Goldman Sachs maintains a "neutral" rating on Stanchart with a target price of 95 Hong Kong dollars.
Goldman Sachs released a research report stating that Stanchart (02888) has caught up in valuation with HSBC Holdings (00005), along with high expectations for non-interest income in the fiscal year 2025, maintaining a 'neutral' rating, and deriving a target price of 95 HKD based on the residual income model (RIM). The report mentioned that the bank participated in Stanchart's investor meeting on December 3. Management set a target for 2025-29: to attract 200 billion USD in net new funds, driving the asset management business revenue to achieve double-digit growth. The bank expects Stanchart's non-interest income to have a compound annual growth rate of 9% between 2024 and 2026.
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