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BUZZ-StanChart: another broker upgrade sends shares to 5-mth highs

Reuters - UK Focus

** Standard Chartered (HKSE: 2888.HK - news) up 4 pct at 5-mth highs & easily biggest UK blue-chip riser as JPMorgan joins other brokers in upgrading its rating - to "overweight" vs "neutral"

** JPM says last week's UK budget - which increased rate of bank levy to 0.21 pct of lender's assets vs 0.16 pct - may mean higher probability of actions to change domicile & unlock value at StanChart (HKSE: 2888-OL.HK - news)

** JPM estimates StanChart is most impacted UK bank with levy reducing EPS by 13 pct in 2017E

** StanChart has said it keeps its domicile under review, with London its preferred home in recent years

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** JPM reckons normalised ROTE for StanChart in Singapore/Honk Kong would be higher (c12-13+pct) than current c.10-11 pct

** Stock last wk saw best one-day pct gain since late 2011 when Bernstein & Barclays both upgraded ratings

** New CEO catalyst for re-rating; bank's shares added about a fifth of value (partly on short covering) since news (late Feb) former JPMorgan investment bank boss Bill Winters would replace embattled boss Peter Sands

** StanChart is 11th-most borrowed stock (shares borrowed as %-age of shares outstanding) on the FTSE 100, with 3.4 pct of its shares out on loan, according to Markit (NasdaqGS: MRKT - news) data (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)