Core Viewpoint - Morgan Stanley predicts that Standard Chartered Group (02888) will outperform its peers in the next 30 days, with a probability estimated between 70% to 80% [1] Group 1: Price Target and Rating - Morgan Stanley sets a target price of HKD 176.7 for Standard Chartered and maintains an "Overweight" rating [1] Group 2: Earnings Forecast - The report indicates an 11% upward revision in the earnings forecast for Standard Chartered for this year, with increases of 3.5% and 2% for the following two years [1] Group 3: Return on Tangible Equity - The guidance for the return on tangible equity from Standard Chartered's management has been raised from approximately 13% to about 13% [1] - The bank expects the return on tangible equity to be 13.1% this year, with projections of over 14% from 2027 onwards [1] - The updated guidance for the return on tangible equity is anticipated to be announced in February 2024, with the latest mid-term forecast expected in May 2024 [1]

Core Viewpoint - Morgan Stanley identifies Standard Chartered (02888) as its top pick among bank stocks in Greater China, citing strong Q3 performance and an investor meeting with CFO Diego De Giorgi as key factors for the upgrade in earnings per share (EPS) forecasts for 2023 to 2027 by 3% to 6% [1] Group 1: Financial Performance - Standard Chartered's strong Q3 performance has led to an upward revision of EPS forecasts for the years 2023 to 2027 [1] - The bank's target price has been raised from HKD 168 to HKD 190, reflecting positive financial outlook [1] - The forecast for Standard Chartered's EPS growth in 2028 is projected at 13%, with an adjusted tangible return on equity of 14% [1] Group 2: Dividend and Share Buyback - The total return from dividends and share buybacks for Standard Chartered is projected at 7.5% for the next year, the highest among banks in Greater China [1] - There is potential for upward revision in non-net interest income forecasts, driven by wealth and market business segments [1] - The tangible equity return rate is expected to reach 14% next year [1] Group 3: Market Position and Licensing - Standard Chartered is anticipated to obtain a stablecoin license for issuance in Hong Kong through its branch Anchorpoint, which is expected to positively influence market sentiment [1]

Core Viewpoint - Morgan Stanley identifies Standard Chartered (02888) as its top pick among bank stocks in Greater China, citing strong Q3 performance and an investor meeting with CFO Diego De Giorgi as key factors for the upgrade in earnings per share (EPS) forecasts for 2023 to 2027 by 3% to 6% [1] Group 1: Financial Performance - Standard Chartered's strong Q3 performance has led to an upward revision of EPS forecasts for the years 2023 to 2027 by 3% to 6% [1] - The bank's target price has been raised from HKD 168 to HKD 190, with a projected EPS growth of 13% by 2028 and an adjusted tangible capital return rate of 14% [1] Group 2: Dividend and Buyback Returns - The total return from dividends and buybacks for Standard Chartered is forecasted to be 7.5% next year, the highest among banks in Greater China [1] - There is potential for upward revision in non-net interest income forecasts, driven by wealth and market business, leading to a tangible equity return rate prediction of 14% for next year [1] Group 3: Market Positioning - Standard Chartered is expected to obtain a stablecoin license for issuance in Hong Kong through its branch Anchorpoint, which is anticipated to positively influence market sentiment [1]

报告指，有关预测基于渣打季度业绩强劲，该行亦上调对渣打今年盈利预测11%，明年及后年盈利预测 亦上调3.5%及2%。该行又指，渣打管理层的有形股本回报率指引亦由趋向13%上调至约13%，预计 2026年有形股本回报率指引明年2月公布业绩时更新，最新中期预测则料于明年5月公布。该行料渣打今 年有形股本回报率13.1%，2027年往后为14%以上。 该行目前予渣打目标价176.7港元，评级"增持"。 摩根士丹利发表技术研究报告，预测渣打集团股价未来30日跑赢同业，发生此概率料介乎七至八成或非 常可能。 ...

相关事件 渣打集团(02888.HK)10月31日耗资751.5万英镑回购48.41万股 大摩：升渣打集团目标价至176.7港元 重 申"增持"评级 格隆汇11月3日丨渣打集团(02888.HK)发布公告，2025年10月31日耗资751.5万英镑回购48.41万股。 ...

智通财经APP讯，渣打集团(02888)公布，2025年10月31日耗资约751.47万英镑回购约48.41万股股份。 ...

