渣打集团（02888）：强大的网络基础，稳健的财富管理业务动力

Strong Network Foundation,RobustWMBusinessMomentum Rating (Maintain):OVERWEIGHT In-depthRegional Banks Huatai Research 137.46 Target price (HKD): 16 May 2025│China (Hong Kong) AnalystSHEN JuanSAC No. S0570514040002SFC No.BPN843shenjuan@htsc.com+(86) 755 2395 2763 A century-old institution deeply rooted in emerging markets, Standard Charteredhas built adeepmoat through its extensive network andamplelicenses. Amidaccelerating global supply-chain restructuring and rising demand for cross-borderwealth management (WM), we believe its transaction banking and WM businessesare poised for incremental growth. Giventhe company’searnings-growth potentialand solid shareholder returns, we maintain OVERWEIGHT. AnalystHE YatingSAC No. S0570524070008SFC No. BUB018heyating@htsc.com+(86) 10 6321 1166 AnalystPU JiayiSAC No. S0570123070039SFC No. BVL774pujiayi@htsc.com+(86) 755 8249 2388 Accelerating supply chain restructuring boosts cross-border businessStandard Chartered’s deep networkpresence in emerging markets underpins itsuniqueedgesin cross-borderbusiness. Thebankoperates in 40 Belt and RoadInitiativemarkets,with over 20 markets where it hashada presence for more thana century, providing it with extensive licenseresources and a solid customer base.The company’s core market, the ASEAN region,isa primary destinationfor globalindustrytransfer.StandardCharteredoffersdiversefinancialservicestocompaniesexpandingoverseas,leveragingitsnetworkstrengths,therebyboostingnon-interestincomewhilesecuringlow-costdeposits.StandardChartered’s cross-border business is characterized by low concentration, withChina-USbusiness accounting for only 1% of corporate banking income. Thissuggestsmanageable impacts of the tariffs, in our view. Keydata Global allocation demand unlocks WM business potentialRobustglobaldemandforcross-borderassetallocationpresents growthopportunities for WM business.Withstrong presence in three fast-growing wealthhubs:Hong Kong(China), Singapore, and the UAE, we believe regional tailwindscould drive AUM growthfor the company’s WM business.Standard Chartered’sofferingsinclude high-quality global assets under a distribution model, assistingaffluent clients in uncovering investment opportunities.In 1Q25,WMincome roseby28% yoy,alongside a total of 72knew affluent clients onboarded in the quarter(+14%yoy).Wethinkgrowingdemandforcross-borderWMcouldbolstersustainedWMbusiness expansion,and the company guides fora double-digitCAGRinWMincomeover 2025-2029. Source:S&P How our views differ fromthe market’sWe believe Standard Charteredhashigh growth potential, prudent operation s, andsuperior shareholder returns. Its longstanding network and licenseadvantages inemerging markets give it a first-mover edge. Against the backdrop of globalsupply-chainshiftsandincreasingcross-border WMdemand,itstransactionbanking and WM businesses are set to embrace increments, in our view. Since2015, the bank has shifted its business strategy and gradually cleared legacyrisks.Atend-1Q25,outstandingpropertyloansintheHongKongmarketaccounted for less than 1% of total loans, indicatingrobustasset quality.Acombined return of 10.2%onshare buybacks and dividends (as of 12 May2025)demonstrates attractiveshareholder returns. Maintain targetof 0.85x2025E PBWe maintainour2025/2026/2027 attributable NP forec astsof USD3.83/3.96/4.36bn.Our2025 BVPSestimateis USD20.79 (previous:USD20.73, mainly dueto changes in share capital), implying 0.71x PB. As wethinkthe companyisstillaffected by net interest margin volatilityin the short term but could reap benefitsfromglobal supply-chainrestructuring in the long run, wecontinue to valuethestock at 0.85x 2025E PB, below its peers’average of 0.93x on Wind consensus(as of 12 May 2025).Our target price is HKD137.46 (previous: HKD136.68, basedon 0.85x 2025E PB). Maintain OVERWEIGHT. Risks: performance in core markets weaker than we expect; slow recovery infinancing demand. Financials Source:S&P, Huatai Research Source:S&P, Huatai Research Full financials Disclaimers Analyst CertificationI/We, SHEN Juan, HE Yating, PU Jiayi, hereby certify that the views expressed in this report accurately reflect the personal viewsof the analyst(s) about thesubject securities or issuers; and no part of the compensation of the analyst(s) was, is, or will be,directly or indirectly, related to the inclusion of specific recommendations or views in this report. General Disclaimers and DisclosuresThis researchreport has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to as “HFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report. This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no gu