CICC: Maintain "Outperform" rating on STANCHART (02888) and raise target price to HK$130.4.

CICC released a research report stating that it maintains a "outperform industry" rating on STANCHART (02888), with a target price increase of 12.8% to HK$130.4. The bank stated that Standard Chartered's adjusted pre-tax profit in the fourth quarter of last year roughly met market expectations, but was slightly lower than the bank's expectations. CICC pointed out that, based on fundamental factors, revenue increased by 20.1% year-on-year to US$4.83 billion, exceeding the bank's forecast by 6.2% and market expectations by 8.5%; pre-tax profit decreased by 0.9% year-on-year to US$1.05 billion, falling short of the bank's forecast by 15.5% and market expectations by 1.1%. However, dividends and buybacks exceeded expectations.