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Singapore banking sector may hold ‘upside surprises’
$DBS (D05.SG)$ $OCBC Bank (O39.SG)$ $UOB (U11.SG)$
PhillipCapital analyst Glenn Thum has maintained his “overweight” call on the Singapore banking sector and “buy” ratings on all three local banks.
PhillipCapital analyst Glenn Thum has maintained his “overweight” call on the Singapore banking sector and “buy” ratings on all three local banks.
Thum has also given target prices of $41.60, $35.70 and $14.42 to DBS, UOB, and OCBC respectively,
The analyst explains his positive view on the sector, saying that bank dividend yields are attractive at 5% with upside surprises due to excess capital ratios.
In addition, stable economic conditions and rising interest rates remain tailwinds for the banking sector, he says.
In August, bank interest rates continued to climb, hitting their highest levels in a decade. The three-month Singapore Overnight Rate Average (SORA) was up 25 basis points (bps) m-o-m to 2.72%, while the three-month Singapore Interbank Offered Rate (SIBOR) was up 51 bps m-o-m to 2.53%.
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