Major Bank Ratings | Citi: Standard Chartered Group Valuation Not Expensive, Reiterates "Neutral/High Risk" Rating on UK Stocks

Glonghui, May 20｜Citi released a report stating that Standard Chartered Group is currently trading at a price-to-tangible book value (P/TB) ratio of around 1.1 times, corresponding to a 2028 target return on tangible equity of over 15%, along with a target compound annual revenue growth rate of 5% to 7%. Its valuation is not considered expensive. The bank expects initial market discussions to focus on Standard Chartered's cost trends and capital allocation priorities for 2027 and 2028. These targets imply that cost growth will accelerate, the scale of share buybacks may be lower than market expectations, which could limit the scope for upward revisions to its earnings per share, and suppress stock price performance in the short term.