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OCBC
Pinnacle Master	25-Oct-2007 14:08 Pinnacle About Contact Quote this Post!
x 0 x 0 Alert Admin	DBS Vickers - OCBC 3Q07 ? expect strong growth in profits y-o-y Amid issues of the US sub-prime and CDO woes, we expect OCBC to continue recording strong y-o-y earnings growth in 3Q07. We are forecasting y-o-y 3Q07 earnings growth of 25% excluding extraordinary profits. We expect non-interest income to moderate slightly in 3Q07 mainly due to market sentiments for market-related non-interest income activities. We expect stronger growth for net interest income as we anticipate a pick-up in loan growth especially for the housing loan sector. We estimate gross loans to growth at 19% y-o-y. We believe that there could be some mark-to-market losses booked in 3Q07 but we are unable to quantify them at this point in time. Nevertheless, we believe that the amount would not be significant and it could potentially be offset against its reserves rather than the profit and loss account. However, we note that the revaluation of reserves from Bank of Ningbo?s listed shares would significantly cover up any potential mark-to-market losses should there be any. Separately, we would also expect ROE to be lower from 3Q07 purely due to higher reserves due to unrealised gains in investments for its stake in Bank of Ningbo. The listing of Bank of Ningbo, is expected to show significant mark-to-market gains of RMB5.1bn or S$1.0bn is expected to be reflected in fair value reserves by 3Q07. The estimated mark-to-market gains is based on Bank of Ningbo?s closing price of RMB22.90 on 28 Sept 07.
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hawke009 Senior	25-Oct-2007 13:48 hawke009 About Contact Quote this Post!
x 0 x 0 Alert Admin	Thanks Master Pinnacle. From TA, it indeed look bearish. Few analysts have given underweight for all 3 local banks recently. As for me, I will hold OCBC for the time being.
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Pinnacle Master	24-Oct-2007 21:41 Pinnacle About Contact Quote this Post!
x 0 x 0 Alert Admin	My advice is "Hold", in fact for all banks during this period of time. OCBC will be greatly affected by any banks' news oversea. UOB and DBS will be announcing their reports these few days, which will tell us the actual impact of the CDOs. These will look ugly. Athough OCBC is very active in promoting their banking services recently, the result will only show in next quarter's result. Hence, hold on, at least for the next 2 to 3 weeks until dust settled. In TA, yes, banks are bearish because of the recently turmoil. Its mainly caused by the market sentiment on financial sector. In FA, all banks still have their fundamental intact, else there will not be so many "Buy" call. OCBC shown the greatest potential, because it shows the greatest potential for growth.
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singaporegal Supreme	24-Oct-2007 21:14 singaporegal About Contact Quote this Post! Style: Technical Mood: Yells: "Female TA nut"
x 0 x 0 Alert Admin	TA charts for this counter show either stagnation or slight bearishness.
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hawke009 Senior	24-Oct-2007 13:02 hawke009 About Contact Quote this Post!
x 0 x 0 Alert Admin	Master Pinnacle, you have been following closely in OCBC news. Just wonder what is your view in OCBC? underweight, no change or overweight?
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Pinnacle Master	24-Oct-2007 12:00 Pinnacle About Contact Quote this Post!
x 1 x 0 Alert Admin	Singapore's OCBC blacklists Morgan Stanley analyst-paper Oversea-Chinese Banking Corp (OCBC) has barred a Morgan Stanley analyst from meetings involving its executives as it was unhappy with the analyst's coverage, the Business Times reported on Wednesday. OCBC, Singapore's and Southeast Asia's third largest lender, "felt aggrieved" by banking analyst Matthew Wilson's reports, the newspaper said. The newspaper said the analyst has never issued a "buy" call on OCBC since he began covering Singapore banks three-and-a-half years ago. The Business Times also quoted a source saying that OCBC would decline meetings with fund managers introduced by Morgan Stanley Research. "We have not 'banned' anyone in any way," said the bank's spokeswoman Koh Ching Ching. "Whether we invite any particular investor, analyst, fund manager, or journalist to any of our various briefing events is at our discretion," she told Reuters. She also said OCBC's half-yearly results briefings can be viewed live on its Web site to allow investors equal access. Morgan Stanley's Wilson declined comment, while the firm's spokeswoman in Hong Kong could not immediately comment on the Business Times report. Wilson in a Sept. 19 report retained an underweight call on the bank, versus an equal weight on domestic rivals DBS Group and United Overseas Bank . He said OCBC's earnings appeared underwritten by bouyant investment markets and zero loan loss charges, while it had shown zero mortgage loan growth for the last two years.
