Singapore Stock Market News
Banks - No reason to be Moody
StockFanatic
Publish date: Wed, 17 Jul 2013, 04:25 PM
StockFanatic
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We are not perturbed by Moody's downgrade of its outlook for
Singapore banks from stable to negative as Singapore's banking
system has proven to be relatively resilient.
 |
| Loan loss coverage ratios have been well above 100% for all three banks |
The downgrade was on the back of
fears of worsening NPL ratios and
higher credit costs as interest rates
rise. Domestically, we believe
business loans are likely to show the
first signs of struggle. But history has
shown that non-Singapore loans
always see trouble first and contribute
most significantly to NPLs. We
remain Neutral on Singapore banks,
with DBS as our top pick for its
multiple non-interest income drivers.
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