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OCBC
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Echoes
Senior |
03-Sep-2026 12:52
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Price has gained over 60% YTD and 100% over the past 1 year . | ||||
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Checkerman
Master |
03-Sep-2026 08:49
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good break 32
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hokpin
Supreme |
03-Sep-2026 08:42
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Shall we? Shall we break the ATH today? | ||||
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Joelton
Supreme |
21-Aug-2026 11:32
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OCBC prices £ 1 billion floating rate covered bonds due 2029 [SINGAPORE] OCBC : O39 0% has priced £ 1 billion (US$1.4 billion) in aggregate principal amount of floating rate covered bonds due 2029, it announced on Thursday (Aug 20). The covered bonds will bear interest at the compounded daily Sterling Overnight Index Average (Sonia) rate, plus 0.48 per cent per annum payable quarterly in arrear. The Sonia rate is the average of the interest rates that banks pay to borrow the pound sterling from other financial institutions and institutional investors overnight. Issued under the local lender&rsquo s US$10 billion global covered bond programme, the net proceeds will be used for general corporate purposes. The bonds are expected to be issued on Aug 26 and listed on the Singapore Exchange on Aug 27. Moody&rsquo s Investors Services is expected to rate the bonds Aaa, while Fitch Ratings is expected to assign an AAA rating. Payments of interest and principal will be guaranteed by Red Sail, backed by a portfolio of assets purchased from OCBC. Aside from OCBC, Barclays Bank, Lloyds Bank Corporate Markets, RBC Europe, HSBC (Singapore Branch) and The Toronto-Dominion Bank served as joint lead managers for the transaction. Shares of OCBC ended at S$30.94 on Wednesday, S$0.01 or 0.03 per cent lower. |
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temp123
Senior |
20-Aug-2026 10:32
Yells: "." |
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This should be in CAO thread Sir.
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Joelton
Supreme |
20-Aug-2026 09:21
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Lim of OCBC maintains ' buy' on CAO but lowers fair value after 1HFY2026 fell short eyes possible re-organisation Ada Lim of OCBC Group Research has kept her " buy" call but cut her fair value estimate for China Aviation Oil after the jet fuel supplier reported " underwhelming" 1HFY2026 earnings that missed expectations. For the half year ended June 30, revenue dropped by 8.8% y-o-y to US$7.8 billion on lower business volumes. Total supply and trading volume fell 46.3% y-o-y to 7.39 million metric tonnes, partly because it ceased trading crude oil as well as fuel oil. No thanks to higher procurement costs, its gross profit was down 83.8% to US$4.9 million. On the other hand, associates, which include the business of supplying jet fuel in Shanghai' s Pudong International Airport, contributed US$45.9 million, up 67.3%. All in, earnings for the period was down 17.3% to US$41.4 million. CAO&rsquo s net cash position has shrunk half-on-half but remained at a substantial USD588.9 million as at June 30, down from US$687 million as at Dec 31 2025. Looking ahead, Lim is of the view that CAO may enjoy some recovery in trading volumes given that China has reportedly lifted refined fuel export restrictions since early July. " However, trading margins are likely to remain under pressure against a backdrop of dislocated markets," she warns. Lim is also flagging possible reorganisation, following possible changes at a higher level. The restructuring of CAO&rsquo s controlling shareholder, China National Aviation Fuel Group (CNAF), with Sinopec has been completed on July 9. " We are cautiously optimistic that there may be some re-organisation within the enlarged Sinopec group to consolidate trading operations of various refined oil products and unlock greater synergies. " We also get a sense that CAO&rsquo s new parent may be more focused on shareholder returns, and management&rsquo s commitment to a higher dividend payout ratio or accretive acquisitions remain potential catalysts that may drive a further re-rating of the stock in the medium term, backed by a significant net cash position," she adds. Lim, optimistic that CAO' s long-term growth trajectory remains intact, has kept her " buy" call. However, for now, she has lowered her fair value from $2.48 to $1.95, which is pegged to 13.0x FY2027 earnings, a level that is 2 sd CAO' s 10-year historical average. Similar to OCBC' s Lim, Tan Jie Hui and Lim Siew Khee of CGS International have kept their " add" call but trimmed their sum-of-the-part based target price to $2.45 from $2.68 To reflect the impact of higher fuel costs and inventory impairment losses, Tan and Lim have their FY2026 earnings estimates by 9% and by 1% each for the coming FY2027 and FY2028. Having said so, they deem these as one-offs and that CAO is now better prepared for elevated trading volatility amid ongoing US-Iran tensions. They also believe that CAO' s integration into Sinopec' s value chain may open a path to a materially larger trading platform in the longer run, with upside from Sinopec potentially consolidating its international oil trading operations under CAO. Key catalysts include margin expansion, higher-than-expected oil prices and increased dividend payout. On the other hand, downside risks include how CAO could be perceived as a redundant trading platform due to business overlap with Unipec, the international trading arm of Sinopec. CAO shares traded at $1.61 as at 10.42 am, down 0.62%. It is down 2.42% year to date. |
