Singapore Banks - RHB Invest 2023-11-21: Hold For Dividends; No Major Surprises In 3Q23

Singapore Banks - Hold For Dividends; No Major Surprises In 3Q23

Singapore Banking Sector - RHB Research | SGinvestors.ioDBS (SGX:D05) OVERSEA-CHINESE BANKING CORP (SGX:O39) UNITED OVERSEAS BANK LTD (SGX:U11)
  • Singapore banks DBS, OCBC & UOB’s 3Q23 results were within expectations. OCBC has the strongest asset quality metrics – a potential differentiating factor in a higher-for-longer interest rate environment. Yet, OCBC's share price trades at 1x P/BV while offering 6% yield.
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Guidance largely unchanged.

  • FY23F guidance from SG Banks were fine-tuned after the release of 9-month results. OCBC tweaked up its net-interest margin (NIM) guidance and lowered its cost-income ratio (CIR) target, while reducing loan growth expectations. Overall, the impact is largely neutral to bottomline.

3Q23 sector’s operating income was flat q-o-q


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