CICC: Upgraded STANCHART (02888) rating to "Outperform" with target price raised to HKD 98.7.
CICC is bullish on Standard Chartered Group's ROTE increasing to 12% or above as guided by the company.
CICC released a research report stating that it has upgraded the rating of STANCHART (02888) to "outperform industry" and raised the target price by 19.2% to 98.7 Hong Kong dollars. The emerging markets network sees growth opportunities for Standard Chartered, and its strategies for reducing risks and improving efficiency have been effective.
The bank believes that Standard Chartered's path to profit improvement is clear, and is optimistic about its return on tangible equity (ROTE) rising to over 12% as per the company's guidance. The bank maintains its profit forecast unchanged and is optimistic about the company achieving rapid revenue growth after a period of interest rate cuts, driving a stable increase in ROTE.
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