Singapore Stock Market News
OCBC - Still not our favourite
StockFanatic
Publish date: Tue, 03 Sep 2013, 11:38 AM
StockFanatic
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We do not like OCBC because:
1) GEH's accounting earnings will likely
stay depressed as rates rise,
2) there is no semblance of broad-based
fee growth to cushion the softer WM earnings in this climate, and
3)
OCBC's credit costs will rise if Asian asset quality deteriorates.
Our GGM-based target price of
S$10.09 (based on 1.27x CY13 P/BV)
remains unchanged. Maintain
Underperform, with the de-rating
catalysts of rising interest rates, poor
investment appetite from private
banking clients and eventually, rising
credit costs. OCBC remains our least
preferred Singaporean bank.
Read more » Related Stocks
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