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Singapore Banks now are on its recovery path

  • Writer: intimeadvance
    intimeadvance
  • Apr 22, 2021
  • 1 min read

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

PhillipCapital analyst Tay Wee Kuang maintain "buy" on OCBC with a target price of $13.65 as “OCBC is expected to book faster earnings growth from its wealth-management and insurance franchises as market conditions improve.”

Additionally, analysts from CGS-CIMB Research and DBS Group Research advised investors to accumulate on Singapore bank stocks amid expectations of higher dividends in FY2021 on the gradual relaxation of the dividend caps imposed by the MAS in FY2020.

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“We expect to see some lending market share gains in Singapore, particularly from mortgages and financial institutions. Non-interest income is likely to be mixed. Wealth management and loan related fees should see sequential growth,” the report said.

 
 
 

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