- We raise the target prices for all 3 banks: DBS's target price from S$44.50 to S$46.90, UOB's target price from S$35.50 to S$36.30 and OCBC's target price from S$17.10 to S$17.60, driven by an increase in terminal growth rate estimate to 2% (from 1%) reflecting their expanding regional footprint, resilient profitability and strong reserve coverage.
- - Read this at SGinvestors.io -
- Singapore loans growth is holding at mid-single digits (Apr 2025: 4.5%), but we expect a slight slowdown due to the trade war. The CASA ratio has continued to rise (Apr 2025: 19.3%), which will provide a tailwind for the banks from lowered funding costs.
- - Read this at SGinvestors.io -
- A beneficiary of the trade war has been trading volumes, with year-to-date 2025 volumes up ~24% y-o-y.
3-month SORA at its lowest since Oct 2022
- Read more at SGinvestors.io.
Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
Glenn Thum Phillip Securities Research | https://www.poems.com.sg/ 2025-06-12
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)
