Banking and financial services. Standard Chartered employs 38,000 people in 950 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. Standard Chartered is one of the worlds most international banks, with employees representing 80 nationalities. It serves both Consumer and Wholesale Banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance.

Red = 25 day moving average. Green = 200 day moving average.

Cazenove note today:
"Although we were hesitant to change our view for the arrival of the new CEO which has been a material positive, we believe that last week’s UK budget may lead the market to attach a higher probability of strategic actions to change domicile and unlock value. We believe normalised ROTE for STAN in an alternative domicile such as Singapore/HK would be higher (c12-13+%) than the current c10-11% and STAN’s fully loaded CT1 target of 11-12% is inline with Asian bank requirements. At 0.9x P/TNAV 16E we believe a re-domicile would be accretive despite our assumed $2.5bn one-off costs. We also model c50% of the rate benefit implied by the Fed’s dot plot given STAN is now more US rate sensitive than HSBC (LDRs), taking EPS +8% and PT to 1250p. With 16% upside and valuation 0.9x P/TNAV at discount, we upgrade to OW.
 Implications of the rising levy: Following last week’s increase in the UK bank levy, we estimate that StanChart is the most impacted UK bank with the levy reducing EPS by 13% in 2017E. Although the group may be able to reduce this given the change in the growth strategy, we believe that a strong case for re-domicile is now on the table. The group has previously indicated that the costs of a re-domicile would offset the earnings benefit; our analysis implies that RoTE would rise by at-least 1.3% assuming a $2.5bn one-off charge in 2017 leading to over 20% upside.
 Capital to improve organically with RWA reduction helping: In our view, the CT1 target of 11-12% fully phased from 2015 is inline with local Singapore and HK banks with flexibility to improve further organically with management focus on RWA reduction and short tenors. Although there is downside risk from provisions to 2015 earnings, we also note that the group outlined a possible $50bn of RWA reduction in the PRA stress test showing the benefits of a short duration balance sheet. We do see risk around dividend payout and possibility of scrip payment instead of cash or a cut.
 Rate sensitivity could add 34% from 2015E EPS base, materially more than HSBC: With its LDR now at 70%, below HSBC’s 73%, our detailed rate sensitivity analysis shows StanChart is more geared to rising US rates.
We estimate a $1.4bn positive benefit to NII for a +200bp rise in US rates (+2.6% for RoTE), of which we assume 50% in our numbers."

Barclays note today:
"Reported PBT of $2,098m is 28% below consensus with underlying PBT of $1,824m 37% light. The miss is due to a combination of significantly worse provisions and weaker net interest income. This is said to be a continuation of previous trends, driven by Chin, India and commodities, with provisions up 70% YoY and 15% higher HoH and the NPL ratio deteriorating 30bp HoH to 3.1%. However, the capital position has been materially strengthened with a fully loaded CET1 ratio of 11.5% vs 10.7% at FY15. The dividend of 14.4c is 50% below our expectation. So the balance sheet is in much better shape but with a weak P&L.
New CEO Bill Winters: Acknowledges that there are many more challenges ahead including an acknowledgement of structural change in the industry. He sees them as fixable and targets an RoE of over 10% and is focused on 5 areas: on risk and returns, where have or can build competitive advantage, upgrade or exit low returning client relationships faster, become commercial in leveraging lending relationships into Financial Markets products, changing the organisational structure already underway.
Credit quality review ongoing: The new CEO has begun but not completed a review of the balance sheet. Concentrations in the corporate segment are being reduced and retail unsecured is also being scaled back. The CEO generally sees the credit culture as sound but sees scope for tightening up both credit and pricing decisions and setting a new risk appetite and policies.
No decision taken on whether more capital is required: Despite getting well into the previously targeted range, capital targets remain under review, taking into account capital generation and the BoE stress test currently underway (focused on EM). Capital levels will be set with the intention of staying “absolutely and relatively strong through economic cycles” while also absorbing conduct costs – will raise capital if needed for the long term benefit of the Group, wont if not.
CET1 ratio up 80bp HoH to 11.5%: Well within the previously targeted 11-12% full year range, driven by RWA reduction. RWAs fell $15 billion driven by loan provisioning asset reductions, loan sales and almost $4 billion in RWA efficiencies, this is the first part of the $25 to $30 billion of savings which outlined in March.
Bottom line = likely consensus downgrades of at least 25%. We continue to see balance sheet shrinkage as a source of capital generation which will have a knock-on impact on revenues. The credit environment in which STAN operates is already deteriorating (and this is before a Fed hike) and suggests rising impairments. Our 2017 EPS estimates are 25% below the consensus."

Standard Chartered has posted a disappointing third quarter book due to challenging market conditions combined with business divestments and de-risking initiatives. It saw an $832m dip in income for the period, down to $3.68bn, due to a decline in client activity as a result of volatile market conditions and the impact of de-risking actions. That led the company to reports a loss of $139m for the quarter, down from $1.53bn in the previous year. In the year to date, profit is down from $4.8bn last year to $1.68bn.

when is the entitlement date?

no divi further to , fall 465 most likely. BB ps stayed away from high divi.
old saying don't look a gift horse in the mouth.

If I buy the shares today, am I going to entitles to the rights?

This is all over the place today. The bots seem to be having a disagreement of what the stock is worth

Standard Chartered profit misses forecasts.

LONDON-- Standard Chartered PLC on Tuesday said its financial performance is "not yet acceptable," as it posted a $458 million pretax profit that fell short of analyst expectations.

