Singapore Banks - Maybank Research 2024-10-14: Enter The Dragon; Upgrade To POSITIVE On China + ASEAN Growth

• We raise our sector outlook to POSITIVE, upgrade OCBC, UOB to BUY and retain BUY on DBS.

Upgrade to POSITIVE on China + ASEAN growth

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• Concurrently, the sector is poised to benefit from a confluence of positive catalysts from rising regional credit demand, the Johor-Singapore Special Economic Zone and an AUM base converting from fixed deposits to wealth management products commanding higher fees.
• Upcoming 3Q24 results (see earnings calendar) should show slower than previously expected NIM contraction and a pick-up in fees with a backdrop of solid asset quality.

Past China stimuli had positive effects

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• When we look at past stimulus measures in Nov 2009 and in 2015, we note a subsequent growth in loan momentum in the North Asian operations of the Singapore banks.
  • Read more at SGinvestors.io.
  
  
  
  

  
  Above is the excerpt from report by Maybank Research.
  Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
  
  

  
  
  Thilan Wickramasinghe Maybank Research | https://www.maybank.com/ 2024-10-14 SGinvestors.io
  
  

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  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)