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.

Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2023-07-05 SGinvestors.io

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