OCBC Bank - RHB Invest 2023-07-05: Near-Term Headwinds Cast A Pall; Downgrade To NEUTRAL

• Downgrade OCBC to NEUTRAL from Buy, new S$13.20 target price from S$14, 7% upside with 6% yield.
• OCBC held an update on its ASEAN-Greater China strategy earlier this week, and targets to deliver an incremental S$3bn in revenue (cumulative) over 2023-2025. While details were scant, we believe it is well positioned to capitalise on the growing ASEAN-Greater China business flows over the medium-to-long term.
• - Read this at SGinvestors.io -

Accelerating ASEAN-Greater China Growth...

• OCBC (SGX:O39) laid out four broad strategies and areas that it expects to drive growth ahead:
  1. - Read this at SGinvestors.io -
  2. support increasing ASEAN-Greater China trade and investment flows;
  3. unlocking value from new economy and high growth industries; and
  4. driving the transition to a sustainable low-carbon world.
• Business pillars underpinning the drive are Global Wholesale Banking, Global Consumer Financial Services and Bank of Singapore (BOS).

…to lead to incremental cumulative revenue of S$3bn over 2023- 2025.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2025-02-27 OCBC - Returning More To Shareholders, Upgrade to BUY.

Previous report by RHB:
2025-01-23 OCBC - 4Q Earnings Could Drop Double Digits; All Eyes On Dividend & Capital Management Plans.

Price targets by 4 other brokers at OCBC Target Prices.

Listing of research reports at OCBC Analyst Reports.

Relevant links:
OCBC Share Price History,
OCBC Announcements,
OCBC Dividend Payout Dates & Corporate Actions,
OCBC News