Standard Chartered - back under 1200p

Not the greatest statement from the emerging markets focused (but London and Hong Kong listed) bank Standard Chartered yesterday.  As the Lex Column (paywall generally) noted:

'The bank gave a new target for first-half group income to be “down by a mid single-digit per cent”; the previous goal was modest growth. The company avoided the words “profit warning” but expressed a desire to be more transparent about its expectations...The bank did say that the main
drag was the financial markets segment, including equity, commodity, fixed-income and derivative businesses'

So with the share back at/below that interesting 1200p level I noted back in early March what should we be thinking?

Clearly this was just a pre-close statement with more details to come in early August.  I go back though my underlying observation in previous posts that the combination of a 4.5%+ yield and a price:book now of around x1.1 is big picture too low.  Maybe some of the above does pull the return on equity down to nearer the 10-11% transitorily but value for both income and capital growth seekers is increasing.  I certainly have bought more shares below 1200p today.

As an indication of potential 'switch' value take a look at this three year chart comparing Standard Chartered with the JP Morgan Emerging Markets Investment Trust - an interesting recent divergence...