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OCBC should be seen as &lsquo financial conglomerate&rsquo unlike local banking peers, says chairman
The lender &ndash which has two banking licences, insurance arm Great Eastern and an asset manager &ndash is the sum of its parts in terms of share price and how it operates, notes Andrew Lee
OCBC should be seen as a financial conglomerate of many parts, setting it apart from the other two local banks in Singapore, said its chairman Andrew Lee.
Speaking at the lender&rsquo s annual general meeting on Tuesday (Apr 30), Lee said that OCBC is &ldquo not just a pure bank&rdquo &ndash it comprises two banking licences, including one for its private banking arm Bank of Singapore, insurance arm Great Eastern and an asset manager.
&ldquo What we are, in terms of the share price and in terms of how we operate, is the sum of the parts,&rdquo Lee added.
Lee was responding to several shareholders&rsquo questions on the bank&rsquo s capital levels, share price performance, dividends and holdings in Great Eastern.
A shareholder asked if OCBC was reviewing its capital levels and returning the excess to shareholders another asked if the lender would consider enhancing its share value through higher dividend payouts and bonus share issues.
Lee noted that OCBC&rsquo s capital levels are seen as &ldquo very high&rdquo compared with its local banking peers. Its common equity tier-1 (CET-1) ratio stood at 15.9 per cent for FY2023, while DBS&rsquo was 14.6 per cent and UOB&rsquo s was 13.4 per cent.
While OCBC&rsquo s &ldquo seemingly excess&rdquo capital has had some impact on its return on equity &ndash 13.7 per cent in FY2023 &ndash it reflects the board&rsquo s views on increasing uncertainties in recent times, Lee said.
He noted that rising geopolitical tensions and unclear macroeconomics have resulted in &ldquo ambiguous times which we have not faced&rdquo .
&ldquo Being prudent is why we have survived in a sustained and continuous form for the past 92 years, and we have every intention to be around for the next 92 and more years.&rdquo
He added: &ldquo (To steer) through these unprecedented times, where you will more than possibly see storms, I would suggest that we be prudent.&rdquo
But Lee also noted that the lender is not a &ldquo hoarder&rdquo of capital.
OCBC has deployed capital very systematically, into opportunities that suited its strategy at the right price, and will continue to do so, he said.
In 2023, OCBC bought the Indonesian subsidiary of the Commonwealth Bank of Australia, while Great Eastern acquired Malaysia&rsquo s AmMetLife Insurance and AmMetLife Takaful.
Lee also shared that the lender is exploring the redevelopment of its Chulia Street property.
&ldquo We are not idle in the deployment of capital. But having said that, we recognise the view that if we seem to have excess capital, why not share it with the shareholders,&rdquo he said.
Lee noted that the lender has set out a clear dividend policy of a 50 per cent dividend payout going forward, and has achieved a 53 per cent payout ratio in the past two years.
But he added that he &ldquo definitely (hears) the shareholders&rdquo , and that the board is open to suggestions on further enhancing its share value.
Shareholders also asked about the group&rsquo s plans for Great Eastern &ndash a separately listed entity that OCBC has a 88.4 per cent stake in.
Lee emphasised that the insurer remains a strategic pillar for the banking group, and that any improvement in Great Eastern&rsquo s performance will flow through to OCBC and be reflected in its share price and dividends.
OCBC, Singapore&rsquo s second-largest lender, is due to report its FY2024 first-quarter earnings on May 10.
How we love gossip! Nothing really interesting.
If really wanna know, ask the someone who will post whenever it wants.
Happy Labor Day
If really wanna know, ask the someone who will post whenever it wants.
Happy Labor Day
moonsun ( Date: 30-Apr-2024 18:26) Posted:
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Any interesting gossips from agm ?
Interlude between presentation and agm.
Happy Labour Day to all unionists and workers
Now on to the AGM for bankers and shareholders.
Happy Labour Day to all unionists and workers
Now on to the AGM for bankers and shareholders.
MrBear12 ( Date: 30-Apr-2024 10:15) Posted:
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Now still way below its recent high.
Yet comes with dividend.
So far, banks has shown strong resilence over its share price by moving up even after dividend payment.
Looking forward to zone 15.
Yet comes with dividend.
So far, banks has shown strong resilence over its share price by moving up even after dividend payment.
Looking forward to zone 15.
moonsun ( Date: 29-Apr-2024 17:48) Posted:
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Last reminder for ocbc agm.
MrBear12 ( Date: 29-Apr-2024 08:47) Posted:
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Possible. That is why I wrote about it
Uob give out haw par shares some time ago..
So it?s possible.. )
So it?s possible.. )
But greater tradeability does not equate with higher share price. If ocbc gives out dividend in species in the form of ge shares, its likely because they no longer contribute as much profit to the parent company.
Good point.
Echoes ( Date: 29-Apr-2024 13:04) Posted:
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One of the reasons GE shares has been trading below its intrinsic value is the low numbers of shares floating in the market . Too little shares held by too litle investors .
If GE shares are distributed to OCBC shareholders , I believe trading activity will increase and the share price will rise to reflect its true value , which will benefit existing GE shareholders .
If GE shares are distributed to OCBC shareholders , I believe trading activity will increase and the share price will rise to reflect its true value , which will benefit existing GE shareholders .
simpleguy123 ( Date: 29-Apr-2024 12:53) Posted:
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Its was a 2 (New shares) - for -1 (Old share) stock split.
