【Goldman Sachs: Standard Chartered Group focuses on wealth management business, maintains 'Neutral' rating】Jin Ten Data, December 4 - Goldman Sachs released a report stating that Standard Chartered Group (02888.HK) has seen its valuation catch up to HSBC Holdings. Coupled with high expectations for non-interest income in the fiscal year 2025, it maintains a 'Neutral' rating with a target price of HKD 95 based on the residual income model. The report mentioned that the bank attended an investor meeting with Standard Chartered Bank on December 3. Management presented their targets for 2025-2029: to attract USD 200 billion in net new funds, driving wealth management business revenue to achieve double-digit growth. The bank expects a compound annual growth rate of 9% for non-interest income from Standard Chartered Group between 2024 and 2026. Management anticipates that by 2029, the contribution of wealthy individuals' income to wealth management revenue will increase from less than 70% in the first nine months of 2024 to 75%. (Source: Jin Ten Data)