Singapore Stock Market News
Singapore Banks - In bear mode
StockFanatic
Publish date: Tue, 25 Aug 2015, 02:21 PM
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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.
• FY15F earnings face 1-4% declines from current levels; loan growth may slip slightly for the rest of the year while provisions may inch up; NIM should stay intact as long as SIBOR stays high (currently: 1.0%)
• Risk on 2016 assumptions with slower GDP; cut FY16-17F earnings by 5-6% after moderating loan growth and asset quality assumptions with higher risk premium
• Our revised base case : OCBC's TP lowered to S$10.00 (1.1x FY16F BV), UOB cut to S$19.20 (1.0x FY16F BV); OCBC remains a BUY, UOB a HOLD
• Bear case TPs :reversion to GFC loan growth and asset quality assumptions with higher risk premium would result in slight downside to OCBC (S$8.20, 0.9x FY16F BV, -6% downside) a larger downside for UOB (S$16.20, 0.8x FY16F BV, -13% downside) in the near term
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