Core Viewpoint - Goldman Sachs has upgraded Standard Chartered Group (02888) rating from "Neutral" to "Buy" and raised the target price by 21% from HKD 168 to HKD 203, indicating further revaluation potential despite an 83% increase in the stock price this year [1] Group 1: Rating and Target Price - The rating for Standard Chartered Group has been upgraded to "Buy" from "Neutral" [1] - The target price has been increased by 21% from HKD 168 to HKD 203 [1] Group 2: Financial Performance Expectations - Goldman Sachs expects the return on tangible equity (ROTE) to reach 14.6% by the end of this year, exceeding the management's guidance of 13% [1] - ROTE is projected to further increase to 15% in 2027 and 15.7% in 2028 [1] Group 3: Shareholder Returns - The expected total return to shareholders (dividends + buybacks) is projected to reach 8.4% by 2026 [1] - The long-term total payout ratio is anticipated to remain at 80% due to strong capital generation capabilities [1] Group 4: Capital Management Strategy - Share buyback forecasts for 2028-2029 have been raised from USD 2.5 billion to USD 2.8 billion annually [1] - Dividend payout ratios for 2026-2028 have been revised from a fixed 21% to 25%/30%/35% respectively [1] - The average total payout ratio for 2026-2028 is now expected to be 75% [1]
高盛：上调渣打集团目标价至203港元 升评级至 “买入”