Citigroup: Downgraded HSBC Holdings (00005) to "Neutral," with the target price reduced to HKD 165.5; repurchase scale is limited.

According to the Zhichun Finance APP, Citibank released a research report stating that HSBC Holdings (00005) has seen its stock price rise by 40% since the beginning of the year, making it one of the best-performing stocks in the industry. The current price corresponds to a forward P/E ratio of about 11 times and a tangible book value to price ratio of 2.2 times, which translates to a tangible return on equity of about 18-19%. Therefore, the bank expects HSBC's stock price to temporarily consolidate, downgrading its rating from "Buy" to "Neutral," and adjusting the target price from HKD 171.8 to HKD 165.5, while lowering the earnings per share forecast by about 0-3%.