OCBC BANK PROPOSES A TWO-FOR-ONE STOCK SPLIT Move will increase affordability of shares, broaden shareholder base and enhance share liquidity over time Singapore, 22 February 2005 &ndash Oversea-Chinese Banking Corporation Limited (&ldquo OCBC Bank&rdquo or the &ldquo Bank&rdquo ) is proposing a sub-division of each ordinary share of S$1.00 into two ordinary shares of S$0.50 each. The sub-division will increase the affordability of investing in each board lot of OCBC Bank shares and hence encourage greater participation by smaller investors, as well as provide greater trading flexibility for existing investors. This move will broaden the Bank&rsquo s shareholder base and is likely to enhance the shares&rsquo liquidity over time. OCBC Bank will retain trading of its ordinary shares in board lots of 1,000 shares of S$0.50 each following the sub-division. The sub-division is subject to approval of shareholders via an ordinary resolution at an EGM, currently targeted to be held on 30 March 2005. It is also subject to the approval from the Singapore Exchange Securities Trading Limited (&ldquo SGX-ST&rdquo ) for the listing and quotation of the sub-divided shares. Commenting on the proposed sub-division, OCBC Bank&rsquo s CEO David Conner said, &ldquo With OCBC shares currently trading at above S$13, one board lot of 1,000 OCBC shares may represent too large an investment for many retail investors. By lowering the absolute price of each share through this exercise, we hope to provide this investment choice to more investors. With a broader investor base and potentially better liquidity over time, we believe this move will benefit both existing and new investors in OCBC shares. &rdquo
OCBC BANK PROPOSES A TWO-FOR-ONE STOCK SPLIT Move will increase affordability of shares, broaden shareholder base and enhance share liquidity over time Singapore, 22 February 2005 &ndash Oversea-Chinese Banking Corporation Limited (&ldquo OCBC Bank&rdquo or the &ldquo Bank&rdquo ) is proposing a sub-division of each ordinary share of S$1.00 into two ordinary shares of S$0.50 each. The sub-division will increase the affordability of investing in each board lot of OCBC Bank shares and hence encourage greater participation by smaller investors, as well as provide greater trading flexibility for existing investors. This move will broaden the Bank&rsquo s shareholder base and is likely to enhance the shares&rsquo liquidity over time. OCBC Bank will retain trading of its ordinary shares in board lots of 1,000 shares of S$0.50 each following the sub-division. The sub-division is subject to approval of shareholders via an ordinary resolution at an EGM, currently targeted to be held on 30 March 2005. It is also subject to the approval from the Singapore Exchange Securities Trading Limited (&ldquo SGX-ST&rdquo ) for the listing and quotation of the sub-divided shares. Commenting on the proposed sub-division, OCBC Bank&rsquo s CEO David Conner said, &ldquo With OCBC shares currently trading at above S$13, one board lot of 1,000 OCBC shares may represent too large an investment for many retail investors. By lowering the absolute price of each share through this exercise, we hope to provide this investment choice to more investors. With a broader investor base and potentially better liquidity over time, we believe this move will benefit both existing and new investors in OCBC shares. &rdquo
prophetjul ( Date: 29-Apr-2024 11:23) Posted:
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Great Eastern Shares issued to OCBC Shareholders?
But like that, GE shareholders lugi sia. Although it is good for OCBC shareholders.
But like that, GE shareholders lugi sia. Although it is good for OCBC shareholders.
MrBear12 ( Date: 26-Apr-2024 10:05) Posted:
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Not sure whats the purpose but my guess its to improve share liquidity by making it cheaper for retail investors .
Back then trading was 1,000 shares per lot and anything lesser is traded as odd lots .
Back then trading was 1,000 shares per lot and anything lesser is traded as odd lots .
prophetjul ( Date: 29-Apr-2024 11:23) Posted:
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What was the purpose of the stock split in 2005?
Market cap OCBC is 4,5b x $14 = 63b
DBS 2.58 x $34.5 = 89b
UOB 1.67 X $30.4 = $50.76b
Market cap OCBC is 4,5b x $14 = 63b
DBS 2.58 x $34.5 = 89b
UOB 1.67 X $30.4 = $50.76b
Echoes ( Date: 26-Apr-2024 09:56) Posted:
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Presentation of group financial performance at 1pm before agm same venue.
No virtual meeting
No virtual meeting
MrBear12 ( Date: 29-Apr-2024 08:44) Posted:
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Ocbc agm tmr 30 apr 2pm
Sands expo and convention ctr
Lvl4
Roselle and simpor ballrms
Sands expo and convention ctr
Lvl4
Roselle and simpor ballrms
Or bonus shares of their subsidiaries is also good.
Dont think will happen .
The stock underwent a split in 2005 , rights issue in 2014 , and also numerous scrip dividen schemes in the years before covid . At 4.5b shares outstanding , its numbers of shares far outstrip DBS 2.58b and UOB' s 1.67b .
The stock underwent a split in 2005 , rights issue in 2014 , and also numerous scrip dividen schemes in the years before covid . At 4.5b shares outstanding , its numbers of shares far outstrip DBS 2.58b and UOB' s 1.67b .