#wealth-management
HSBC Holdings: Asia-wealth re-rating made, buyback paused, double-hit risk
HSBC trades at 2.0x tangible book on 17%+ RoTE Asia-wealth franchise, but buyback paused and rate cuts plus China/Hong Kong credit deterioration risk unwinding re-rating.
Morgan Stanley stock: 4x book at cycle peak, bull/base/bear to 2030
MS stock forecast 2026-30: Hold, Overvalued. Bull/base/bear across 6 months to 5 years on a wealth manager at 4.05x tangible book (2x median) with cyclical diversification collapse risk.