Singapore Stock Market News
OCBC - Riding on its unappreciated link
StockFanatic
Publish date: Wed, 10 Jun 2015, 12:42 PM
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We believe the market is still underappreciating the OCBC-WHB's franchise in Greater China. With its enlarged Greater China presence, OCBC's growth prospects in wealth management, retail & commercial banking and insurance are further enhanced. Active cross-selling for OCBC's private banking and insurance businesses are key wins. Integration is still on-going but signs of improvement are visible in its wealth management income line. Solid non-interest income franchise to drive earnings .
We expect wealth management income to continue its upward trajectory, potentially contributing up to 20% of non-interest income (excluding insurance). Insurance contribution could be volatile due to interest rate movements. As such, underlying growth in new business embedded value and total weighted sales should be the focus parameters for insurance, and these have been robust.
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