Goldman Sachs: Standard Chartered focuses on wealth management business, maintains 'Neutral' rating

On December 4, Jinshi Data reported that Goldman Sachs stated in a report that Standard Chartered (02888.HK) is valued on par with HSBC Holdings. In addition, due to the high expectations for non-interest income in the 2025 fiscal year, it maintains a ‘neutral’ rating and sets a target price of HK$95 based on the residual income model. The report stated that the bank participated in Standard Chartered’s investor conference on December 3. The management team proposed a target for 2025-2029: attracting a net increase of $200 billion in funds and driving wealth management business income to achieve double-digit growth. The bank expects that the compound annual growth rate of non-interest income for Standard Chartered between 2024 and 2026 will be 9%. The management team predicts that by 2029, the contribution of high net worth individuals’ income to wealth management income will increase from less than 70% in the first nine months of 2024 to 75%.