Bill Winters

Standard Chartered delivered good second-quarter and first-half earnings, with double-digit growth in wealth, banking and financial markets. The bank has strong downside protection with no observable credit losses and strong upside momentum. A $1 billion buyback is announced, capital remains strong, and over $2 billion in cash is invested annually for growth. The stock trades at a low P/E around 9.5x with high compound growth, so it should probably trade at a higher multiple.