Singapore Stock Market News
OCBC - Still not our favourite
StockFanatic
Publish date: Tue, 03 Sep 2013, 11:38 AM
StockFanatic
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
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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