| MAYBANK KIM ENG |
CGS CIMB |
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■ 4Q18/FY18 revenue at 25%/97% of our FY18 forecast was in line. ■ Key risk is impact on economic growth from the US-China trade war. ■ Maintain Add with a higher S$17.88 TP, based on 12.56x FY20F core EPS.
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| PHILLIP SECURITIES | UOB KAYHIAN |
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Oversea-Chinese Banking Corp Ltd Further upside for NIM expansion
SINGAPORE | BANKING | FY18 RESULTS FY18 revenue and PATMI missed our estimates by 3.5% and 5.2% respectively due to a decline in net gains from investment securities and other income. FY18 NIM met our expectations by expanding 5 bps YoY to 1.70%. FY18 loans grew 8.6% YoY, driven by Building & Construction (+51.2% YoY) and Greater China loans (+8.9% YoY). FY18 NPL ratio remained stable at 1.5% (FY17: 1.4%); while credit costs normalised to 11 bps (FY17: 27 bps). Proposed final dividend increased to 23 cents per share, bringing full-year dividend to 43 cents per share (FY17: 37 cents per share). Maintain BUY with an unchanged target price of S$13.70.
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Look Beyound 1Q19; Wilmar Is Not Just A Soybean Crusher Or Palm Player
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Check out our compilation of Target Prices
