OCBC Bk - OCBC started at Overweight by Morgan Stanley with $10.48 target

Stock Name: OCBC Bk
Company Name: OVERSEA-CHINESE BANKING CORP
Research House: Morgan Stanly

Morgan Stanley starts OCBC (O39.SG) at Overweight with $10.48 target price, says Dow Jones.



Morgan Stanley says bank not being given credit for its solid performance through last year’s global financial crisis. Notes OCBC has lowest non-performing loan ratio among Singapore banks, aided by prudent management over last 7 years.

“OCBC also maintained solid revenue growth, helped by a strong net interest margin, didn’t lower its dividend (in contrast to peers) and did not raise capital,” says research house.



Morgan Stanley notes OCBC also owns “significant asset” in form of ING’s Asia private banking arm; “it is likely to benefit sooner from improved capital markets revenues, given its greater exposure and its reliance on wholesale and private banking rather than mass affluent wealth management.” Shares +1.5% at $8.99.