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CIMB overweights banking sector, upgrades all 3 target prices in earnings preview

PC Lee
PC Lee4/20/2018 11:08 AM GMT+08  • 3 min read
CIMB overweights banking sector, upgrades all 3 target prices in earnings preview
SINGAPORE (Apr 20): Singapore banks are expected to benefit from the tailwinds of a higher interest rate environment, sustained fee income momentum, a benign credit environment, leaner capital structure and digitalisation gains.
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SINGAPORE (Apr 20): Singapore banks are expected to benefit from the tailwinds of a higher interest rate environment, sustained fee income momentum, a benign credit environment, leaner capital structure and digitalisation gains.

Flash GDP estimates showed Singapore’s economy registering an expansion of 4.3% y-o-y in 1Q18, led by the manufacturing and services clusters. In response to improving economic conditions, MAS has shifted to an appreciation bias for the S$NEER, its first tightening since Apr 2012.

System loans grew 1.2% m-o-m in Feb and 1.6% for 2M18 while loan growth was led regionally by ACU (Asian Currency Unit) -- a proxy for offshore lending -- expanding 3.5% for 2M18.

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