Stock Name: OCBC Bk
Company Name: OVERSEA-CHINESE BANKING CORP
Research House: Citigroup
It says revenue drivers remain positive, noting broad-based loan growth (tempered by slight NIM slippage), and robust fee income. The house says OCBC management is optimistic on the 2011 economic outlook, with broad-based loan growth across geographies/industries, estimating 2011 loans +12%.
Company Name: OVERSEA-CHINESE BANKING CORP
Research House: Citigroup
Citigroup cuts OCBC (O39.SG) target price to $10.60 from $11.40, but keeps a Buy call on the stock. “We remain upbeat on OCBC's top-line growth outlook into 2011, although we have pared forecasts (by 5.9% and 3.0% for 2011, 2012 EPS respectively) largely on lower insurance income post the weaker 4Q performance.”
It says revenue drivers remain positive, noting broad-based loan growth (tempered by slight NIM slippage), and robust fee income. The house says OCBC management is optimistic on the 2011 economic outlook, with broad-based loan growth across geographies/industries, estimating 2011 loans +12%.
The house notes OCBC trades at 13.3X 2011E P/E and 1.6X P/B on a forecast 12.1% ROE. The shares are off 0.7% at $9.34 midday.
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