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Pinnacle Master	17-Oct-2007 14:16 Pinnacle About Contact Quote this Post!
x 0 x 0 Alert Admin	Credit Suisse Singapore Banks- Maintain OVERWEIGHT Singapore banks could report a sharp drop in 3Q07 net profits. as much as -40% QoQ and -25% YoY . if they decide to "kitchen sink" mark-to-market (MTM) provisions on CDOs in P&L. For bringing CDOs into their P&L, banks would need to show a permanent impairment on some portion of CDOs directly owned by them (and in the conduits of DBS and UOB, although there is no subprime in there). We assume a 40-50% MTM loss on ABS-CDOs, up to half of which could come into P&L and the rest going into equity. Operationally, loan growth momentum should have continued but margins are likely to have softened a little in DBS (lower SIBOR as well as Prime-HIBOR reasons) and OCBC (2Q was a spike). We have also gone conservative on fee and treasury income, although the capital market activity was not hit so badly. If they do "kitchen sink," 1) the market should take it positively, as seen in US banks; 2) all three of them will still manage to show decent profits, and 3) there should be no dent to their Tier 1 capitalisations at all. CDO-related provisions are .kitchen-sinked. into P&L While the mark-to-market depreciation in CDOs held in conduits will go directly into P&L (we assume this applies to DBS and UOB although UOB.s conduit structure is different), only a part of the own-CDO MTM losses will be reflected in P&L (to the extent of permanent impairment). DBS/OCBC softer margins in 3Q07, UOB likely flat DBS net interest margins are likely to compress 6 bp QoQ owing to lower SIBOR and Prime-HIBOR spreads in Hong Kong. OCBC.s margins spiked in 2Q and could decline a little.
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Pinnacle Master	17-Oct-2007 08:32 Pinnacle About Contact Quote this Post!
x 0 x 0 Alert Admin	Oct 17 (Reuters) - Three months ended Sept. 30, 2007. (in millions of yuan unless stated, against 2007 figures): 2007 2006 Operating income 574.89 434.14 Net profit 255.19 vs 171.63 Earnings per share (yuan) 0.11 vs 0.09 Net assets per share (yuan) 3.06 vs 1.56 Assets per share compared with the end of last year. Company: Bank of Ningbo <002142.SZ>, partly owned by Singapore's Oversea-Chinese Banking Corp , is a commercial bank based in the eastern Chinese city of Ningbo. It listed yuan-denominated A shares on the Shenzhen Stock Exchange in southern China on July 20, becoming one of the mainland's first two city banks to float shares on a mainland Chinese bourse. Note: The company published unaudited results. The bank's outstanding loans rose to 35.80 billion yuan ($4.76 billion) during the period, up 27.24 percent since the beginning of the year, while deposits rose to 52.52 billion yuan, up 13.70 percent. Its non-performing loan ratio stood at 0.36 percent, compared with 0.35 percent at the end of June.
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ozone2002 Supreme	16-Oct-2007 09:34 ozone2002 About Contact Quote this Post! Style: Technical
x 0 x 0 Alert Admin	OCBC trading within a bullish rectangle... range is between 9.2 and 9.4 suggest to accumulate @ 9.2 and await the uptrend breakout..
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Pinnacle Master	15-Oct-2007 12:29 Pinnacle About Contact Quote this Post!
x 0 x 0 Alert Admin	Merrill Lynch We derive our price objective of S$10.0 using a modified Gordon growth dividend discount model (DDM). Our PO equates to 1.96x 2008E P/BV, wherein we have assumed a 12.5% sustainable ROE, 5% long-term growth rate and 8.8% cost of equity. Key risks are greater volatility from the emerging market exposure to Malaysia and Indonesia. Also, OCBC has greater mass market consumer exposure compared to Singapore peers, which may suffer during economic downturns. In the short-term, there is a risk from further negative news on US subprime mortgages, ABS and CDOs.
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Pinnacle Master	12-Oct-2007 11:08 Pinnacle About Contact Quote this Post!
x 0 x 0 Alert Admin	DBS Vickers Online OCBC Bank: Sustainability in growth BUY; Buy S$9.30; Price Target : 12-month S$ 10.40 Story: We like OCBC for its sustainable growth. We note that earnings growth is expected to be strong for FY07. While 1H07 numbers were driven mainly from the non-interest income segments, we expect to see pick-up in 2H07 from net interest income which would be strongly supported by higher loan growth. Point: We believe that the pick-up in housing loans would benefit OCBC in 2H07 given its strong loan approvals experienced in 2Q07. Strong domestic macro backdrop would aid in supporting growth. Relevance: We maintain our Buy recommendation on OCBC. Although OCBCs share price has outperformed its peers, we believe there are still value propositions. Our target price is maintained at S$10.40 based on the Gordon Growth Model
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Pinnacle Master	10-Oct-2007 18:01 Pinnacle About Contact Quote this Post!
x 0 x 0 Alert Admin	OCBC Bank will be announcing its financial results for Third Quarter 2007 on Tuesday, 6 November 2007, during the lunchtime suspension of trading on the Singapore Exchange. The results will also be available on OCBC?s website at www.ocbc.com.
