Singapore Banks - RHB Invest 2024-01-05: Hold On For Dividend Yields

Singapore Banks - Hold On For Dividend Yields

Singapore Banks - RHB Investment Research | SGinvestors.ioDBS (SGX:D05) OVERSEA-CHINESE BANKING CORP (SGX:O39) UNITED OVERSEAS BANK LTD (SGX:U11)
  • We keep our view that tailwinds for Singapore banks under our coverage are waning. A peaking rate cycle, coupled with potential rate cuts in 2H24, means that the sector’s earnings momentum is expected to stall in 2024. However, as long as bottomline is elevated, this should be supportive of dividend yields.

SG Banks’ share prices went through a volatile 2023

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  • OCBC's share price outperformed peers on superior asset quality with decent valuation and attractive dividend yield while UOB was a laggard due to uncertainties over its integration of the Citigroup acquisition, we believe.

Mixed outlook ahead for SG Banks ...

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  • The RHB EMS team sees FFR peaking at 5.25-5.50%, easing to 5.0-5.25% by 2H24.

… which is expected to keep a lid on operating income.

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Singapore Research RHB Securities Research | 2024-01-05

More reports on banking & finance sector:
Analyst Reports on Singapore Banking & Finance Sector

Read also:
Analyst Reports on DBS Group
Analyst Reports on OCBC Bank
Analyst Reports on United Overseas Bank (UOB)


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