Group 1 - The core viewpoint of the report is that JPMorgan has set a target price of HKD 265 for Standard Chartered Group (02888) and rated it as "Overweight" [1] - Market attention is expected to focus on the management's guidance for the Return on Tangible Equity (ROTE) and total returns for 2026 [1] - If the guidance for ROTE in FY2026 remains stable or reaches around 15%, it will be considered a positive surprise [1] Group 2 - The bank anticipates that the group's revenue growth in Q4 will remain flat year-on-year [1] - Net interest income is expected to be roughly flat quarter-on-quarter, but will see a high single-digit decline year-on-year [1] - This decline in net interest income is expected to be offset by strong year-on-year growth in non-net interest income [1]
小摩：渣打集团(02888)2026财年ROTE指引若达15%属正面惊喜