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Pinnacle Master	04-Oct-2007 13:18 Pinnacle About Contact Quote this Post!
x 0 x 0 Alert Admin	Asian bank stocks offer value amid subprime crisis Banking shares from Japan, Singapore, Australia and South Korea have been left behind in a recent rally of many regional stock markets, providing a good opportunity for buyers. But fund managers caution the banking shares are not for the faint-hearted as new revelations of losses from the U.S. subprime mortgage exposure could send the stocks on a roller-coaster ride. A recent uptick for many Asian financial shares following slumps of 5-15 percent, coupled with the Fed's large interest rate cut last month, have fanned optimism such stocks are once again safe bets due to low valuations, good dividend yields and relatively low exposure to the U.S. subprime market. "Most (Asian) banking shares, led by Japan, have dropped to their lowest price-to-book levels ever. We particularly like Singapore and Korea," said James Liu, chief investment officer of overseas investments for ING's Taiwan fund arm. Telecoms and utilities were also value plays due to their relatively strong dividends, he added. "But banking shares look particularly attractive as they have been hurt the most (in terms of valuation) by the subprime problem," said Liu, who is in charge of $1.57 billion assets. The Fed's sharp cut, aimed at helping to ease the U.S. credit crunch, has had a ripple effect by allaying concerns about Asian banks' exposure to the U.S. subprime market, and has also helped to boost financial shares worldwide. Many global stock markets hit record highs this week, lifted by financial companies after subprime losses detailed by big banks, including Citigroup , raised hopes that the worst of the credit crunch may be over. [ID:nSP293922] Banking shares in South Korea and Singapore are trading at relatively low levels, 1.2 times and 1.7 times 2008 price-to-book estimates, respectively, according to a Goldman Sachs research report published just after the Fed's cut. By comparison, banking shares from Hong Kong were traded at 2 times P/B, China H-share banks 3.2 times and India 2.8 times, the report said. Many Western banks carry even higher ratios, though analysts point out that comparisons are not completely valid as many Western institutions contain investment banking operations that often carry higher valuations. Some picks by ING's mutual funds include Kookmin Bank <060000.KS>, DBS , United Overseas Bank and Overseas-Chinese Banking Corp. , said Liu. STILL RISKY Other fund managers, though, cautioned about buying banking stocks, saying the subprime crisis still poses a risk. "There are ticking time bombs yet to be unveiled tied to the subprime investments by major banks and life insurers," said Jessica Cheng, who manages $55 million for Taiwan's National Investment Trust Corp. Swiss bank UBS on Monday joined the ranks of casualties and warned investors it would write down $3.4 billion, mainly on securities related to the U.S. subprime mortgage market. [ID:nSIN119453] Reflecting the mixed outlook, Goldman Sachs said its profit in the most recent quarter easily exceeded expectations, while Bears Stearns fell far short. [ID:nN20409542] But fund managers said they did not anticipate any big surprises from Asian banks and saw value in Japan and Australia. "Japanese financial stocks are really ripe for bargain hunting. Japanese megabanks, in particular, don't appear to have been involved too much in the subprime problems," said Hitoshi Yamamoto, president at Commerz International Capital Management (Japan) Ltd. He added that Mizuho Financial Group <8411.T> and Sumitomo Mitsui Financial Group <8316.T> are two companies he likes in particular. Shin Kong Securities Investment Trust in Taiwan is also bullish on the sector. "Our strategy is to add Asian financial shares as we further evaluate impact of the subprime crisis," said Cathy Cheng, who manages a $45.5 million fund targeting Asia stocks for Shin Kong. Macquarie Bank , Australia's biggest investment bank, and ANZ Bank are among her top five holdings, said the fund manager, adding she also owns shares of Kookmin Bank.