Core Viewpoint - Standard Chartered Group announced a share buyback plan, intending to repurchase approximately 484,100 shares at a cost of about £7.5147 million by October 31, 2025 [1] Group 1 - The total expenditure for the share buyback is approximately £7.5147 million [1] - The number of shares to be repurchased is around 484,100 [1] - The deadline for the completion of the buyback is set for October 31, 2025 [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： 2025年11月3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 ...

Core Insights - Standard Chartered Group reported better-than-expected Q3 2025 results, with a 5% year-on-year increase in revenue and a 20% increase in net profit attributable to ordinary shareholders, driven by higher net interest income and strong growth in non-interest income [1][2] Group 1: Revenue and Profit Performance - The company's net interest income exceeded expectations, showing a year-on-year decrease of 1% but a quarter-on-quarter increase of 1%. This was primarily due to strong deposit growth, with deposits increasing by 10% year-on-year and 2% quarter-on-quarter [1] - The net interest margin for Q3 2025 was reported at 1.94%, with a quarter-on-quarter decline of 9 basis points, indicating that the decline in loan yields was partially offset by the repricing of time deposits [1] Group 2: Non-Interest Income - Non-interest income grew by 13% year-on-year, maintaining double-digit growth despite a slowdown compared to the first half of the year. Wealth management income was a significant contributor, increasing by 28% year-on-year, with investment product distribution growing by 36% [2] - The active Hong Kong stock market contributed to the wealth management-related fee income, and the company focused on high-net-worth clients, particularly within the Indian and Chinese communities, to drive asset growth [2] Group 3: Future Outlook and Valuation - The company has adjusted its 2025 revenue forecast upwards by 1% to $21 billion and net profit forecast upwards by 5% to $5.3 billion, reflecting the better-than-expected net interest performance [2] - The target price has been raised by 10% to HKD 175, corresponding to a price-to-book ratio of 1.1x for 2025E, indicating a 10% upside potential while maintaining an outperform rating [2]

Core Viewpoint - Standard Chartered Group's Q3 2025 revenue and profit exceeded expectations, with a return on tangible equity (ROT E) maintaining an upward trend year-on-year. The decline in net interest margin has narrowed, and both Global Banking and Wealth Management achieved strong growth of over 20% [1][12]. Revenue Performance - Q3 2025 adjusted operating income reached $5.15 billion, a year-on-year increase of 5%, surpassing market consensus by 3% [2]. - The improvement in net interest income was supported by a narrowing decline in net interest margin, with non-interest income growing robustly, particularly in Wealth Management and Global Banking, which saw increases of 28% and 24% respectively [2][5]. Profitability - Adjusted pre-tax profit for Q3 2025 was $1.985 billion, reflecting a year-on-year growth of 10%, exceeding market expectations by 14% [3]. - The ROT E for the first nine months of 2025 was 16.5%, up 3.6 percentage points year-on-year, with the target of 13% ROT E expected to be achieved ahead of schedule [3][4]. Future Outlook - The company has raised its full-year revenue guidance to around 7%, with expectations for continued growth in ROT E [4][12]. - The long-term revenue CAGR guidance for 2023-2026 is set at 5%-7%, with non-interest income expected to contribute significantly due to strong trends in Global Transaction Banking and Wealth Management [4][12]. Credit Quality - The credit cost ratio remained low at 0.27%, below the long-term guidance of 30-35 basis points, supported by minimal exposure to Hong Kong commercial real estate and private credit [3][11]. - The non-performing loan ratio decreased to 1.93%, with a provision coverage ratio of 80.8% [6][11]. Wealth Management Growth - Wealth Management business saw a robust year-on-year growth of 28% in Q3 2025, driven by an increase in affluent client numbers and strong asset under management (AUM) inflows [7][12]. - The number of new affluent clients increased by 67,000 in Q3 2025, with total AUM reaching $438 billion, reflecting a quarterly growth of 4% [7][12]. Cost Management - Operating expenses grew by 4% year-on-year, while the cost-to-income ratio improved to 55.6%, down 2 percentage points year-on-year [3][4]. - The company is implementing cost control measures, with a target for operating costs to be below $12.3 billion by 2026 [4][12]. Investment Recommendation - Based on the strong performance and positive outlook, the target price has been raised to HKD 182, maintaining a buy rating and positioning Standard Chartered as a top pick in the banking sector [12][13].