OCBC - All eyes on China | I3investor

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OCBC - All eyes on China

StockFanatic

Publish date: Tue, 14 Jan 2014, 01:20 PM

OCBC has announced its plan to increase its stake in Bank of Ningbo, its strategic partner since 2006, from 15.34% to 20%. This is in line with its intention to build a bigger presence in Greater China, which it has identified as one of its core overseas markets. We also hear that it is in talks to acquire Wing Hang for as much as HK$38.3bn (1.9x P/BV).

We maintain our target price (GGM, implying 1.24x P/BV) and Reduce rating, with de-rating catalysts expected from a potential overpayment for Wing Hang.

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