Goldman Sachs removed BOC Hong Kong from Conviction Buy list, downgraded Standard Chartered, Hang Seng Bank

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Hong Kong banks outstripped the Hang Seng Index during the current rate-hike cycle, painting a stark contrast to the two previous rate upcycles, said Goldman Sachs in a research note.

While the banking sector recorded strong earnings growth in 2022, valuations had remained compressed up to the fourth quarter of 2022, and as such, the share prices, currently trading below mid-cycle valuations, appeared to be well-positioned for further appreciation, the bank said.

Given the changes in . . .

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