DBS Bank's Lu Previews HSBC Earnings

The transcript discusses the earnings outlook for the second quarter, focusing on NIM recovery and potential changes in HSBC's royalty targets. It also covers the ongoing discussion between HSBC and Ping An regarding shareholder approval and the potential spinoff of the Asia business. The outlook for interest rates and NIM is analyzed, with expectations of a downward trend. The valuation of Chinese banks is examined, highlighting the impact of COVID policies and property sector issues. Finally, the potential risks to dividend payouts are discussed, with an emphasis on government intervention to manage worst-case scenarios.

What is the speaker's outlook on the NIM for the second half of the year?

How does the speaker assess the current valuation of major SOE banks in China?

What is the speaker's view on the risk of dividend payouts for Chinese banks?