← Leaderboard
SM
Saul Martinez
HSBC (head of US financials research)
First call on the ledger
No calls filed yet. Quotes in curly quotation marks are verbatim; everything
else is a labeled paraphrase. Every call links its original source. Before you trust the call, check the record.
Where they stand
Views on the record but not scoreable bets: no single number and deadline to grade. Shown in their exact words, never scored.
After 'exceptional' Q2 bank results: 'in the absence of a market correction, a significant one and or economic weakness, it's not clear that there's anything that's near us that is going to derail this train' @36:34-36:47; he concedes 'there is a risk of complacency' @36:50 and flags funding-cost pressure and ever-higher comps as the watch items @37:23-38:44.
“But again, it is, you look at the backdrop and it doesn't seem like there 's anything that's really going to derail this train at this point.”
'there's too much focus on the financial margin and not enough focus on the revenue growth' @39:15; 'I think the results improve into the second half of the year. And the stock, the valuation is at a bit of a discount to their peers' @39:32-39:42; also 'PNC had good numbers as well. So we're generally constructive' @39:59.
“So it is still our top pick. But we like the group broadly. We like the regional banks here.”
'This was a really good quarter. It was that they didn't raise their full year profitability target' @40:46-40:51 (11% ROTCE guide vs 13% delivered in H1); he reads the guidance hold as front-loading investor-day investments that 'position them well to maintain what has been really good business momentum' @41:36-41:43.
“And I don't think there is an issue with I think what they're doing is they 're taking advantage of the strong results and investing, investing for growth”
Follow Saul Martinez
One short email when Saul puts a new call on the record, and when a verdict lands on one. Plain words, free.