Broker snap: Standard Chartered 'maintaining the story', says Nomura

4th Aug 2011 11:51

First-half results at Standard Chartered met expectations, says Nomura, who keeps its positive view on the shares and maintains its buy rating.The broker notes that the firm's numbers for the six months ended 30 June were in line, with double-digit income and pre-tax profit growth and flat operating leverage: "Management is committed to sustaining this both near and longer term," analysts said.Nomura highlights that Standard Chartered is looking for broadly flat margins, which underpin revenue growth with 20% annualised balance sheet growth: "This offsets potential slowdown in areas such as India and flow activities.""We think investors are likely to remain positive towards a group that has limited direct exposure to developed market problems, is generating double-digit top line and [pre-tax profit], has met expectations and where estimates have been maintained," the broker said.A target price of 1,800p is kept.Shares were 1.17% under at 1,527p by 11.51am on Thursday.BC