UBS Maintains Hold Rating on StanChart With HKD 228.5 Target Price
Deep News
Jul 31
UBS has published a research report stating that, excluding special items, STANCHART (02888) posted a 12% beat on market expectations for second-quarter pretax profit, driven primarily by a 43% year-on-year increase in its wealth solutions business, along with contributions from transaction services and global banking.
Non-net interest income exceeded forecasts by 7%, while net interest income surpassed expectations by 1%. Overall revenue came in 4% higher than market estimates. Credit impairment charges for the period stood at USD 150 million, which was 37% lower than market consensus.
UBS has maintained a "neutral" rating on STANCHART, with a price target of HKD 228.5 for its H-shares.
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