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hokpin
Supreme |
14-Aug-2026 10:22
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Broken all time high! | ||||
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Joelton
Supreme |
14-Aug-2026 10:03
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OCBC and CGSI maintain buy calls for Info-Tech Systems OCBC Group Research analyst Lai Gene Lih and CGS International (CGSI) analysts Meghana Kande and Tan Jie Hui have maintained their &lsquo buy&rsquo ratings for SME software provider Info-Tech Systems (SGX:ITS) in reports published on Aug 13. Lai, who is taking over the stock&rsquo s coverage from OCBC Group Research analyst Ada Lim, has raised Info-Tech Systems&rsquo fair value estimate to $1.35 from $1.30 on an unchanged target forward PE multiple of 16 times on estimated FY2027 earnings. Meghana and Tan, on the other hand, have kept their target price of $1.35 unchanged. CGSI&rsquo s valuation is also based on a target forward PE multiple of 16 times on estimated FY2027 earnings. Both OCBC Group Research and CGSI view the performance of Info-Tech Systems&rsquo education and training arm, Info-Tech Academy positively. The academy falls under the company&rsquo s fastest growing segment, services. Services revenue for 1HFY2026 was up 116% y-o-y at $4.9 million. &ldquo Academy was seasonally softer in 1H26, and we expect momentum to pick up in 2HFY2026,&rdquo says Lai. &ldquo However, we see risks that Singapore services (where academy is parked under) may experience y-o-y contraction in 2HFY2026 due to high base effects in 2HFY2025.&rdquo Conversely, Meghana and Tan expect academy revenue to nearly double in 2HFY2026 on a h-o-h basis. The pair expect enrolment momentum to continue because of the grants and training schemes that have been rolled out by the Singapore government to encourage AI upskilling. Earlier, on Aug 12, Maybank Securities analyst Liu Miaomiao initiated coverage on Info-Tech Systems with a &ldquo buy&rdquo rating and a target price of $1.46. Liu&rsquo s valuation is based on a target forward PE multiple of about 16.5 times on estimated FY2026 earnings. In her report, Liu notes that the company is sitting on a cash pile of $67.3 million and has zero borrowings. This, she says, gives the company both acquisition and capital-return optionality. &ldquo ITSL&rsquo s (Info-Tech Systems) upfront subscription model limits working-capital requirements and supports strong cash generation,&rdquo Liu says. Info-Tech Systems shares closed 0.52% lower at 96 cents on Aug 13. |
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huattuatua
Elite |
13-Aug-2026 10:32
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the recovery rate is amazing. | ||||
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Joelton
Supreme |
12-Aug-2026 12:30
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OCBC offers platinum and palladium for retail investing Retail investors can now trade two more precious metals &mdash platinum and palladium &mdash on the OCBC app. Despite being globally traded precious metals, access to platinum and palladium through the local banks has been limited to affluent customers. Building on its gold and silver offerings that were launched in October 2021, OCBC&rsquo s inclusion of platinum and palladium offers retail investors more options to diversify within the asset class. OCBC&rsquo s mass retail customers can start their platinum and palladium bullion investment journey digitally from as little as 0.01 ounces, priced at about $23 for platinum and $18 for palladium as Aug 7. OCBC is strengthening its position as a &ldquo leading&rdquo wealth management player and as the &ldquo go-to&rdquo bank for precious metals, according to OCBC head of group wealth management Tan Siew Lee. &ldquo By combining fractional investment with a seamless digital experience, we have lowered the precious metals investment barrier to entry for all our customers.&rdquo She adds: &ldquo It is nonetheless important to recognise that platinum and palladium are high-beta metals. Investors who are willing to tolerate higher volatility may find in them a unique way to gain exposure to themes that sit at the intersection of industrial activity, resource scarcity, and the evolving global energy transition.&rdquo In contrast to gold, which value is driven by its role as a currency-neutral store of value asset, platinum and palladium derive a significant portion of their demand from industrial applications. Platinum is widely used in automotive manufacturing, hydrogen fuel cell technologies and industrial processes, while palladium plays a critical role in vehicle emissions-control systems. Demand for these metals is therefore closely linked to developments in the automotive, industrial and clean energy sectors. Combined with the concentration of global supply in a handful of countries, these factors can drive price movements that differ from those of gold and silver, exposing investors to a broader set of market influences. OCBC Group Research forecasts spot prices of platinum and palladium to exceed US$2,000 ($2,560) and US$1,500 per troy ounce respectively by the first half of 2027 &mdash up from US$1,833 and US$1,389 as of end-June. |
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taulauhor
Member |
11-Aug-2026 21:08
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OCBC no overtake UOB, no sell !!!!
