Financial Services

Staff Reporter

, Singapore

Published:

12 years ago

OCBC's status gets a little boost

The financial institution's growing wealth management franchise merits a premium to peers.

According to the report by Maybank Kim Eng Singapore, that OCBC’s YTD share price performance has lagged its peers’ is unjustified given its strong risk management capabilities, growing wealth management franchise, much improved CASA-gathering capabilities and relative shelter from any correction in the property market.

While Maybank Kim Eng does feel that valuations are still a little rich at this stage, a premium to peers is deserved. Their TP is raised to S$8.00 from S$7.50, on a higher P/BV multiple of 1.2x (1.1x previously) to reflect the stronger fundamentals.

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