SINGAPORE (July 6): DBS Group Research is downgrading its recommendations for both Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) – and slashing their target prices by up to 20%.
This comes after the government yesterday evening announced a couple of property cooling measures that will kick in with effect from today.
“Previous property cooling measures caused loan growth to half from a high of 16% after a year,” says lead analyst Lim Sue Lin in a Thursday report.
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