Group 1 - Standard Chartered Group announced a share buyback plan costing approximately £15.24 million to repurchase about 931,800 shares on March 18, 2026 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 渣打集團有限公司 呈交日期： 2026年3月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02888 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 ...

Core Viewpoint - Morgan Stanley's report indicates that Standard Chartered Group (02888) has had a promising start to 2026, with the first quarter's business trends continuing last year's strong performance. The wealth management business has shown robust performance year-to-date, with net new fund inflows remaining strong. Non-recurring income rebounded from a weak fourth quarter of the previous year, although it is compared to a strong first quarter of 2025, resulting in a high comparative base. The target price for Standard Chartered (STAN.L) is set at 1,865 pence, with a rating of "Overweight" [1][6]. Financial Performance - The management reiterated guidance that net interest income and costs for the fiscal year 2026 will remain roughly flat year-on-year. Looking beyond 2026, even in a volatile environment, management is comfortable with credit costs being maintained at 30 to 35 basis points over the entire cycle [1][6]. Business Strategy - Standard Chartered's strategy remains focused on distribution-led businesses and large international corporations in corporate, financial institutions, and commercial banking sectors. The focus in corporate and investment banking continues to shift towards affluent and wealth management while reducing exposure to unsecured consumer loans, which supports confidence in long-term credit quality [1][6]. Geopolitical Impact - Management believes that recent geopolitical events have not had a direct impact on employees or operations. From a credit perspective, the focus remains on core corporate and investment banking markets in the UAE, Qatar, and Saudi Arabia, where 80% of the risk exposure is investment-grade, targeting large multinational companies, financial institutions, and government-related entities. These portfolios are viewed as low risk [2][7]. Credit Exposure - In wealth management and retail banking, the credit exposure is primarily in UAE mortgage loans, which have a low loan-to-value ratio. The bank exited the SME business in the Middle East several years ago. Management maintains a cautious stance regarding the first phase of impact but feels reassured. The potential second phase impact depends on the duration of geopolitical uncertainties, but current guidance remains unchanged [2][7].

Core Viewpoint - Morgan Stanley's report indicates that Standard Chartered Group's performance in early 2026 is promising, with strong business trends continuing from the previous year [1] Group 1: Wealth Management - Wealth management business has shown strong performance year-to-date, with robust net inflows of funds [1] Group 2: Credit Costs and Strategy - Management is confident in maintaining credit costs at 30 to 35 basis points throughout the cycle, even in a volatile environment [1] - The bank's strategy remains focused on distribution-led business and large international corporations in corporate, financial institutions, and commercial banking sectors [1] - In corporate and investment banking, the focus continues to shift towards affluent and wealth management while reducing exposure to unsecured consumer loans, supporting long-term credit quality confidence [1] Group 3: Stock Rating - The bank has set a target price of 1865 pence for Standard Chartered's London-listed shares, with a rating of "Overweight" [1]

Group 1 - Morgan Stanley reports that Standard Chartered Group (02888) has had a strong start to 2026, with first-quarter business trends continuing last year's momentum [1] - Wealth management business has shown robust performance year-to-date, with net new fund inflows remaining strong [1] - Non-recurring income rebounded due to market volatility, although it is compared to a strong first quarter of 2025, resulting in a high year-on-year comparison base [1] Group 2 - Management has reiterated guidance for net interest income and costs to remain roughly flat year-on-year for the fiscal year 2026 [1] - Management is confident about maintaining credit costs at 30 to 35 basis points over the entire cycle, even in a volatile environment [1] - The strategy remains focused on distribution-led business and large international corporations in corporate, financial institutions, and commercial banking sectors [1] Group 3 - Recent geopolitical events have not had a direct impact on employees or operations, according to management [2] - The focus remains on core corporate and investment banking markets in the UAE, Qatar, and Saudi Arabia, with 80% of the risk exposure being investment-grade [2] - In wealth management and retail banking, credit exposure is primarily in UAE mortgage loans, which have low loan-to-value ratios [2]

Group 1 - Hong Kong bank stocks are under pressure, with HSBC Holdings down 3.13% to HKD 123.9 and Standard Chartered down 2.28% to HKD 162.8 [1] - The decline is influenced by a crisis of confidence in the private credit market and the situation in the Middle East [1] - JPMorgan's research indicates that potential credit losses from Middle Eastern loan exposure could lead to increased impairment charges, with HSBC's earnings per share and tangible return on equity expected to decline by 10% and 180 basis points, respectively, by 2026 [1] - Standard Chartered's earnings per share and tangible return on equity may decline by 14% and 184 basis points, respectively, by 2026, indicating higher sensitivity to the Middle Eastern conflict [1] - HSBC has a larger exposure to private credit risks, while Standard Chartered is more sensitive to the Middle Eastern conflict [1]

