2Q26: 13% PBT beat from better top line. Guidance revised up modestly, limited impact on consensus

研报英文原文证据摘录

2Q26: 13% PBT beat from better top line. Guidance revised up modestly, limited impact on consensus

Update

July 29, 2026 05:07 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MStandard Chartered | Asia Pacific Nick Lord

Equity Analyst

2Q26: 13% PBT beat from Nick.Lord@morganstanley.comAitong Li +65 6834-6746

Research Associate

Aitong.Li@morganstanley.com +65 6834-6295

better top line. Guidance Morgan Stanley Europe S.E., Madrid Branch+

Alvaro Serrano

Equity Analystrevised up modestly, limited Alvaro.Serrano@morganstanley.com +44 20 7425-6942

Morgan Stanley Asia (Singapore) Pte.+impact on consensus Selvie Jusman, CFA

Selvie.Jusman@morganstanley.com +65 6834-6517

AlphaSignals Earnings Reaction

Morgan Stanley & Co. International plc+

Strengthens our thesis Modest upside Largely unchanged Almario Sulaj

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Almario.Sulaj@morganstanley.com +44 20 7425-2049

Source: Company data, Morgan Stanley Research

• Revenue beat was driven by non-NII and was despite a U$57m DVA loss.

Beats across product lines, led by wealth solutions and transaction services.

Net new money of US$15bn (MSe US$16bn).

• Opex 2% below MSe/cons, mainly driven by a notable item of US$74m

Standard Chartered (2888.HK, 2888 HK)

release of provisions on Korea equity-linked securities portfolio.

Hong Kong Financials | Hong Kong

• US$150mn credit charge included additional overlay of US$44mn. Some

Stock Rating Overweight

increase in early alerts related to Middle East, plus stage 2 increase from Industry View In-Line

exposures already covered by overlays. Price target HK$250.00

Up/downside to price target (%) 12

• CET1 of 14.2%, ahead of expectation on lower RWAs (although this should Shr price, close (Jul 28, 2026) HK$222.80