报告名称：Standard Chartered Plc(02888.HK)Next Step： Closing the 60% discount to peers
报告类型：港股研究
报告日期：2016-04-12
研究机构：摩根大通
股票名称：渣打集团
股票代码：02888
页数：55
简介：The first stage of CEO Bill Winters’ strategy – to address StanChart’s problemswith risk controls, asset quality and capital – has made significant progress in ourview. However, the market continues to value the group’s $40bn tangible equity at$21bn (0.5x) and hence we believe management is now likely to turn focus toasset disposals and narrowing the performance gap to peers. In this note, we take adeep dive into regional revenue trends and conclude that with 7% underlyinggrowth across the group's markets; a turnaround post de-risking may be lesschallenging than feared. Our OW thesis is based on the view that group is likely toimprove profitability from near break-even levels in 2016 to c8% RoNAV in 2018or, failing that, management may look to realize value from some of the group’sattractive EM banking franchises to close the discount to TNAV. In eitherscenario, we see substantial upside and fair value for the shares at HK$75 or 0.8xP/TNAV.

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