Last:
10.62 Vol:
1014k 
+0.02
t 10.65 ..the 52 wk high..didn' t break..
could this be the end of the rally?
ozone2002 ( Date: 23-Mar-2015 10:09) Posted:
Last:10.5 Vol:643k +0.05
hitting 52 week high soon.. watch for it
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Banking on synergies
We ini� � ate coverage on Oversea-Chinese Banking Corp Ltd (&ldquo OCBC&rdquo ) with
a BUY recommenda� � n and a fair value of S$11.63 based on our Dividend
Discount Model (DDM) valua� � n. Expect poten� � l opera� � nal synergies
and cross-selling opportuni� � s through the acquisi� � n of OCBC Wing Hang
(OCBC WH) to improve OCBC&rsquo s bo� � m line.
Cross-selling opportuni� � s. The acquisi� � on of Wing Hang Bank has
provided OCBC with the avenue to cross-sell OCBC&rsquo s products to customers
of OCBC WH. We expect to see an increase in contribu� � on from OCBC WH&rsquo s
wealth management segment as the bank builds up its selling capabili� � es in
wealth products.
Strengthening presence in Greater China. The acquisi� � on of OCBC WH also
provided OCBC with a greater presence in the Pearl River Delta region in
China, where OCBC did not have a strong presence. With access to more
foreign currencies funding through OCBC WH, we expect OCBC to
strengthen its cross-border trade financing capabili� � es for clients in the
Greater China region.
Stable asset quality. Asset quality is expected to be stable amid tougher
credit environment in 2015. No major issues noted for overall loan bank,
even for loans in the oil and commodi� � es sector. NPL ra� � o also hit a record
low of 0.6%. Management to con� � nue remain cau� � ous on commodi� � es
sector, given the overcapacity in steel and shipping industries. We expect a
pickup in credit costs in the coming years on the back of higher interest
rates .
Greater China strategy in mo� � on. Based on our target price of S$11.63 and
a 2015F dividend yield of approximately 3.5%, the poten� � al upside amounts
to 16.9%. We like OCBC on the poten� � al synergies and cross-selling
opportuni� � es that the bank can create through OCBC WH. OCBC may also
surprise with higher income contribu� � on from OCB WH on the back of
closer collabora� � on with the main OCBC group and higher cross-border
transac� � ons volume.
Yuxuan HE
[email protected]
+65 6236 2389
Buy
Price as of 17 Mar 2015 10.26
12M target price (S$) 11.63
Previous target price (S$) -
Ups ide (%) 13.4
Trading data
Ma rket Ca p (S$m) 40,865.5
IAsvseu Deadi Slyh aTrraeds e(md ) 3,983.0
(3-Month) Vol / Va l 4.4m / $46.1m
52 week lo / hi $8.94 / $10.65
Free Float 81.3%
Major Shareholders
Sela t Pte Ltd 10.7%
Aberdeen 6.5%
Singa pore Investments 3.2%
8.00
9.00
10.00
11.00
12.00
2,900
3,100
3,300
3,500
3,700
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Source: Bloomberg
12-Mth OCBC SP (Blue) vs. FSSTI
Financials
YE Dec (S$ m) 2013 2014 2015F 2016F 2017F
Net Interest Income 3,883 4,736 5,288 5,873 6,551
Non-Interest Income 2,739 3,604 3,638 3,865 4,130
Operating Profit 3,838 4,691 5,204 5,677 6,206
Net Profit 2,679 3,362 3,695 3,998 4,336
EPS (S$) 0.78 0.92 0.93 1.00 1.08
EPS growth (%) (1.4) 17.9 0.8 8.0 8.3
ROE (%) 11.7 12.8 12.2 12.3 12.4
P/E (x) 13.2 11.2 11.1 10.3 9.5
BVPS (S$) 6.9 7.5 8.0 8.5 9.2
P/B (x) 1.5 1.4 1.3 1.2 1.1
DPS (S$) 0.34 0.36 0.36 0.38 0.38
Dividend Yield (%) 3.3 3.5 3.5 3.7 3.8
So urce: Company Data, KGI Fraser
Last:
10.59 Vol:
1074k +0.02
hit 10.6 hitting 52 wk high of 10.65 soon..
Last:
10.52 Vol:
867k 
-0.02
price tends to move higher when the 52 week high is broken..
gd luck dyodd
Hi...may i know was it going higher or wat? What does hitting 52 weeks high apply?
ozone2002 ( Date: 23-Mar-2015 10:09) Posted:
Last:10.5 Vol:643k +0.05
hitting 52 week high soon.. watch for it
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Last:
10.5 Vol:
643k +0.05
hitting 52 week high soon.. watch for it
Yes, confirmed 30 Apr 2015. My apologies clicked on the wrong announcement this morning.
vicloo ( Date: 26-Feb-2015 19:36) Posted:
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http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content& B=AnnouncementLast3Months& F=I918O9MJZRDXWWFS& H=bed27f75aa920a8388f5c7a09a136b4b9323d4adc7bedc460378094cb240b0fc#.VO8EhicayK0
vicloo ( Date: 26-Feb-2015 19:21) Posted:
http://sgxdata.pebbleslab.com/index.asp?m=2& NC=O39
Qanghoo ( Date: 26-Feb-2015 09:26) Posted:
According to the coy' s posting on the SGX website, ex-date is 2 Mar 15. So, last day of CD is tmr.
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http://sgxdata.pebbleslab.com/index.asp?m=2& NC=O39
Qanghoo ( Date: 26-Feb-2015 09:26) Posted:
According to the coy' s posting on the SGX website, ex-date is 2 Mar 15. So, last day of CD is tmr.
vivivava ( Date: 26-Feb-2015 09:17) Posted:
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According to the coy' s posting on the SGX website, ex-date is 2 Mar 15. So, last day of CD is tmr.
vivivava ( Date: 26-Feb-2015 09:17) Posted:
sometime in april
gerllai ( Date: 25-Feb-2015 23:21) Posted:
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As long as you hold the shares till the last day of cum dividend, you are entitled to the dividend. If you choose to have shares instead of money, you have to submit a application form for script dividend before the dead line.
You have to find out at what price and the number of shares is given to you instead of you taking the $180 dividend for 1000 shares.
sglang888 ( Date: 25-Feb-2015 12:06) Posted:
Hi, May I know if I buy the shares now, am I eligible for the scrip dividend?
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Of course it is cum div now... U need hold till ex div to get div... I think is mid april
sglang888 ( Date: 25-Feb-2015 12:06) Posted:
Hi, May I know if I buy the shares now, am I eligible for the scrip dividend?
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