OCBC Bank - CGS-CIMB Research 2021-11-04: 3Q21 A Mixed Bag

OCBC Bank - 3Q21 A Mixed Bag

OVERSEA-CHINESE BANKING CORP (SGX:O39) | SGinvestors.ioOVERSEA-CHINESE BANKING CORP (SGX:O39)
  • OCBC (SGX:O39)'s Malaysia consumer book turned out to be a key asset quality pain point; group’s collateralisation level of 89% for moratorium portfolio buffers this risk.
  • A pick-up in loan growth (versus 1H21) and sturdy fee income momentum offset the steep 6bp NIM decline. Management writebacks not currently preferred.
  • Reiterate ADD rating on OCBC.
  • Robust CET-1 of 15.5% remains a key tool whether offensive (M&As) or defensive (to cushion asset quality deterioration).



Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.



Andrea CHOONG CGS-CIMB Research | LIM Siew Khee CGS-CIMB Research | https://www.cgs-cimb.com 2021-11-04
SGX Stock Analyst Report ADD MAINTAIN ADD 13.90 UP 13.750




Previous report by CGS-CIMB:
2021-08-04 OCBC - Capital As A Catalyst

Target prices by 3 other brokers at OCBC Target Prices.
Listing of broker reports at OCBC Analyst Report.

Relevant links:
OCBC Share Price History,
OCBC Announcements,
OCBC Dividends & Corp Actions,
OCBC News Articles





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