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<Research>JPM Keeps STANCHART as Top Pick Among HK Banks; 1MDB Lawsuit Expected to Take Yrs to Resolve
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JPMorgan has released a research report maintaining its positive outlook on STANCHART (02888.HK). Having been embroiled in litigation related to Malaysia's 1MDB, STANCHART is accused of facilitating over 100 internal transfers in 2009-13 to help conceal stolen funds. While this lawsuit may take several years to resolve, JPMorgan estimated that the impact on the group's USD8 billion-plus distributions for 2024-26 and the USD2.75 billion share buyback plan for FY25 would be limited. JPMorgan continued to list STANCHART as its top pick among Hong Kong bank stocks as the bank was less affected by the decline in HIBOR and the risks in Hong Kong's commercial real estate sector, stood as a major beneficiary of RMB internationalization, and boasted a clearer digital asset development strategy that made it more resilient to the impact of stablecoins compared to its peers. The broker set its target price at HKD135, with an Overweight rating. AAStocks Financial News |
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