Barclays Capital highlights buying opportunities at HSBC, StanChart

Shares in HSBC and emerging markets bank Standard Chartered both look cheap, according to analysts at Barclays Capital, though HSBC is the broker's preferred pick as it appears "structurally and cyclically stronger".The valuations of both stocks suggest potential buying opportunities, Barclays said, with HSBC and StanChart trading at just 1.2 times and 1.0 times 2015 estimated tangible book value, respectively."This looks cheap relative to both footprint-weighted peers and each bank's own history," analysts said. Neither bank has been this cheap relative to the market valuations of peers since 2000.As for StanChart, rated 'equal weight', Barclays said its 'cheapness' reflects weakening return prospects and limited action being taken to address them.Barclays has trimmed its target price for StanChart by 8% from 1,300p to 1,200p.In contrast, it said HSBC looks "well positioned" as it kept an 'overweight' recommendation with an unchanged 700p target."HSBC has significantly refocused its business since 2011 and this is apparent when we look at market shares in its key geographies, with a weighted average deposit share of 17.7% compared to 5.6% for Standard Chartered."Barclays also played down concerns about macro prospects for China and the potential knock-on effect on the two banks. It said that a pick-up in loan growth is already emerging at HSBC in particular.