OCBC Bk - CIMB ups OCBC to outperform, keeps $11.04 target

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

CIMB Research has upgraded Oversea-Chinese Banking Corp (OCBC.SI) to outperform from neutral but kept its target price at $11.04.



CIMB has raised its rating for OCBC as its shares have underperformed its peers in the December-February period.

OCBC’s fourth quarter earnings will not be as strong as the previous quarter due to lower contributions from its insurance arm Great Eastern Holdings (GELA.SI) and a drop in treasury earnings, CIMB said in a report.  

The brokerage said it expects OCBC to report a fourth quarter net profit of $523 million, 4% higher from a year ago but 8% lower compared to the previous three months.

At 9:26 a.m., OCBC shares were 0.21% lower at $9.62. They have fallen 2.6% since the start of the year.