Group 1 - Morgan Stanley raised HSBC Holdings' (00005) earnings per share forecast for 2026 to 2028 by 10%, 13%, and 15% due to increased net interest income predictions [1] - The target price for HSBC was increased from HKD 165 to HKD 180, reflecting a forecasted price-to-book ratio of 2 times [1] - Standard Chartered (02888) maintained a target price of HKD 270, corresponding to a forecasted price-to-book ratio of 1.5 times, with both banks receiving an "overweight" rating [1] Group 2 - The estimated share buyback scale for HSBC from 2026 to 2028 is projected to be USD 6 billion, USD 11 billion, and USD 11 billion [1] - Both HSBC and Standard Chartered's stock prices have recently adjusted due to investor concerns regarding the impact of Middle Eastern conflicts and private credit risk exposure [1] - The bank assumes that credit losses from Middle Eastern loan exposure will lead to increased impairment expenses and additional credit costs due to global macro risks [2] Group 3 - The bank's predictions are based on assumptions of an incremental credit cost of 5 basis points, a loss rate of 10% on Middle Eastern risk exposure (which accounts for 30%), and a 20% downside risk to pre-tax profits from the Middle East [2] - The bank believes that the stock prices of HSBC and Standard Chartered have largely reflected potential downside scenarios, indicating it is an appropriate time to build positions in these stocks [2] - The long-term investment outlook remains unchanged, with total returns expected to be around 7% even under stress scenarios [2]

Summary of Standard Chartered Conference Call Company Overview - **Company**: Standard Chartered (SEHK: 02888) - **Date**: March 18, 2026 - **Speaker**: Peter Burrill, Interim CFO Key Points Financial Performance and Targets - **2025 Results**: Exceeded targets with underlying Return on Tangible Equity (ROTE) of 14.7%, surpassing the 13% target [7] - **2026 Targets**: Aiming for over 12% ROTE, mid-single digit income growth, and broadly flat costs [7] - **Q1 Performance**: Strong start in wealth management with continued growth in net new money [8] Revenue Opportunities - **Wealth Management Growth**: Achieved net new money growth of $52 billion, representing 14% of Assets Under Management (AUM) [21] - **Investment in Wealth Management**: Committed $1.5 billion to enhance wealth management capabilities, including technology and real estate [21] - **Competitive Position**: Standard Chartered is the third largest wealth manager in Asia, growing faster than competitors [20] Risk Management and Credit Quality - **Credit Quality**: Over 80% of corporate investment banking (CIB) operations in the Middle East are investment grade, with no immediate concerns [11] - **Mortgage Portfolio**: UAE mortgage portfolio has a Loan-to-Value ratio below 50%, conservatively underwritten [47] Cost Management - **Cost Discipline**: Achieved 4% positive jaws in 2025, with ongoing focus on productivity and cost management [34] - **Fit for Growth Program**: Continues to drive efficiency and productivity improvements [38] Capital Management - **Capital Return Strategy**: Increased dividend by 65% and announced a $1.5 billion share buyback [41] - **Capital Allocation**: Prioritizing capital for business growth while maintaining sustainable dividends [43] Market and Economic Outlook - **Trade and Geopolitical Risks**: Belief that global trade will continue despite geopolitical challenges; strong network positions the company well [29] - **Market Volatility**: Acknowledgment of potential impacts from oil prices, inflation, and interest rates on business performance [12] Technology and Innovation - **AI Adoption**: Early stages of AI integration, primarily enhancing productivity in wealth management [72] - **Digital Assets**: Active in digital asset space, including plans for a stablecoin license in Hong Kong [61] Future Considerations - **Tokenization and Digital Currencies**: Exploring opportunities in tokenized deposits and stablecoins, with a focus on regulatory compliance [62][68] - **Long-term Strategy**: Emphasis on maintaining a diverse portfolio and cautious approach to new market opportunities [17] Additional Insights - **Wealth Management Strategy**: Focus on affluent and cross-border clients, leveraging brand presence in key markets like Hong Kong and Singapore [24] - **Corporate Banking**: Strong belief in the resilience of trade flows and the ability to adapt to changing market conditions [30] - **Digital Banking Integration**: Merging digital banks into the main business units to enhance service offerings and operational efficiency [75] This summary encapsulates the key insights and strategic directions discussed during the Standard Chartered conference call, highlighting the company's performance, growth opportunities, risk management, and future outlook.

Group 1 - Standard Chartered Group announced a share buyback of 969,000 shares at a cost of £15.423 million on March 17 [1]

Group 1 - The core announcement is that Standard Chartered Group plans to repurchase 969,400 shares at a cost of £15.4233 million on March 17, 2026 [1] Group 2 - The share repurchase indicates the company's strategy to return value to shareholders and may reflect confidence in its financial position [1] - The repurchase price and the number of shares suggest a significant investment in enhancing shareholder value [1]