Singapore Stock Market News

OCBC - Asset quality not under threat

StockFanatic
Publish date: Fri, 27 Nov 2015, 05:44 PM
StockFanatic
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To benefit from rising interest rates

Picture Credits : Businesstimes.com.sg
Trades at only 1x book
We believe concern over the China exposure via its newly acquired Wing Hang Bank has been one of the reasons for the recent underperformance. The results YTD suggest that the risk to China is well-contained. We rate the stock a Buy because of its inexpensive valuation and we believe its earnings could grow by 10% in 2016 as it benefits from the rising local interest rates. We also believe that earnings could potentially surprise on the upside if the bank is able to derive synergies from its Wing Hang acquisition.
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