＜Research＞CICC: STANCHART (02888.HK) 2Q Results Slightly Beat Forecasts; Rating Neutral

　　On an adjusted basis, STANCHART (02888.HK) +3.000 (+3.901%) Short selling $8.06M; Ratio 6.858% 's 2Q24 revenue amounted to US$4.806 billion, beating the expectations of CICC and the market by 0.1% and 0.6%, each, up 5.5% YoY, CICC issued research report saying.

　　Profit before tax amounted to US$1.828 billion, higher than the expectations of CICC and the market by 4.8% and 11.7% respectively, up 14.3% YoY.

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　　Although STANCHART's adjusted caliber profit before tax was better than its expectation, but the quarter generated US$174 million exchange reserve loss related to the sale of the Zimbabwe business (did not affect the CET1 ratio), according to CICC.

　　CICC also raised its forecast for its 2024 “Fit for growth” expenses. Therefore, CICC lowered its full-year profit forecast by 4.5% to US$3.827 billion, and roughly maintained its 2025 profit forecast. CICC kept rating at Neutral, with a target price of $82.8.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-30 16:25.)

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