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    Gurpreet Singh Sahi

    Research Analyst at Goldman Sachs

    Gurpreet Singh Sahi is an Executive Director and Equity Research Analyst at Goldman Sachs (Asia) L.L.C., specializing in financials with a primary focus on large Asia-Pacific banks such as Standard Chartered, Bank of East Asia, Japan Exchange Group (JPX), and Hong Kong Exchanges and Clearing (HKEX). He is known for thorough company-specific research and recently downgraded Standard Chartered with precise valuation analysis, and has multiple performance-driven calls in his coverage universe. Sahi has been with Goldman Sachs since at least 2008, previously holding similar roles advising on and dealing in securities, and he holds the CFA designation along with Hong Kong SFC licenses in both advising and dealing in securities. His expertise and longstanding coverage of major Asian financial firms have established him as a respected authority in the sector.

    Gurpreet Singh Sahi's questions to HSBC HOLDINGS (HSBC) leadership

    Gurpreet Singh Sahi's questions to HSBC HOLDINGS (HSBC) leadership • Q2 2025

    Question

    Gurpreet Sahi of Goldman Sachs asked if the 7% growth in FX revenue was above normal due to unusual currency volatility and what client behavior drove it. He also inquired about the loan growth outlook for Hong Kong and China, given lower interest rates.

    Answer

    Group CEO Georges Elhedery acknowledged that FX benefited from higher volatility but stressed it's a core capability where HSBC has a leadership position. He noted encouraging signs of commercial loan growth in the UK. Group CFO Pam Kaur added that while macro uncertainty can delay CapEx, the strong deposit base supports future lending and noted strong Southbound Connect flows into Hong Kong.

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    Gurpreet Singh Sahi's questions to HSBC HOLDINGS (HSBC) leadership • Q2 2025

    Question

    Gurpreet Sahi of Goldman Sachs asked if the strong 7% growth in FX revenue was above normal due to unusual currency volatility. He also inquired about the loan growth outlook, particularly whether lower interest rates are stimulating demand in the Hong Kong and China region following a pickup in the UK.

    Answer

    Group CEO Georges Elhedery acknowledged that FX revenue benefited from higher volatility but stressed it's a core capability where HSBC has a leadership position. He described the UK commercial loan growth as an encouraging 'green shoot.' Group CFO Pam Kaur added that while loan growth in Asia ex-HK/China was stable, broader macro uncertainty continues to delay client CapEx decisions, though the strong deposit base remains a key positive.

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    Gurpreet Singh Sahi's questions to HSBC HOLDINGS (HSBC) leadership • Q1 2025

    Question

    Gurpreet Singh Sahi requested a breakdown of factors that kept Q1 banking NII flat despite rate headwinds, such as deposit pass-through and the structural hedge. He also asked about the asset growth assumptions in the ~$42 billion NII guidance and the definition of 'around'.

    Answer

    Manveen Kaur, an executive, explained that headwinds from lower rates and fewer days were offset by tailwinds from reinvesting maturing hedge assets at higher yields, favorable asset mix changes, and delayed benefits from deposit pass-throughs in the U.K. She reiterated that the ~$42 billion NII guidance is the current best estimate, not an underpin, based on current trends in deposit flows and betas.

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    Gurpreet Singh Sahi's questions to HSBC HOLDINGS (HSBC) leadership • Q3 2023

    Question

    Asked about the outlook for loan growth in the coming year and the specific timing for the payment of the $0.21 special dividend related to the Canada sale.

    Answer

    Loan growth is expected from mortgages, unsecured retail, and specific geographies like Southeast Asia, India, and the Middle East, while commercial lending in Hong Kong remains soft. Trade finance is also showing positive signs. The special dividend is reasonably expected in H1 2024, following the Canada sale completion in Q1.

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