Company Name: DBS GROUP HOLDINGS LTD
| Research House: JP Morgan Chase | Price Call: BUY | Target Price: 18.50 |
Stock Name: UOB
Company Name: UNITED OVERSEAS BANK LTD
| Research House: JP Morgan Chase | Price Call: HOLD | Target Price: 19.50 |
Stock Name: OCBC Bk
Company Name: OVERSEA-CHINESE BANKING CORP
| Research House: JP Morgan Chase | Price Call: HOLD | Target Price: 9.40 |
DBS is the only stock to own in an otherwise lackluster Singapore banking sector, JPMorgan says, tipping switching out of UOB and OCBC.
DBS’ “bottom-up improvements will have bigger impact on ROE over next two years as top-down trends remain unpromising. Year-to-date, DBS has returned 30%, despite trailing peers post Danamon deal announcement. We expect that overhang to be addressed in the next three to six months, which along with ongoing turnaround should lead to re-rating.”
It rates DBS at Overweight with $18.50 target price. It raises UOB’s target to $19.50 from $18.10 after revising earnings, keeping a Neutral call and recommending investors book profit. It rates OCBC at Neutral with $9.40 target, noting the stock’s rally was based on factors with a low probability of recurrence.
UOB is down 0.1% at $19.64, OCBC is down 0.9% at $9.27 and DBS is down 0.8% at $14.39.
No comments:
Post a Comment