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Standard Chartered PLC STAN Stock Quote

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Morningstar‘s Stock Analysis STAN

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Strong First-Half Result For Standard Chartered Sees Another Share Buyback

Michael Wu, CAIA Senior Equity Analyst

Analyst Note

| Michael Wu, CAIA |

While Standard Chartered reported a strong first-half performance we lower our fair value estimate to HKD 80 per share, from HKD 90 per share, and to GBX 850 per share from GBX 930 per share. The latter also factors in current USD/GBP assumption of 0.82, compared to 0.80 previously. The cut is mainly driven by our view that the cumulative increase in the net interest margin, or NIM, to 2024 will be 37 basis points versus 57 previously. We also factor in a decline in NIM from 2024 as interest rates are likely to normalize once inflation subsides and economic conditions slow. The shares are undervalued and we think the share price will find support after Standard Chartered announced a USD 500 million buyback after recently completing a USD 750 million buyback. While we believe the bank had further capacity for capital management initiatives, the timing was ahead of our earlier view of initiatives being announced at the full-year result.   

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Key Statistics STAN

Company Profile STAN

Business Description

Standard Chartered Bank was established in 1853 by Royal Charter in the United Kingdom, with the holding company Standard Chartered PLC incorporated in 1969. The bank is domiciled in the U.K. and provides banking services across 60 countries, primarily in Asia, Africa, the Middle East, and the United Kingdom. The bulk of the business is in corporate and transaction banking, financial markets, and corporate finance. The bank has strong retail franchises focusing on the affluent segment in Hong Kong, Singapore, and selective countries in Africa. The bank has also launched a ventures division to focus on fintech including a digital only bank, online payment and in digital assets.

1 Basinghall Avenue
London, EC2V 5DD, United Kingdom
T +44 2078858888
Industry Banks - Diversified
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 83,233

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