0300 GMT [Dow Jones] STOCK CALL: Phillip Securities upgrades OCBC (O39.SG) to Buy from Hold to reflect purchase of ING's Asia private banking business, recent stake increase in China's Bank of Ningbo (002142.SZ) to 15.1% from 10%. Says ING buy appropriate as private banking in Asia highly lucrative given rising number of high net worth individuals in Singapore, HK, China, Indonesia. Adds stake increase in Chinese bank in-line with OCBC's ambition to expand in China, although contribution to bottomline may be insignificant at this point in time, with Bank of Ningbo's 1H09 net profit at CNY706 million (S$144 million). Raises target price to S$8.80 from S$8.10 after rolling over valuation to FY10. Stock +1.1% at S$7.68. (FKH)

0155 GMT [Dow Jones] STOCK CALL: Kim Eng Securities upgrades OCBC (O39.SG) to Buy from Hold, raises target price to S$9.40 from S$8.80, pegged at 1.6X FY10 P/B, to reflect optimism over purchase of ING's Asia private banking business. Based on IAPB's earnings of US$88 million in 2008, house says new unit may account for at least 5% of OCBC's net profit by 2010; "with strengthening AUM (assets under management) and resilient two-year earnings CAGR of 20%, we view IAPB as a resilient franchise to own." Adds there's substantial value creation with enlarged customer base across global arena, product enhancements, cross-referral synergies. Stock +0.9% at S$7.67. (FKH)