[ET Net News Agency, 3 January 2018] Citi Research lifted its target price for Standard
Chartered (STAN)(02888) to HK$92.5 from HK$88.3, and maintained its "buy" rating.
For investors with a longer investment horizon, the research house sees most upside from
STAN. The 0.7x P/TB discount versus the HK bank sector should narrow as STAN's RoE
improves, helped by a brighter and stable emerging market macro backdrop.
Citi said its analysis of local market trends suggests STAN's growth is now inline or
above peers. STAN's NIM is finally turning the corner after a multiyear decline. With a
CET1 ratio of 13.6% as of 3Q 2017, STAN is well positioned to reinstall dividends after
passing BoE 2017 stress test. (KL)