diff --git a/target/ppc/cpu.h b/target/ppc/cpu.h
index fd13489dce..39f35b570c 100644
--- a/target/ppc/cpu.h
+++ b/target/ppc/cpu.h
@@ -585,6 +585,30 @@ enum {
     POWERPC_FLAG_HID0_LE  = 0x00400000,
 };
 
+/*
+ * Bits for env->hflags.
+ *
+ * Most of these bits overlap with corresponding bits in MSR,
+ * but some come from other sources.  Be cautious when modifying.
+ */
+enum {
+    HFLAGS_LE = 0,   /* MSR_LE -- comes from elsewhere on 601 */
+    HFLAGS_HV = 1,   /* computed from MSR_HV and other state */
+    HFLAGS_64 = 2,   /* computed from MSR_CE and MSR_SF */
+    HFLAGS_PR = 3,   /* MSR_PR */
+    HFLAGS_DR = 4,   /* MSR_DR */
+    HFLAGS_IR = 5,   /* MSR_IR */
+    HFLAGS_SPE = 6,  /* from MSR_SPE if cpu has SPE; avoid overlap w/ MSR_VR */
+    HFLAGS_VSX = 7,  /* from MSR_VSX if cpu has VSX; avoid overlap w/ MSR_AP */
+    HFLAGS_TM = 8,   /* computed from MSR_TM */
+    HFLAGS_BE = 9,   /* MSR_BE -- from elsewhere on embedded ppc */
+    HFLAGS_SE = 10,  /* MSR_SE -- from elsewhere on embedded ppc */
+    HFLAGS_FP = 13,  /* MSR_FP */
+    HFLAGS_SA = 22,  /* MSR_SA */
+    HFLAGS_AP = 23,  /* MSR_AP */
+    HFLAGS_VR = 25,  /* MSR_VR if cpu has VRE */
+};
+
 /*****************************************************************************/
 /* Floating point status and control register                                */
 #define FPSCR_DRN2   34 /* Decimal Floating-Point rounding control           */
diff --git a/target/ppc/helper_regs.c b/target/ppc/helper_regs.c
index a87e354ca2..0a746bffd7 100644
--- a/target/ppc/helper_regs.c
+++ b/target/ppc/helper_regs.c
@@ -18,6 +18,7 @@
  */
 
 #include "qemu/osdep.h"
+#include "cpu.h"
 #include "qemu/main-loop.h"
 #include "exec/exec-all.h"
 #include "sysemu/kvm.h"
@@ -87,24 +88,56 @@ void hreg_compute_mem_idx(CPUPPCState *env)
 
 void hreg_compute_hflags(CPUPPCState *env)
 {
-    target_ulong hflags_mask;
+    target_ulong msr = env->msr;
+    uint32_t ppc_flags = env->flags;
+    uint32_t hflags = 0;
+    uint32_t msr_mask;
 
-    /* We 'forget' FE0 & FE1: we'll never generate imprecise exceptions */
-    hflags_mask = (1 << MSR_VR) | (1 << MSR_AP) | (1 << MSR_SA) |
-        (1 << MSR_PR) | (1 << MSR_FP) | (1 << MSR_SE) | (1 << MSR_BE) |
-        (1 << MSR_LE) | (1 << MSR_VSX) | (1 << MSR_IR) | (1 << MSR_DR);
-    hflags_mask |= (1ULL << MSR_CM) | (1ULL << MSR_SF) | MSR_HVB;
-    hreg_compute_mem_idx(env);
-    env->hflags = env->msr & hflags_mask;
+    /* Some bits come straight across from MSR. */
+    msr_mask = ((1 << MSR_LE) | (1 << MSR_PR) |
+                (1 << MSR_DR) | (1 << MSR_IR) |
+                (1 << MSR_FP) | (1 << MSR_SA) | (1 << MSR_AP));
 
-    if (env->flags & POWERPC_FLAG_HID0_LE) {
+    if (ppc_flags & POWERPC_FLAG_HID0_LE) {
         /*
          * Note that MSR_LE is not set in env->msr_mask for this cpu,
-         * and so will never be set in msr or hflags at this point.
+         * and so will never be set in msr.
          */
         uint32_t le = extract32(env->spr[SPR_HID0], 3, 1);
-        env->hflags |= le << MSR_LE;
+        hflags |= le << MSR_LE;
     }
+
+    if (ppc_flags & POWERPC_FLAG_BE) {
+        msr_mask |= 1 << MSR_BE;
+    }
+    if (ppc_flags & POWERPC_FLAG_SE) {
+        msr_mask |= 1 << MSR_SE;
+    }
+
+    if (msr_is_64bit(env, msr)) {
+        hflags |= 1 << HFLAGS_64;
+    }
+    if ((ppc_flags & POWERPC_FLAG_SPE) && (msr & (1 << MSR_SPE))) {
+        hflags |= 1 << HFLAGS_SPE;
+    }
+    if (ppc_flags & POWERPC_FLAG_VRE) {
+        msr_mask |= 1 << MSR_VR;
+    }
+    if ((ppc_flags & POWERPC_FLAG_VSX) && (msr & (1 << MSR_VSX))) {
+        hflags |= 1 << HFLAGS_VSX;
+    }
+    if ((ppc_flags & POWERPC_FLAG_TM) && (msr & (1ull << MSR_TM))) {
+        hflags |= 1 << HFLAGS_TM;
+    }
+
+#ifndef CONFIG_USER_ONLY
+    if (!env->has_hv_mode || (msr & (1ull << MSR_HV))) {
+        hflags |= 1 << HFLAGS_HV;
+    }
+#endif
+
+    env->hflags = hflags | (msr & msr_mask);
+    hreg_compute_mem_idx(env);
 }
 
