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<Research>Morningstar: De Giorgi's Departure as CFO Expected to Have Limited Impact on STANCHART's Operations
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Diego De Giorgi, Group Chief Financial Officer of STANCHART (02888.HK), tendered immediate resignation, and his position will be temporarily filled by Deputy Group CFO Peter Burrill, Morningstar said in a research report. Spurred by the news, STANCHART's stock price plunged by as much as 6.4% during Hong Kong trading hours yesterday, although it later recovered most of the losses. Morningstar considered this management change an unexpected negative factor that may raise market concerns about personnel changes and succession plans at the bank. However, the broker noted that CEO Bill Winters has not indicated any retirement plans, and it believed that STANCHART will continue to focus on executing its "Fit for Growth" strategy and achieve its goals under Peter Burrill's leadership. Therefore, it expected the impact of this event on STANCHART's operations to be limited. Morningstar maintained its forecasts and fair value estimate for STANCHART unchanged, at HKD150 for the Hong Kong-listed shares and GBX1,460 for the London shares, deeming its valuation to be demanding. With declining interest rates, STANCHART's margins will come under some pressure. AASTOCKS Financial News Website: www.aastocks.com |
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