OCBC - Earnings trump dilution fears | I3investor

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OCBC - Earnings trump dilution fears

StockFanatic

Publish date: Thu, 01 May 2014, 02:22 PM

We turn more positive on OCBC as the growth in NII appears to be strong and sustainable, backed by the rising loan spreads. While the share issuance to fund its Wing Hang Bank acquisition is likely to dilute earnings, we estimate that the dilution impact will be a minimal 2-7%.

We upgrade from Hold to Add, and raise our GGM-based target price to S$11.01 (1.40x CY14 P/BV) after increasing FY14-16 EPS by 9-11%. The potential catalysts are the rising loan spreads and sustained loan growth.

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