CICC: Raises Standard Chartered (02888.HK) target price by 3.3% to HK$263, maintains "Outperform" rating; 3Q26 results beat expectations

CICC has released a research report stating that Standard Chartered Group's (02888.HK) third-quarter 2026 results beat both the firm's and market expectations, mainly due to better-than-expected non-interest income and credit costs. The firm has raised its forecast for the company's net profit attributable to ordinary shareholders for 2026 and 2027 by 7.6%/12.5% to US$5.5 billion/US$6.4 billion, and raised its target price by 3.3% to HK$263, maintaining an "Outperform" rating. The company currently trades at forecast price-to-book (P/B) ratios of 1.3x and 1.2x for 2026 and 2027, respectively, while the firm's target price corresponds to forecast P/B ratios of 1.6x and 1.5x for 2026 and 2027, implying 20% upside from the current share price.