Singapore Banks Soften on Restrictive Property Measures; Long-Term Thesis Unchanged
The three Singapore banks sold off along with the real estate developers after the government acted decisively in further tightening restrictive measures on the residential real estate market. Our fair value estimates for the three banks are unchanged, with OCBC at the deepest discount, at 17% below our fair value estimate of SGD 13.60. DBS Group and UOB are trading 6.5% and 13% below their respective fair values, but the discounts are not large enough relative to their high uncertainty rating. ...United Overseas Bank is bank in Asia with a network of offices in 19 countries and territories in Asia Pacific, Western Europe and North America. Co. provides a range of financial services including personal financial services, private banking, business banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, brokerage and clearing services, asset management, venture capital management and insurance. Co. operates within three main operating segments: Group Retail, Group Wholesale, and Global Markets and Investment Management. As of Dec 31 2014, Co. had total assets of S$306.74 billion.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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