Bank of America Securities: Maintains "underperform" rating on STANCHART (02888), raises target price to HKD 112

Bank of America Securities released a research report stating that it maintains a "underperform" rating on STANCHART (02888), with a target price raised from HK $99.35 to HK $112. Based on Standard Chartered's strong performance in the fourth quarter and the long-term high interest rate environment, the earnings forecast for 2025-2027 has been raised by 1%-6%, and the net interest income forecast has been raised by 8%-9%. Bank of America pointed out that Standard Chartered's performance in the fourth quarter was mixed, including the reclassification of $147 million in deposit insurance, which was previously recognized in net interest income. However, starting from the fourth quarter of 2024, this amount will be reclassified as a cost.