Core Viewpoint - UBS reports that Standard Chartered Group's (02888) operating profit before provisions in Q4 last year was 11% or $182 million below expectations, despite net interest income exceeding expectations by 8% [1] Group 1: Financial Performance - The bank has cautioned investors not to view this outperformance as a norm [1] - The shortfall in pre-provision profit was approximately two-thirds due to one-off items in operating expenses, while one-third stemmed from inventory losses in trading, both of which will not affect future earnings per share forecasts [1] Group 2: Earnings Forecast - UBS has raised its earnings per share forecast for Standard Chartered by 5% to 6%, primarily driven by higher income [1] - Net interest income benefited from an increase in net interest margin and deposit growth, while non-interest income was supported by wealth management business [1] Group 3: Asset Management Growth - Data shows that Standard Chartered's asset management scale and wealth-related deposits grew by 25% and 18% respectively last year, with strong growth expected to continue [1] - UBS predicts that Standard Chartered's earnings per share will grow at an annual rate of 13% until the fiscal year 2028, as the business mix shifts towards wealth management [1] Group 4: Valuation and Target Price - UBS has reiterated a "Buy" recommendation for Standard Chartered, raising the target price from HKD 225.1 to HKD 229.2, based on a comprehensive valuation approach [1] - The bank believes that the stock price has yet to reflect Standard Chartered's transformation into a bank with growth premium and high returns [1]
瑞银：渣打集团财富业务成增长引擎 目标价上调至229.2港元