Zhongjin: Raised Standard Chartered's target price to 105.4 Hong Kong dollars and adjusted performance guidance

Golden Ten Data reported on October 31 that CICC issued a report pointing out that Standard Chartered Group (02888. HK) reported a slightly higher-than-expected increase in third-quarter results, mainly due to a strong rise in non-interest income and lower credit costs. The bank pointed out that the company raised a number of guidelines this quarter, including raising the revenue growth guidance for this year from more than 7% to nearly 10%, and guiding the revenue compound growth rate from 2023 to 2026 to maintain at 5% to 7%. Standard Chartered also proposed new strategic adjustments to its Wealth & Retail Banking and Corporate & Investment Banking businesses. CICC maintained its earnings forecast for Standard Chartered this year, taking into account the rapid rise of non-interest income expected to continue next year, while adjusting restructuring expenses for 2025 according to the company’s latest guidance, raising its earnings forecast for next year by 5.3% to US$3.826 billion, maintaining Standard Chartered’s “outperform” rating and raising its target price by 6.8% to HK$105.4.