Narrow-Moat-Rated OCBC Returns to the Best Ideas List
We are adding Oversea-Chinese Banking Corporation, or OCBC, to our Best Ideas List. The narrow-moat-rated bank is trading at a 15% discount to our fair value estimate of SGD 13.60, as the bank’s share price declined in line with wider emerging markets. A forecast dividend yield of 3.9% is also attractive. While trade concerns will likely result in slower loan growth for the bank, we believe this is priced in. Our forecast assumes mid-single-digit loan growth in the medium term. We expect net int...Oversea-Chinese Banking is engaged in the in the business of banking, life assurance, general insurance, asset management, investment holding and stockbroking. Co.'s segments include: Global Consumer Financial Services, which provides deposit products, consumer loans, credit cards and wealth management products; Global Corporate Banking, which provides long-term loans, short-term credit, deposit accounts and fee-based services such as cash management and custodian services; Global Treasury, which is engaged in foreign exchange activities, money market operations, fixed income, as well as structured treasury products; and Insurance, which provides both life and general insurance products.
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