 void cpu_interrupt_exittb(CPUState *cs)
diff --git a/target/ppc/translate.c b/target/ppc/translate.c
index 0984ce637b..a9325a12e5 100644
--- a/target/ppc/translate.c
+++ b/target/ppc/translate.c
@@ -7879,67 +7879,48 @@ static void ppc_tr_init_disas_context(DisasContextBase *dcbase, CPUState *cs)
 {
     DisasContext *ctx = container_of(dcbase, DisasContext, base);
     CPUPPCState *env = cs->env_ptr;
+    uint32_t hflags = ctx->base.tb->flags;
     int bound;
 
     ctx->exception = POWERPC_EXCP_NONE;
     ctx->spr_cb = env->spr_cb;
-    ctx->pr = msr_pr;
+    ctx->pr = (hflags >> HFLAGS_PR) & 1;
     ctx->mem_idx = env->dmmu_idx;
-    ctx->dr = msr_dr;
-#if !defined(CONFIG_USER_ONLY)
-    ctx->hv = msr_hv || !env->has_hv_mode;
-#endif
+    ctx->dr = (hflags >> HFLAGS_DR) & 1;
+    ctx->hv = (hflags >> HFLAGS_HV) & 1;
     ctx->insns_flags = env->insns_flags;
     ctx->insns_flags2 = env->insns_flags2;
     ctx->access_type = -1;
     ctx->need_access_type = !mmu_is_64bit(env->mmu_model);
-    ctx->le_mode = !!(env->hflags & (1 << MSR_LE));
+    ctx->le_mode = (hflags >> HFLAGS_LE) & 1;
     ctx->default_tcg_memop_mask = ctx->le_mode ? MO_LE : MO_BE;
     ctx->flags = env->flags;
 #if defined(TARGET_PPC64)
-    ctx->sf_mode = msr_is_64bit(env, env->msr);
+    ctx->sf_mode = (hflags >> HFLAGS_64) & 1;
     ctx->has_cfar = !!(env->flags & POWERPC_FLAG_CFAR);
 #endif
     ctx->lazy_tlb_flush = env->mmu_model == POWERPC_MMU_32B
         || env->mmu_model == POWERPC_MMU_601
         || env->mmu_model & POWERPC_MMU_64;
 
-    ctx->fpu_enabled = !!msr_fp;
-    if ((env->flags & POWERPC_FLAG_SPE) && msr_spe) {
-        ctx->spe_enabled = !!msr_spe;
-    } else {
-        ctx->spe_enabled = false;
-    }
-    if ((env->flags & POWERPC_FLAG_VRE) && msr_vr) {
-        ctx->altivec_enabled = !!msr_vr;
-    } else {
-        ctx->altivec_enabled = false;
-    }
-    if ((env->flags & POWERPC_FLAG_VSX) && msr_vsx) {
-        ctx->vsx_enabled = !!msr_vsx;
-    } else {
-        ctx->vsx_enabled = false;
-    }
+    ctx->fpu_enabled = (hflags >> HFLAGS_FP) & 1;
+    ctx->spe_enabled = (hflags >> HFLAGS_SPE) & 1;
+    ctx->altivec_enabled = (hflags >> HFLAGS_VR) & 1;
+    ctx->vsx_enabled = (hflags >> HFLAGS_VSX) & 1;
     if ((env->flags & POWERPC_FLAG_SCV)
         && (env->spr[SPR_FSCR] & (1ull << FSCR_SCV))) {
         ctx->scv_enabled = true;
     } else {
         ctx->scv_enabled = false;
     }
-#if defined(TARGET_PPC64)
-    if ((env->flags & POWERPC_FLAG_TM) && msr_tm) {
-        ctx->tm_enabled = !!msr_tm;
-    } else {
-        ctx->tm_enabled = false;
-    }
-#endif
+    ctx->tm_enabled = (hflags >> HFLAGS_TM) & 1;
     ctx->gtse = !!(env->spr[SPR_LPCR] & LPCR_GTSE);
-    if ((env->flags & POWERPC_FLAG_SE) && msr_se) {
-        ctx->singlestep_enabled = CPU_SINGLE_STEP;
-    } else {
-        ctx->singlestep_enabled = 0;
+
+    ctx->singlestep_enabled = 0;
+    if ((hflags >> HFLAGS_SE) & 1) {
+        ctx->singlestep_enabled |= CPU_SINGLE_STEP;
     }
-    if ((env->flags & POWERPC_FLAG_BE) && msr_be) {
+    if ((hflags >> HFLAGS_BE) & 1) {
         ctx->singlestep_enabled |= CPU_BRANCH_STEP;
     }
     if ((env->flags & POWERPC_FLAG_DE) && msr_de) {
@@ -7956,10 +7937,6 @@ static void ppc_tr_init_disas_context(DisasContextBase *dcbase, CPUState *cs)
     if (unlikely(ctx->base.singlestep_enabled)) {
         ctx->singlestep_enabled |= GDBSTUB_SINGLE_STEP;
     }
-#if defined(DO_SINGLE_STEP) && 0
-    /* Single step trace mode */
-    msr_se = 1;
-#endif
 
     bound = -(ctx->base.pc_first | TARGET_PAGE_MASK) / 4;
     ctx->base.max_insns = MIN(ctx->base.max_insns, bound);
