OCBC Shares Likely Partially Priced in Resilient 2Q Earnings
Dow Jones
Aug 07
0057 GMT - Oversea-Chinese Banking Corp.'s shares have likely partially priced in its resilient 2Q earnings, says Citi analyst Tan Yong Hong in a note. The stock closed 2.4% higher at S$29.33 on Thursday, after peer DBS Group reported higher 2Q earnings. OCBC's 2Q profit rose 22% on year to 2.22 billion Singapore dollars, which Hong estimates is 16%-17% higher than projections. This was likely driven largely by trading income, thanks to to results from its insurance unit, Great Eastern, he says. He expects the Singapore lender to focus on loan growth drivers, operating-expenditure outlook and sustainability of wealth-management fee income in its earnings briefing. Citi maintains OCBC's target price of S$28.40 and a neutral rating.
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