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Companies Reporting: HSBC, Whitbread, Haleon, Apple

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Our regular look at the FTSE 350 and a selection of other companies reporting from 29 April – 3 May.

  • Will HSBC’s exposure to China keep catching headlines?
  • Focus will be on how Whitbread’s German operations are progressing
  • Haleon up against a strong comparative quarter a year ago
  • Apple has work to do as China sales drop by a fifth

HSBC, Q1 Results, Tuesday 30 April

Matt Britzman, equity analyst, Hargreaves Lansdown “Recent HSBC LON:HSBA results have been filled with one-off charges that need to be stripped out to get an idea of underlying performance. HSBC’s focus in Asia sets it apart from many of its UK peers, but its Chinese operations have caught headlines after the group wrote down the value of its stake in Chinese bank, BoCom, by $3bn. Investors will be hoping there are no more surprise write-downs on the cards.

Having a good chunk of its income linked to US and Asian rates has helped HSBC emerge as one of the stronger performers recently. The potential for rates in the US to stay higher for longer could act as a boost to current expectations. There should also be a big cash inflow from the sale of its Canadian business which was completed in the quarter. Aside from the proposed special dividend of $0.21 per share, the capital freed up is set to help grow the core business – any details here would be welcome.”

Whitbread, Full Year Results, Tuesday 30 April

Susannah Streeter, head of money and markets, Hargreaves Lansdown “Whitbread’s Premier Inn enjoys an enviable position in the mid-range hotel sector. With revenues per available room having surged by nearly 40% above pre-pandemic levels, the value tag no longer seems quite so appropriate to attach to the chain. However, amid cost-of-living headwinds, there are only so many price increases that tourists will stomach, so investors will be keen to see that demand is still continuing despite the price hikes.

Shareholders will also want to see progress in keeping a lid on costs, and signs that output service price inflation is easing, should give them some encouragement. There will also be a close watch on how its German operations are progressing. If Whitbread LON:WTB can reproduce Premier Inn’s success in Germany, this is potentially a big growth opportunity.”

Haleon, Q1 Trading Statement, Wednesday 1 May

Steve Clayton, head of equity funds, Hargreaves Lansdown  “It is up against a strong comparative quarter a year ago, so the reported growth rate is likely to be modest, perhaps underlying growth of 3% or so. But as the year progresses those prior-year comparatives will ease allowing Haleon to show a stronger pace of growth.

Last month, Pfizer sold 790m of its shares in Haleon LON:HLN (Pfizer and GSK created Haleon via merging their consumer health divisions, with both retaining stakes after the demerger), taking its interest in the group down below 20%. Will this reduced overhang allow the group’s robust underlying performance to be better reflected in its market performance? The Enterprise Value of Haleon remains far below the £50bn that Unilever LON:ULVR was reported to have offered parents GSK and Pfizer ahead of the demerger before a revolt by Unilever investors led to the offer being pulled.”

Apple, Q2 Results, Thursday 2 May

Sophie Lund-Yates, lead equity analyst, Hargreaves Lansdown “Apple’s iPhone sales have fallen by 19% in China, with the worst quarter since 2020 set to be unveiled in next week’s results. There are some broader economic reasons people may hold off from buying a new device, but there are some Apple specific causes too. This includes the technological gap between Apple NASDAQ:AAPL and alternative brands getting smaller, meaning it’s losing market share to rivals like Huawei. One area to watch next week which will move the dial, is the outlook statement. Because while China has been weak for some time, other regions have been pretty robust. Signs of that continuing would go down well. This isn’t a guarantee though – markets have heard rumblings lately of stalling demand for consumer electronics.

The more profitable Services division will also be focus. This is the real growth engine of the future and helps underpin the group’s wider ambitions.”

This article has been brought to you in association with Hargreaves Lansdown. All opinions expressed in this article are from the analysts and do not necessarily represent the opinions of The Armchair Trader.

FTSE 100, FTSE 250 and selected other companies scheduled to report

29-Apr 
Beazley PLC Q1 Trading Statement
30-Apr 
Advanced Micro Devices Q1 Results
Amazon Q1 Results
Cameco Corp Q1 Results
Coca-Cola Q1 Results
Elementis Trading Statement
Eli Lilly and Co Q1 Results
Glencore Q1 Production Report
Hargreaves Lansdown Q3 Results
Howden Joinery Q1 Trading Statement
HSBC Q1 Results
McDonald’s Q1 Results
PayPal Q1 Results
Prudential Q1 Results
Rotork Q1 Trading Statement
St James’s Place Q1 Funds Under Management
Whitbread Full Year Results
01-May 
Aston Martin Q1 Results
Barrick Q1 Results
Computacenter Q1 Trading Statement
GSK Q1 Results
HALEON Q1 Trading Statement
Mastercard Q1 Results
Next Q1 Trading Statement
Pfizer Q1 Results
Smith & Nephew Q1 Trading Statement
02-May 
Apple Q2 Results
Apax Global Alpha Q1 Results
Endeavour Mining Q1 Results
Hiscox Q1 Trading Statement
Lancashire Holdings Q1 Trading Statement
Novo Nordisk Q1 Results
RHI Magnesita Q1 Trading Statement
Shell Q1 Results
Smurfit Kappa Q1 Trading Statement
Spectris Q1 Trading Statement
Standard Chartered Q1 Results
TI Fluid Systems Q1 Trading Statement
03-May 
InterContinental Hotels Group Q1 Trading Statement
Mondi Q1 Trading Statement
Trainline Full Year Results

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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