Home Capital Broker's Calls

UOB, OCBC upgraded to 'buy' by Phillip on stellar performance across all sectors

PC Lee
PC Lee2/22/2018 12:34 PM GMT+08  • 2 min read
UOB, OCBC upgraded to 'buy' by Phillip on stellar performance across all sectors
SINGAPORE (Feb 22): Phillip Securities Research analyst Jeremy Teong is upgrading both UOB Bank and OCBC Bank to "buy" with target prices of $29.00 and $13.94 respectively on stellar performance by each across all sectors.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (Feb 22): Phillip Securities Research analyst Jeremy Teong is upgrading both UOB Bank and OCBC Bank to "buy" with target prices of $29.00 and $13.94 respectively on stellar performance by each across all sectors.

UOB posted strong double-digit loans growth in the manufacturing and financial institution sectors while net interest margins (NIM) rose on the back of higher rates on customer loans and interbank balances. In addition, wealth management fees grew 29% y-o-y.

"We believe the stronger fee income was due to stronger contribution by the high net-worth segment. Total wealth management income from the segment saw a full-year growth of 35% in 2017 compared with the mass affluent segment which grew 12%," says Teong in Wednesday report.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now