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Pinnacle Master	01-Oct-2007 11:04 Pinnacle About Contact Quote this Post!
x 0 x 0 Alert Admin	Phillip Securities Research - Singapore Banking Sector Overall outlook and results preview The Monthly statistics bulletin released by the Monetary Authority of Singapore revealed the loan and deposit numbers ending August 2007. ? Total loans amounted to S$213.8 billion (+10.8% YoY, +1.3% MoM, July: +10.9% YoY) ? Manufacturing loans shrank to S$10.2 billion (-9.5% YoY, -2.3% MoM, July: -1.6% YoY) over the month ? Construction loans boosted to S$30.9 billion (+14.7% YoY, +0.3% MoM, July: +18.9% YoY) ? Housing loans accelerated 10.7% YoY to S$69.1 billion (July: +8.1% YoY) ? Deposit from non-bank customers increased slightly over the month to S$306.8 billion (+21.9% YoY, +0.5% MoM, July: +24.6% YoY). LDR ratio increased to 69.7% Interest rates cuts may compress margins The Fed surprised the market through cutting the Fed rates by half a percentage point instead of the 25 bps expected by most economists. The aggressive stance by the Fed is seen as a lifebuoy to many troubled homeowners trapped in higher mortgage payments. Interest payments will rise after the teaser period but now the banks will have more leeway in restructuring the non-performing loans instead of repossessing the property after this rate cut. In Singapore, interest rates move in tandem with our trading partners in order to maintain exchange rates and stay competitive. No doubt, such interest rate cuts will cast a shadow over earnings visibility of the banks in the coming quarters. Banks that depend more on inter-bank funding will be at an advantage, as retail deposits tend to be stickier. Or otherwise, they will have to be innovative in managing their liabilities in order to maintain their interest margins. Thus for the third quarter results, we expect UOB will report the highest quarterly growth in net interest income underpinned by lower inter-bank funding costs followed by OCBC through gaining substantial market share in cheaper retail deposits as seen in the second quarter. Non-interest income will be affected Strong economic growth and the buoyant stock market in Singapore and the region boosted all banks? non-interest income in the previous 2 quarters. This is due to a strong demand for wealth management products and investment related services. However, after the sudden fiasco of the US sub prime market and the related CDO issues, market sentiment has turned cautious from bullish optimistic. The thinning of stock market volume will also affect brokering fees and fund management fees. Demand for investment or equity linked structured products may weaken and drag wealth management fees. As a result, we conservatively forecasted a decline in non-interest income together with higher provision charges for the 3 banks. To conclude, OCBC will report the highest growth in yearly earnings of 30.7% to S$494 million as compared to DBS?s earnings growth of 8.7% and UOB?s earnings growth of 27.5%. Over the quarter, we believe UOB will come out of the volatile market unscathed due to lower inter-bank funding cost and lower impairment charges as compared to the other two banks.
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Pinnacle Master	01-Oct-2007 10:02 Pinnacle About Contact Quote this Post!
x 0 x 0 Alert Admin	sigmoney. Many had bought OCBC at much higher price than now. In long term, this is definitely a winner. With new campaign kick in to create more awareness, the banking and loan business will be picking up at great speed. In TA perspective, this counter is also picking up momemtum. RSI indicator is still not in over-bought region. The MA is not crossing at anytime soon. However, please also do your own research and share your view if you have any.
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Pinnacle Master	01-Oct-2007 09:50 Pinnacle About Contact Quote this Post!
x 0 x 0 Alert Admin	OCBC Bank is spending $5 million on a new advertising campaign to attract more customers. The first part of the campaign, which started last Tuesday with TV ads, will last till mid-November; the second will begin next year. It aims to get ordinary people 'excited' about the bank and 'get them to talk to us', said Koh Ching Ching, head of corporate communications. Teng Soon Lang, executive vice-president in charge of quality and service at the bank, said the campaign would involve some 8,000 staff across all of OCBC's branches in Singapore and Malaysia. The bank has 60 branches here and 29 in Malaysia. In July, OCBC said it would spend some $150 million renovating its entire branch network in Singapore and Malaysia to attract new customers. So far, it has completed upgrading three of its branches here.
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Pinnacle Master	01-Oct-2007 08:45 Pinnacle About Contact Quote this Post!
x 0 x 0 Alert Admin	OCBC is spending $5m on a new advertising campaign to attract more customers, with TV ads kicking off the campaign last week.
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sigmoney Member	28-Sep-2007 15:30 sigmoney About Contact Quote this Post!
x 0 x 0 Alert Admin	Hi Guys, I am new here. Is OCBC worth buying after todays news in the ST?
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hawke009 Senior	28-Sep-2007 12:20 hawke009 About Contact Quote this Post!
x 0 x 0 Alert Admin	yes, the total amout had reflected in my latest bank statement.
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EastonBay Master	18-Sep-2007 15:41 EastonBay About Contact Quote this Post!
x 1 x 0 Alert Admin	yes, safe and sound lying in the bank now... arranged direct debit/credit with SGX... then you don't have to wait for the cheque to arrive.
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Phillip Securities Research - Singapore Banking Sector

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