Goldman Sachs stated in a report that stanchart's valuation has caught up with hsbc holdings, coupled with high expectations for non-interest income in the 2025 fiscal year, maintaining a "Neutral" rating. The target price of HK$95 was derived from the Residual Income Model (RIM). The report mentioned that the bank participated in stanchart's investor conference on December 3. The management presented targets for 2025-2029: attracting net new funds of $200 billion, driving wealth management business revenue to double-digit growth. The bank expects stanchart's non-interest income to grow at a compound annual rate of 9% between 2024 and 2026. The management anticipates that by 2029, the contribution of affluent individuals' income to wealth management revenue will increase from less than 70% in the first 9 months of 2024 to 75%.