steady growth outlook, an RMB business
advantage and strong wealth and insurance franchises as supporting factors.
