OCBC's Strong Wealth Franchise Likely to Support Shares
Dow Jones
Aug 10
0204 GMT - Oversea-Chinese Banking Corp.'s strong momentum in its wealth franchise is likely to remain supportive for its shares, says Macquarie Capital's Jayden Vantarakis in a note. The Singapore lender's 2Q profit beat Macquarie's estimates on strong noninterest income, with wealth remaining a strong point, he says. The bank has opportunity for further integration of its various franchises, including its private bank subsidiary Bank of Singapore and its insurance unit Great Eastern. The analyst raises his 2026-2028 earnings-per-share estimates by 4%-8% to reflect higher noninterest income, stronger loan growth and lower credit costs. Macquarie raises its target price 14% to 31.69 Singapore dollars and reiterates its outperform rating. Shares last closed at S$30.30.
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