Revenue for the Asia-focused bank was $3.47 billion in the three months, down from $3.68 billion in the third quarter of 2015, while bad loans fell to $596 million, from $1.23 billion in the same period last year.

A year ago, Standard Chartered posted a $139 million pretax loss for the third quarter and stepped up a program to shrink its balance sheet and pull back from riskier business. The profit-and-loss figures don't include restructuring charges and adjustments for the value of the bank's debt.

Analysts had expected adjusted pretax profit of $601 million for the quarter. The bank didn't release net profit figures but after adjustments the pretax profit was $153 million for the quarter, from $430 million last year, reflecting fluctuations in the value of Standard Chartered bonds.

Standard Chartered has reported an 82 per cent rise in first-half profits, but shares in the emerging markets bank fell amid investor frustration at how long its turnround is taking.

Having slumped to its second heavy annual loss last year, StanChart said it achieved 5 per cent growth in its loan book, driven by growth in corporate finance, trade finance and mortgages.

The bank, which operates across Asia, the Middle East and Africa, reported a statutory pre-tax profit of $1.8bn for the first six months of this year, compared with $963m in the same period last year.

Revenues were up 3 per cent at $7.2bn. The bank’s operating expenses rose 7 per cent to $4.9bn. Loan impairments almost halved to $655m. Analysts had on average expected first-half revenues of $7.2bn and pre-tax profits of $1.8bn.

Bill Winters, chief executive, said:
We have had an encouraging start to 2017, making steady progress against our strategic objectives…we are stronger, leaner and becoming more efficient. We go into the second half of the year confident in our resilience and in our ability to generate better value for our clients and shareholders.

Profits attributable to ordinary shareholders were $971m, up from $465m in the same period of last year. That meant the bank’s return on equity rose from 2.1 per cent to 4.5 per cent – below its long-term target of 10 per cent.

Shares in the London-listed bank, which have gained 40 per cent in the past year but still lag rivals such as HSBC, fell 4 per cent to 813.8p shortly after the results were published on Wednesday morning.

StanChart suffered a tough few years after being fined by US regulators for sanctions breaches in 2012 and incurring heavy losses on risky loans to some large Asian clients that turned bad.

It is rebuilding under Mr Winters, who took over as chief executive in 2015 and set about restructuring a third of its loan book, stripping out 30 per cent of its annual cost base, suspending its dividend and slashing thousands of jobs.

Deutsche Bank today reaffirms its sell investment rating on Standard Chartered PLC (LON:STAN) and cut its price target to 668p (from 674p).

I only need another 3p to breakeven. Might as well stick to the original plan and hold on for £11 now

StanChart resumes dividend payout as 2017 profit soars

Maybe of interest.

Black Rock bought 41.3m 30/08/18 (According to Sharepad)

Target prices

Date Broker New target Recomm.
12 Sep Goldman Sachs 945.00 Conviction Buy
10 Sep Societe... N/A Hold
30 Aug JP Morgan... 930.00 Overweight


Projections seem OK.

Also Large investments outside UK

DYOH

But it ain't doing me any favours.

This is turning into a problem trade for me. Good job I haven't got very many.

Trump/concerns over china/cable all going against it right now.

Not one of my better picks.

CC,

I hope you are still holding:

https://www.moneyam.com/action/news/showArticle?id=6187816


Commenting on the performance, Bill Winters, Group Chief Executive, said:

"The results for the first nine months of the year reflect our focus on significantly improving profitability, balance sheet quality, conduct and financial returns. Income growth year-on-year was slightly lower in the third quarter impacted by Africa and the Middle East and we remain alert to broader geopolitical uncertainties that have affected sentiment in some of our markets. But growth fundamentals remain solid across our markets and we are cautiously optimistic on global economic growth."

Strategic execution and outlook

· Further progress on strategic and financial priorities

o Profit up 25% driven by broad-based income growth and ongoing risk discipline

o Organic capital generation and enhanced risk management has further increased the Group's resilience

o RoE improved a further 150bps to 6.6% and RoTE a further 180bps to 7.5%

· Structural trends shaping economies in the Group's footprint remain intact, but uncertainty has increased

o The macroeconomic environment continues to be supported by solid growth fundamentals

o Escalating trade tension and other macroeconomic factors are affecting sentiment in emerging markets

o Income from Wealth Management was 8% higher on a YTD basis but in Q3 was down 5% YoY

o The Group remains cautiously optimistic on global economic growth

· Having made substantial progress executing the transformation plan laid out in 2015, the Group will announce at its FY 2018 results the areas of focus that will deliver higher returns over the next three years

Financial performance highlights

· Underlying profit before tax of $3.4bn was up $0.7bn or 25% reflecting focus on improving returns

o Statutory profit before tax also $3.4bn included restructuring and other items of $17m

· Operating income of $11.4bn grew 5% on both a reported and constant currency basis (ccy)

o All client segments grew between 5-8% with particular strength in the GCNA region up 11%

o Net interest income grew 10% and NIM increased 5bps

o Q3 income was up 4% YoY and down 1% QoQ primarily impacted by the AME region

· Operating expenses of $7.6bn were 5% higher YoY (4% ccy)

o Q3 operating expenses were up 1% YoY (flat ccy) and down 5% QoQ

o Operating expenses in H2 18 ex-UK bank levy still expected to be similar to H1 18

· Asset quality improved YoY and was stable during Q3

o Credit impairment of $408m reduced 56%

o The Group remains vigilant given geopolitical and macroeconomic uncertainties