OCBC Reports Another Solid 3Q Result; Bank Remains Undervalued
Narrow-moat-rated Oversea-Chinese Banking Corp, or OCBC, posted another solid quarterly result as expected. We believe the bank remains undervalued against a fair value estimate of SGD 13.60. Annualised return on equity for the third quarter was steady at 12.6% and we assume steady increases in the medium term. This is supported by stronger economic conditions with rising U.S. interest rates. This will flow through to improve net interest margins, or NIM, for the bank. This was reflected in this...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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