- OCBC’s 9M24 core-earnings were ahead of MIBG and Street's estimates.
Good execution, but need more clarity on capital
- NoII is making a strong recovery on a combination of solid trading income and fees. Structurally, these are set to see further growth.
- - Read this at SGinvestors.io -
NoII moving in the right direction
- OCBC's 3Q24 NoII has recovered to contribute 36% of total income vs 28% a year ago. Trading was a big share, with the bank’s own trading rising 29x y-o-y. Given market volatility, some of this momentum should carry through to 4Q, we think.
- - Read this at SGinvestors.io -
- We raise 2024-26E NoII assumptions for OCBC by 3-4%.
Some protection for NII downside
- 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/ 2024-11-09
Previous report by Maybank:
2024-08-02 OCBC - Delivering On Strategy; Dividend Visibility Despite Rising Rate Cut Risks.
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
