Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

* Weak 4Q17 Results Guidance: 4Q17 pre-tax results missed Street forecasts by 8%. Revenues were 1% light of consensus while costs were 3% higher. Moving capital targets, weaker UK credit, a poorly structured US business,  and higher operational costs from Brexit give us cause for pause as well.* Is a US Deal Imminent Now?: HSBC’s US business operating profit metrics may actually be the absolute worst of any American bank. If nothing is materially done with the US operation in the immediate term…

* Weak 4Q17 Results Guidance: 4Q17 pre-tax results missed Street forecasts by 8%. Revenues were 1% light of consensus while costs were 3% higher. Moving capital targets, weaker UK credit, a poorly structured US business,  and higher operational costs from Brexit give us cause for pause as well.* Is a US Deal Imminent Now?: HSBC’s US business operating profit metrics may actually be the absolute worst of any American bank. If nothing is materially done with the US operation in the immediate term…

United Kingdom

Mitie Group plc provides a variety of services to both owners and occupiers of commercial and industrial properties.  The Group divides its business into two areas, building services and support services.  Their building operations encompass air conditioning, industrial painting, and engineering services, while their support services include catering, cleaning, security, and waste services.

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Mitie Group PLC (MTO LN)

HSBC Holdings Plc – Swing & A Miss

* Weak 4Q17 Results Guidance: 4Q17 pre-tax results missed Street forecasts by 8%. Revenues were 1% light of consensus while costs were 3% higher....

Thomas J. Monaco

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