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s100125
Elite |
11-Aug-2026 17:06
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Likely to overtake from the way investors are chasing OCBC
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Fiat500
Veteran |
11-Aug-2026 16:50
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OCBC is closing in on UOB..It used to be almost half the price of UOB but now it has narrowed down to about 11+ bucks... | ||||
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s100125
Elite |
11-Aug-2026 09:56
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BBs are accumulating aggressively for it long term predominant growth.
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Echoes
Senior |
11-Aug-2026 09:48
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OCBC' s run started in Nov last year after their Q3 results . Back then its price was trading around 16+ and has almost doubled today st 31.50 . However , if one were to use H1 26 interim div of 47cts ( 94 cts annualised ) , its dividen yield is only 2.98% and if you include the special dividen of approximately 16cts, the yield is only 3.5% . The special will be paid for FY26 as per their guidance , however there are no indications that it will continue thereafter . Pls DYODD . |
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s100125
Elite |
11-Aug-2026 09:19
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Will catch up with UOB very soon if this kind of crazy buying continues.
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turtletrader
Senior |
10-Aug-2026 11:58
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Excellent results for OCBC. By the way anyone know the NPL ratio for its China region? Overall NPL ratio is 0.9, seems like no specific breakdown on NPL ratio according to geographical region. |
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Joelton
Supreme |
10-Aug-2026 09:25
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DBS, OCBC surge on strong H1 results but don&rsquo t overlook the potential of underdog UOB [SINGAPORE] There was a lot riding on the financial results of DBS, OCBC and UOB last week &ndash with some analysts calculating that the three stocks had accounted for nearly 89 per cent of the Straits Times Index&rsquo s gain since the beginning of the year, up to Jul 30. Fortunately, the three banks delivered sufficiently strong numbers to staunch most of the nervousness about their increasingly rich valuations &ndash with their wealth management activities and asset growth compensating for further normalisation of their net interest margins. Notably, DBS reported a 3 per cent rise in total income to just more than S$12 billion for the first half of 2026, as net interest income fell 3 per cent to S$7.1 billion while non-interest income rose 15 per cent to nearly S$5 billion. Its net profit for the six-month period rose 5 per cent to just over S$6 billion. OCBC reported an even stronger 11 per cent rise in total income to S$8 billion in H1. Net interest income was down 3 per cent at S$4.5 billion, but non-interest income surged 36 per cent to S$3.5 billion, lifted by record levels of fee, trading and insurance income. The group&rsquo s net profit increased 13 per cent to S$4.2 billion. UOB&rsquo s performance was less robust, though. Total income declined 1 per cent in H1 to S$7 billion, as net interest income fell 3 per cent to S$4.6 billion, net fee income eased 2 per cent to S$1.3 billion, and other non-interest income rose 4 per cent to S$1.1 billion. UOB reported S$902 million in new non-performing assets (NPAs) in Q2 2026, up from S$341 million in Q1 2026, which it attributed to a &ldquo closely monitored&rdquo real estate account in greater China. Yet, the group reported a 27 per cent decline in total allowances for NPAs in H1 2026 to S$414 million, as a reversal of general allowances more than offset the specific allowance for the troubled account. UOB&rsquo s net profit for the six-month period was up 3 per cent at more than S$2.9 billion. Reflecting this lukewarm performance, UOB shares ended last week 0.2 per cent lower at S$43.30. DBS ended the week 3.1 per cent higher at S$76.33 and OCBC climbed 4 per cent to S$30.30. The STI was up 1.2 per cent for the week. Higher ROEs, P/NAV valuations On the face of it, the market&rsquo s reaction to the banks&rsquo H1 2026 financial reports was quite rational. With non-interest income more than offsetting softer net interest income at DBS and OCBC, both banks reported