Banks - 2014: A clearer coast ahead | I3investor

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Banks - 2014: A clearer coast ahead

StockFanatic

Publish date: Thu, 28 Nov 2013, 10:30 AM

Raising sector to Overweight. With short-term rates expected to bounce in early 2015, it could unleash a new re-rating wave as early as 2H14. The earnings upswing can be powerful after several years of depression in net interest margin. We project 3M Singapore dollar SIBOR to rise to 1.0% by end-2015 and to 2.0% by end-2016 (currently 0.4%).

We fine-tuned our forecasts for FY13-15 (and introduced FY16 forecasts) and used P/E as our prime valuation guide (instead of P/BV) as sector coverage is transferred to the author.

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