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Singapore Banks Sector - 2Q18 preview: Fundamentals still intact with near-term dividend windfall
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Publish date: Tue, 24 Jul 2018, 02:02 PM
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● While there is growing uncertainty over longer term loan growth prospects, banks seem confident of achieving the high single-digit loan growth target in 2018.
● More importantly, banks are due to declare interim dividends along with 2Q18 results that should provide assurance to investors that they have the ability and resources to offer attractive dividend yields (ranging from 3.8-4.6%).
● We remain OVERWEIGHT given our investment thesis remains intact, as we believe the banks offer
(1) positive leverage to rising US rates,
(2) generous dividend yield with scope for further capital management, and
(3) stable to improving asset quality with benign credit costs given prospects of oil and gas sector recoveries.
We prefer DBS and UOB given their higher dividend yields. Read Report
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