higher annualised return on equity (ROE) in H1 2026 versus H1 2025 &ndash which would logically justify higher price-to-book valuations for their shares. DBS reported an annualised ROE of 17.5 per cent for H1 2026 versus 17 per cent in H1 2025, and is currently trading at 3.1 times its net asset value (NAV). OCBC is trading at 2.2 times NAV, against a H1 2026 ROE of 13.7 per cent, up from 12.6 per cent in H1 2025. In contrast, UOB reported an ROE of 11.6 per cent H1 2026, down from 11.7 per cent in the year-ago period. Its shares are currently trading at 1.4 times NAV. But are DBS&rsquo and OCBC&rsquo s relatively strong ROEs and revenue momentum worth their higher valuations? Or does UOB offer better value? Is it time to get out of the banks altogether? First of all, it may be worth pointing out that the three banks have themselves displayed varying appetite for their own shares recently. During the first seven months of 2026, OCBC and UOB spent S$220.1 million and S$216.4 million, respectively, repurchasing their shares from the market, according to data compiled by the Singapore Exchange. Only two other companies with primary listings in Singapore were bigger buyers of their own shares &ndash and neither of them was DBS. Singtel spent S$893 million on share buybacks during the seven-month period, while Keppel spent S$246.7 million. In fact, DBS has not repurchased shares from the market since July 2025, when it bought 350,000 shares at prices ranging from S$45.79 to S$46.33 apiece &ndash or as much as 40 per cent below its current market price Meanwhile, OCBC last bought back its own shares in May this year, when it scooped up 447,300 shares at S$22.86 each &ndash nearly 25 per cent below its current price. UOB has repurchased shares as recently as last month, when it reported several transactions, some at prices exceeding its current share price. For instance, on Jul 16, it bought 60,800 shares at prices ranging from S$43.42 to S$44.59. The day before that, it bought the same number of shares at prices in the range of S$44.42 to S$45.11. Attractive dividend potential For many investors, the price to NAV multiples at which the banks trade is much less relevant than their dividend yields. While these yields have compressed, they are still quite attractive. For instance, DBS said last week that it will pay an ordinary dividend of S$0.66 per share and a capital return dividend of S$0.15 per share for Q2 2026, matching its Q1 payout. If DBS pays the same amount for the last two quarters of the year, its dividend yield for 2026 will amount to 4.3 per cent, based on its current share price. RHB said in a report last week that DBS may pay higher dividends next year, as its share buybacks appear to have been curtailed. OCBC and UOB are currently trading at yields of 3.1 per cent and 4.1 per cent, respectively, based on their annualised H1 2026 dividends. The way I see it, the generally strong H1 performance of the three banks, and their potential to continue paying attractive dividends, could support the recent momentum behind their share prices. Yet, with their key earnings driver having shifted from net interest income immediately after the pandemic to non-interest income now, forecasting their forward numbers has become somewhat tougher &ndash and their elevated valuations could mean heightened volatility when their results deviate from expectations. It may also be wise for investors to not assume that UOB is the only local bank susceptible to asset quality issues, as an accumulation of global trade and energy supply disruptions bite in the months ahead. Against this backdrop, my inclination is to eschew chasing the banks, and to rotate towards the laggard within the sector. While UOB&rsquo s H1 2026 performance was disappointing compared to that of its peers, the group is working to catch up. Last week, UOB said it will sell its asset management arm to Allianz Global Investors (AGI) for S$555 million. As part of the deal, UOB will form a long-term strategic distribution partnership with AGI in order to be able to provide its customers with a broader range of investment solutions. With high expectations across the banking sector, it may be the underdog that offers the most potential at this point. |
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Joelton
Supreme |
08-Aug-2026 15:41
