Towards Financial Freedom
OCBC - 2Q12 results above expectations (HOLD, SGD8.80)
HOLD. OCBC's 2Q12 net profit of SGD648m (-22% QoQ, +12% YoY) was slightly (+4%) above our expectations and +7% above consensus, with the primary variance being more benign credit costs and higher investment banking income. Our forecasts are kept for 2012 (-4-5% for 2013-14) and with the stock trading at what we deem to be a fair prospective 2012 P/BV of 1.5x (12.2% ROE), our HOLD call is maintained with an unchanged target price of SGD8.80 (P/BV of 1.27x).
Source: Maybank Kim Eng
Source: Maybank Kim Eng
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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....
