OCBC could have the capacity to grow its capital return, which likely serves as a driver of its share prices, says Phillip Securities research manager Glenn Thum in an email. The Singapore lender's shares hit a record intraday high on Thursday and look set to continue its winning streak for the ninth consecutive session, according to LSEG data.

Thum believes the lender could offer more capital returns despite not providing any guidance, as its fully phased-in Common Equity Tier 1 ratio--a measure of a bank's financial strength--is higher than its optimal ratio. The stock's gains could also be due to its strong 3Q results, with its fee income growing 34% on year and outpacing its local peers', he adds.