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How should we think about OCBC' s share price? The three banks reported their 2Q2026 and first half results on Aug 6-7. DBS and OCBC outperformed expectations. Of course with a closer look, nuances appear. Nonethelss, the rise in dividends per share to 47 cents announced by OCBC was a pleasant surprise. In addition, the unused capital return of $800 million works out at 18 cents per share, to be returned in 1H2027 if unused. These dividends should support the share price as the annualised 1H2026 dividend is likely to be used in the Gordon Growth Model to get OCBC to a higher price target along with a higher ROE and an unchanged retention ratio. Even if the ordinary dividend expectation is used (excluding the 18 cents per share the bank is likely to return next year), OCBC could be priced at $33 theoretically depending on its cost of equity. The 10% gain may not be sufficient to entice new investors but OCBC&rsquo s current shareholders are likely to stay invested. Macquarie Equity Research has OCBC&rsquo s cost of equity at 8.6%. If certain metrics are tweaked, OCBC&rsquo s target price could be even higher. Amidst the euphoria, it should be noted that OCBC closed at $30.20 on Aug 7 or 2.2x its book value of $13.73. The Straits Times Index rose by 70 points week-on-week during the week of Aug 3-7, to end at 5,698, just short of the all time high of 5,713. It looks inevitable that the STI is set to move above a techncial upside target of 5,740. Nonetheless, there has been some resistance in the 5,710-5,740 range. It must be noted that short and medium term indicators are at very high levels which are historically viewed as overbought. However, the uptrend is entrenched and any consolidation is likely to be temporary. The 50-day moving average at 5,336 is at a significant distance away from price. In the meantime, the STI has started a very mild negative divergence against its 200-day moving average. If prices are able to clear the 5,710-5740 range decisively a new upside would be indicated. A major negative for global markets is the consistent uptrend of the US 10-year treasury yield and the 30-year treasury yield which has stayed above 5% since July 20. The Federal Open Market Committee meeting was on July 26-27 when the FOMC kept rates unchanged. Mark Dowding, CIO for Fixed Income at RBC BlueBay Asset Management reckons the US administration is &ldquo bruised by the market reaction to Kevin Warsh&rsquo s performance at the press conference following the FOMC meeting&rdquo . According to Dowding, the White House &ldquo would be better advised telling Warsh that if he wants to pursue a policy of no forward guidance and telling the markets nothing, then he [should keep] his appearances very brief in future.&rdquo If Warsh steers the Fed to play a much smaller role in the economy and financial markets, &ldquo fundamental factors should be expected to dominate policy during his tenure,&rdquo Dowding believes. Would that leave the bond market driving stock prices? That could be the case. |
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Joelton
Supreme |
08-Aug-2026 15:40
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OCBC jumps 3.1% at midday after Q2 earnings release UOB pares morning losses [SINGAPORE] Shares of UOB : U11 -0.85% and OCBC : O39 +3.14% diverged after the local banks&rsquo second-quarter earnings release, with UOB declining by as much as 2.2 per cent, while OCBC shares rose by 2 per cent on Friday morning (Aug 7). UOB shares declined 1.5 per cent at market open, before slipping further to S$42.61 at 9.06 am, down 2.2 per cent or S$0.97, after about 1.1 million securities valued at S$46.1 million were transacted. The stock later pared losses by midday, reaching S$43.21, still down 0.8 per cent. On the other hand, OCBC shares rose 2 per cent, before easing to S$29.88 at 9.06 am, still up 1.9 per cent or S$0.55. By midday, the counter was up 3.1 per cent at S$30.25 &ndash a new high for the lender. This comes after the two banks&rsquo Q2 earnings beat forecasts, with OCBC&rsquo s operating profit increasing 20 per cent year on year to S$2.6 billion, on strong contributions from its wealth management and insurance segments. UOB&rsquo s operating profit was up 2 per cent year on year at S$2 billion for Q2, but its operating profit for the first half of the year fell 4 per cent on the year to S$3.9 billion. UOB&rsquo s net profit for Q2 rose 10 per cent to S$1.48 billion, compared with S$1.34 billion for the year-ago period. Meanwhile, OCBC&rsquo s net profit for the period was up 22 per cent at S$2.22 billion, from S$1.82 billion previously. |
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