Glonghui, Feb. 23 | Goldman Sachs published a research report stating that Standard Chartered's core profit before tax for the fourth quarter was 1 billion US dollars, 7% higher than the company's expectations. Strict cost control and lower than expected impairment expenses offset the impact of weak revenue. Furthermore, basic earnings per share, dividends, and total net asset value for fiscal year 2023 were 4%, 14%, and 4% higher than market forecasts, respectively. The group also announced a buyback plan of approximately US$1 billion. The bank said that Standard Chartered's guidelines include revenue growth of 5 to 7% per year for the 2024 to 2026 fiscal year, of which the 2024 fiscal year will be at the top of the range. The Group adjusted its net interest spread guidance for fiscal year 2024 to US$10.25 billion. Additionally, the 2026 cost compound annual growth rate was 3%, and the 2026 cost was limited to less than $12 billion. The Group also set a target of 12% return on tangible equity (ROTE) for the 2026 fiscal year, with a cumulative feedback of at least $5 billion to shareholders. Goldman Sachs expects the Group's management to confirm the positive impact of growth prospects on stock prices. It expects revenue growth of 7%, 5%, and 5% for the 2024 to 2026 fiscal year, and 3% annual cost increase, while credit costs will gradually normalize. Based on the fourth quarter results, the bank raised the Group's earnings estimates for the 2024-2027 fiscal year by 1%, 10%, and 6% to reflect the latest management guidelines. It also expects the 2028 earnings per share to reach $2.78, while the target price was raised by about 5% to HK$86 from HK$82 to maintain the “buy” rating.