good closing with healthy vol....
Yes finally eating into the 10.20 level....let hope it on to 10.22/25 for today . 🙂
TP 12....:)))
Unlike DBS, OCBC is very slow moving. Been trading DBS but hand itchy, touch OCBC.Sigh!
Unlike DBS, OCBC is very slow moving. Been trading DBS but hand itchy, touch OCBC.Sigh!
Normally end of Jul .Current range between 10.15/...10.20 with big lots blocking both side....may need a catalyst like greece or a jump in Dow.
When result out?
When result out?
Again the 10.20 is a resistance ...once this can be cross ( which it has tried a few times) ...OCBC has a gd chance of run up
especially with the coming Q2 results. All banks shld still be OK with high income from outstandng loans. :))
Big Cheong soon.....still hovering
Big Cheong soon.....still hovering
Ocbc also bgt more than 800K of shares for their treasury shares program during June 2015
what do we make of all these purchases?
bgt another 50000@10.03 looks like ocbc may have close to exhausted the buyback fund...a sign of bottoming
Share Buy-Back Name D.O.T . Buy /Sell No.of shares S$/shOverseas Chinese Banking Corporation 15-Jun-15 Share Buy-Back 50,000 10.03
Overseas Chinese Banking Corporation 12-Jun-15 Share Buy-Back 150,000 10.09
Overseas Chinese Banking Corporation 11-Jun-15 Share Buy-Back 150,000 10.09Overseas Chinese Banking Corporation 10-Jun-15 Share Buy-Back 150,000 10.07
Overseas Chinese Banking Corporation 09-Jun-15 Share Buy-Back 150,000 9.98
Overseas Chinese Banking Corporation 08-Jun-15 Share Buy-Back 150,000 9.98
Overseas Chinese Banking Corporation 04-Jun-15 Share Buy-Back 150,000 10.030
Overseas Chinese Banking Corporation 03-Jun-15 Share Buy-Back 150,000 10.060Overseas Chinese Banking Corporation 02-Jun-15 Share Buy-Back 150,000 10.080
Overseas Chinese Banking Corporation 28-May-15 Share Buy-Back 150,000 10.280
Overseas Chinese Banking Corporation 27-May-15 Share Buy-Back 150,000 10.310
Overseas Chinese Banking Corporation 26-May-15 Share Buy-Back 150,000 10.420
Dated 10th June 2015
BUY Last Traded Price: S$9.95 STI : 3,295.13 Price Target : 12-month S$ 12.80 (29% upside) (Prev S$ 12.70)
Potential Catalyst: Earnings accretion from OCBC-WHB
Where we differ: Earnings are more bullish than consensus with variance likely from low sustained credit costs
Analyst LIM Sue Lin +65 6682 3711 suelinlim@dbs.com
RIDING ON ITS UNDERAPPRECIATED LINK Riding on its unappreciated Greater China franchise. We believe the market is still underappreciating the OCBC-WHB&rsquo s franchise in Greater China. With its enlarged Greater China presence, OCBC&rsquo s growth prospects in wealth management, retail & commercial banking and insurance are further enhanced. Active cross-selling for OCBC&rsquo s private banking and insurance businesses are key wins. Integration is still on-going but signs of improvement are visible in its wealth management income line. Solid non-interest income franchise to drive earnings . We expect wealth management income to continue its upward trajectory, potentially contributing up to 20% of non-interest income (excluding insurance). Insurance contribution could be volatile due to interest rate movements. As such, underlying growth in new business embedded value and total weighted sales should be the focus parameters for insurance, and these have been robust. NIM should improve sluggish loan growth ahead. Expect 2Q15 NIM to improve but loan growth (ex OCBC-WHB) would likely remain sluggish. We forecast 6% loan growth for 2015 with flat NIM y-o-y. Non-interest income will remain a space to watch.To recap, in 1Q15, loan yields increased due to the SIBOR/SOR uptick but NIM slipped as surplus liquidity was redeployed into lower yielding assets in addition to funding cost pressures. Excluding OCBC-WHB, loans grew 4% y-o-y. Valuation: Our S$12.80 TP which implies 1.4x FY16F BV is derived from the Gordon Growth Model. We believe OCBC&rsquo s share price should re-rate on clarity of earnings enhancement from OCBCWHB. The potential reach from its differentiated non-interest income franchise should support valuations. A turn in the interest rate cycle with minimal disruption to asset quality would be testimony of its credit robustness. Key Risks to Our View: Slower traction in wealth management business . As a growing income contributor, stricter regulatory requirements for private banking clients could slow growth. Additionally, weak and volatile markets could put customers on a risk-off mode, reducing investment activities. Inability to fully integrate Wing Hang Bank&rsquo s business. Inability to extract synergies from its acquisition of Wing Hang Bank could take a longer-than-expected toll on EPS/ROE.
what happened again....
Bad kama by their anal list noble and others
Before July result.... 2 scenarios will happen....OCBC will either hover upwards till release date in July or it will hover horizontally and then cheong up after result is released (if it is good)
