OCBC - Maybank Research 2024-11-09: Delivering, But Need Clarity

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

Read also Maybank's most recent report:
2025-02-26 OCBC Bank - Synergies Strong, Capital Returns Lagging. Downgrade To HOLD..

Price targets by 4 other brokers at OCBC Target Prices.

Listing of research reports at OCBC Analyst Reports.

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