With a positive economic outlook, PhillipCapital is maintaining “overweight” on the Singapore banking sector, as loans remain on the path of recovery and interest rates are stable. 

In an April 5 note, PhillipCapital analyst Tay Wee Kuang is maintaining his calls on the three banks: “accumulate” for DBS and United Overseas Bank (UOB) with target prices $29.50 and $25.80 respectively.

He prefers Oversea-Chinese Banking Corporation (OCBC), maintaining “buy” on the bank with a target price of $13.65. “OCBC is expected to book faster earnings growth from its wealth-management and insurance franchises as market conditions improve.”

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