STANDARD CHARTERED : Refreshed and ready to deliver

研报英文原文证据摘录

STANDARD CHARTERED : Refreshed and ready to deliver

EQUITIES

BANKS

R A T I N G T A R G E T P R I C E EPS 26e EPS 27e

Standard Chartered (+) 2,200p  3% - -STANDARD CHARTERED Standard Chartered ADR (+) USD59.5  4% - -

Refreshed and ready to deliver

Refreshed targets21 MAY 2026

Securities Research Report At its CMD in HK this week, STAN unveiled a new >15% statutory RoTE target, aligned to our

Production time: 05:39* (London time) expectations and a rising bar in recent weeks. The building blocks broadly landed as we anticipated,

Research Analysts & Publishing Entities including a 5-7% income CAGR. It is also targeting a ~18% RoTE in 2030, above expectations.

Guy Stebbings, CFA

BNP Paribas London Branch Flexibility to deliver

(+44) 203 430 8618 The targets allow for some flexibility on how the plan is delivered. For example, STAN has opted forguy.stebbings@uk.bnpparibas.com

cost income guidance (57% in FY28e) rather than a more prescriptive absolute cost target or growth

rate. This leaves the door open for costs to land higher than consensus in 2027/28e. Likewise STAN

has held back from offering an all in total distribution guide. But we view this as understandable for

a bank pushing for growth and with potentially incremental investment opportunities. To the extent

distributions land short of consensus expectations, this would imply incremental revenue upside.

Evolution rather than revolution underpins the plan

Throughout the CMD, management presented well on the opportunities ahead, with much of the

strategy an evolution of recent trends. Ongoing pivots to affluent within WRB (Wealth & Retail) and

into FIs and network in the CIB are anticipated to lift RoTE by 380bps, with supportive asset & liability

mix effects.

Investment appeal - retain Outperform tating