Core Viewpoint - Goldman Sachs has raised its earnings per share forecasts for Standard Chartered Group (02888) for 2025 to 2027 by 3%, 5%, and 4% respectively, primarily reflecting the impact of lowered tax rate assumptions, while maintaining its pre-tax profit forecasts largely unchanged [1] Group 1: Earnings Forecasts - The target price for Standard Chartered's Hong Kong stock has been increased by 24% from HKD 135 to HKD 168, with a neutral rating maintained [1] - Standard Chartered's basic pre-tax earnings for Q3 2025 exceeded market consensus by 14%, with basic earnings surpassing expectations by 23% [1] Group 2: Revenue and Cost Analysis - The bank's net interest income was 2% above expectations, non-net interest income was 4% higher than anticipated, operating expenses were 1% better than expected, and credit costs were 23% lower than forecasted [1] - The tax rate was 4 percentage points lower than expected, contributing to improved earnings [1] Group 3: Return on Equity and Capital Ratios - The quarterly basic return on equity for shareholders was 13.4%, compared to the market consensus of 10.1% [1] - The common equity tier 1 capital ratio stood at 14.2% [1] Group 4: Revenue and Return Guidance - Standard Chartered has raised its guidance for total revenue and return on equity for 2025, now expecting revenue growth to approach the upper limit of the 5% to 7% range, previously indicated as "close to the lower limit" [1] - The bank anticipates a return on equity of approximately 13% for 2025, with expectations for continued improvement thereafter, up from the previous guidance of approaching 13% in 2026 [1]
高盛：升渣打集团(02888)目标价至168港元 上季业绩胜预期