文档介绍：United Kingdom
Comment Banks-Multinational/Universal
10 November 2003
John-Paul Crutchley Standard Chartered
+44 20 7996 4624
Keith Irving
+852 2536 3421 Pricing in Optimistic Scenarios NEUTRAL
Stephen Andrews, CFA
+44 20 7996 2134 Volatility Risk:
Cristina Marzea, CFA Reason for Report: Company Update, Estimates Updated
+44 20 7996 3949 MEDIUM
Price: Highlights:
Estimates (Dec) 2002A 2003E 2004E 2005E • Whilst we remain fundamentally positively
EPS - Reported pre-disposed towards Standard Chartered, we
EPS - Adjusted believe current valuation remains a little racy
P/E Adjusted
Book Value/Share and we retain our NEUTRAL rating.
Adjusted NAV • Whilst we forecast a 12% 5yr cash earnings
Price/NAV
DPS CAGR and a 16% RoE, multiples of 16x next
Net Yield (%) year’s cash earnings & book make
Price/GOP Standard Chartered more expensive than
Opinion & Financial Data HSBC (HBCYF; B-1-7; ) & several HK
Investment Opinion – Local: B-2-7 domestic banks.
Mkt. Value (£ mn)/ Shares Outstanding (mn): 11165 / 1, •
Book Value/Share (Dec-02): Our RoE/PB based sum of the parts valuation
Price/Book Ratio: supports our NEUTRAL call, suggesting a fair
ROE 2003E Averag