Friday, October 13, 2006

Stock Upgraded: UOB and OCBC target price raised to 19.1 and 8 respectively by UBS

UBS Investment Research says it has raised its target prices for United Overseas Bank (UOB) and Oversea-Chinese Banking Corp in the belief that that banks here will continue to improve their margins and surpass expectations of loan growth. The investment bank has raised its target price for UOB to 19.10 sgd per share from 17.60 sgd and for OCBC to 8.00 sgd per share from 7.85 sgd. "We think a sustained rebound in margins and upside surprises in loan growth are the catalysts for further re-rating. Already core return on equity is near the record and moving higher in an environment of more normalized interest rates and what appear to be the best loan opportunities in over a decade," UBS said in a note to clients. "The market seems to be underestimating loan growth, which we think could surprise on the upside as Singapore enters a new phase of secular growth. In particular, we expect construction and housing loans to be strong in this reflationary environment. We revise our 2007 loan growth assumption from 7 pct to 12 pct." DBS Group Holdings Ltd remains UBS's top pick among banks here because of its perceived leverage to both the loan growth and interest rate cycle, UBS said. Earlier, UBS said it had raised its target price for DBS to 25.00 sgd per share from 21.50 sgd. At 10.11 am, DBS was up 1.00 sgd at 21.20, UOB up 0.20 at 17.00 sgd and OCBC up 0.10 at 7.10.

1 Comments:

At 5:45 AM, Anonymous Anonymous said...

http://www.ok5266.com/Article_Show.asp?ArticleID=1208

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