- OCBC's dividends for FY23 rose 21% y-o-y to 82 cents, with the dividend payout ratio stable at 53%. 4Q23 dividend was up 5% y-o-y to 42 cents. It was below our expectations.
- OCBC's 4Q23 earnings of S$1.62bn met our estimates. It came from higher fee income and stable NII. FY23 PATMI was 100% of our FY23e forecast.
- - Read this at SGinvestors.io -
- Maintain BUY on OCBC with an unchanged target price of S$14.96. We like OCBC due to attractive valuations and a dividend yield of 6.7%, buffered by a well-capitalised 15.9% CET 1, and non-interest income growth from recent acquisitions.
The Positives
Net interest income grew 3% y-o-y.
- - Read this at SGinvestors.io -
- OCBC has provided FY24e guidance for NIM to be in the range of 2.20% to 2.25%, with FY23 exit NIM currently at 2.26%.
Fee income continues to grow.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Darren Chan Phillip Securities Research | https://www.stocksbnb.com/ 2024-03-01
Read also Phillip's most recent report:
2024-05-13 OCBC Bank - Non-Interest Income The Growth Driver.
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 Dividends & Corporate Actions,
OCBC News Articles
