Stock Name: OCBC Bk
Company Name: OVERSEA-CHINESE BANKING CORP
Phillip Securities Research in a Nov 4 research report says: "9MFY11 net profit of $1.72 billion and revenue of $4.1 billion met 69% and 70% of our full year forecasts respectively, including divestment gains of $39 million from sale of Bassein road in prior quarters.
"Results were below our expectations mainly due to trading losses and negative impact on GE's investment portfolios. OCBC core businesses were more resilient than its peers but having missed estimates, we had to revise our forecast to match reality.
"Earnings estimates were reduced by 8% for FY2011 and 13% in FY2012. Fair valuation is revised to $7.30 representing 1.2x PB based on estimated NBV of $6.08. MAINTAIN HOLD."
Company Name: OVERSEA-CHINESE BANKING CORP
| Research House: Phillip Securities | Price Call: HOLD | Target Price: 7.30 |
Phillip Securities Research in a Nov 4 research report says: "9MFY11 net profit of $1.72 billion and revenue of $4.1 billion met 69% and 70% of our full year forecasts respectively, including divestment gains of $39 million from sale of Bassein road in prior quarters.
"Results were below our expectations mainly due to trading losses and negative impact on GE's investment portfolios. OCBC core businesses were more resilient than its peers but having missed estimates, we had to revise our forecast to match reality.
"Earnings estimates were reduced by 8% for FY2011 and 13% in FY2012. Fair valuation is revised to $7.30 representing 1.2x PB based on estimated NBV of $6.08. MAINTAIN HOLD."
No comments:
Post a Comment