Singapore Stock Market News
Singapore Banks - In bear mode
StockFanatic
Publish date: Tue, 25 Aug 2015, 02:21 PM
StockFanatic
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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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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
