Week ahead: HSBC, Standard Chartered, Travis Perkins

Monday 3 August

Could this be HSBC's final set of numbers before its potential "escape" from the UK is resolved? For the sake of its shareholders, Investec Securities certainly hopes so.

Despite weak sentiment, expect a very decent financial performance in its Q2 numbers, says Investec analyst Ian Gordon. He forecasts profit before tax (PBT) of $6.5 billion - up 17% year-on-year and another stellar quarter in Hong Kong.

"We expect a very strong operating performance in Hong Kong, and on a reported basis, we expect HK to contribute $3.3 billion in Q2 2015e, >50% of Group," says Gordon, who has a 'buy' rating on the bank's shares and 645p target price.

"It remains our view that HSBC is unlikely to achieve RoE>10% before 2018e - a timeframe no different to our expectations for Barclays (Sell), RBS (Buy) and Standard Chartered (Hold). However, we think its profitability, and dividend-paying capability, will remain superior to this peer group during the transition."

Trading statements

Fidessa Group, Keller Group, Ultra Electronics Holdings, Coats Group, HSBC Holdings, Intertek Group.

AGM/EGM

Camco Clean Energy.

Tuesday 4 August

Westhouse Securities doesn't have any first-half estimates for Travis Perkins, but expects management will not be signalling any major changes to year-end guidance. Its undiluted adjusted EPS forecast stands 1.3% below consensus.

"We are mindful that our price target [1,558p] is well short of the current price [2,194] and will reassess this and/or our Neutral recommendation in light of the results," says Westhouse's Alastair Stewart.

"We expect steady growth in General Merchanting, but perhaps a cautionary tone on the outlook for secondhand housing transaction volumes for the year, given a possible hiatus caused by the Election. This may also impact Consumer, but a recurrent issue is whether smaller, private kitchen suppliers are becoming more aggressive on price, as occurs from time to time. Trading may have remained weak in Plumbing & Heating, given the mild winter."

Trading statements

Pendragon, Rotork, SDL, Meggitt, Fresnillo, Just Eat, LSL Property Services, Clarke (T), Direct Line Insurance Group, Travis Perkins, Standard Life.

AGM/EGM

Pires Investments, Immunodiagnostic Systems Holdings.

Wednesday 5 August

Standard Chartered will release its half-year results mid-way through the week - its first set of numbers since new chief Bill Winters joined in June. Deutsche Bank raises its target price, largely due to FX movements, but remain sellers of the shares.

Deutsche's David Lock expects revenues to fall to $4.23 billion in 2Q15 (constant currency) from $4.39 billion in 1Q15, with financial markets revenue weaker.

"Our forecasts are unchanged. This leaves Standard Chartered trading at 14.3x2016 EPS and 0.9x 2015 TNAV. Our valuation is derived using a sum-of-the-parts calculation which values the operating divisions by applying fair P/E multiples to our 2016 earnings forecasts."

Trading statements

Bank Pekao, Unite Group, Legal & General Group, Standard Chartered, Novae Group, SOCO International, StatPro Group, Spirax-Sarco Engineering, IP Group, London Stock Exchange Group, BBA Aviation.

AGM/EGM

Canaccord Genuity Group, Red24.

Thursday 6 August

Trading statements

Cobham, Spirent Communications, Genel Energy, Rio Tinto, RSA Insurance Group, Old Mutual, Kennedy Wilson Europe Real Estate, Aviva, Mondi, GW Pharmaceuticals, Randgold Resources, Hill & Smith Holdings, Aggreko, SABMiller, easyJet, Enterprise Inns.

AGM/EGM

Sirius Petroleum, Investec, Mytrah Energy.

Friday 7 August

Trading statements

William Hill, Bellway.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.