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OCBC, DBS set to ride on Singapore's rising fintech trends: UOB Kay Hian

Michelle Zhu
Michelle Zhu1/5/2018 03:56 PM GMT+08  • 3 min read
OCBC, DBS set to ride on Singapore's rising fintech trends: UOB Kay Hian
SINGAPORE (Jan 5): UOB Kay Hian is maintaining its “overweight” rating on Singapore’s banking sector and DBS and Oversea Chinese Banking Corporation (OCBC) as its top “buy” picks – with higher target prices of $29.50 and $14.88, respectively,
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SINGAPORE (Jan 5): UOB Kay Hian is maintaining its “overweight” rating on Singapore’s banking sector and DBS and Oversea Chinese Banking Corporation (OCBC) as its top “buy” picks – with higher target prices of $29.50 and $14.88, respectively, from $26.10 and $13.56 previously.

In a Friday report, analyst Jonathan Koh highlights DBS’ reputation as “the world’s best digital bank” along with its productive workforce, as well as OCBC for its leading cost efficiency, along with its income and pre-provision operating profit (PPoP) per employee which have grown at a faster CAGR of 4.6% and 4.3% respectively for 2013-2017 as compared to its peers.

In particular, Koh sees artificial intelligence (AI) or big data, cryptography, and mobile access as enablers of the financial technology (fintech) industry going forward – allowing banks to reach and serve a wider audience with a leaner cost structure.

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