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Banking – Singapore

1Q21 Results Preview: Firing On Many Cylinders


We expect banks to report solid results powered by stabilisation in NIM, robust growth in wealth management fees, strong net trading income and moderation in credit costs. We forecast DBS and OCBC to achieve net profit of S$1,424m (+22.3% yoy and +40.7% qoq) and S$1,177m (+68.6% yoy and +3.9% qoq) respectively for 1Q21. BUY OCBC (Target: S$15.05) and DBS (Target: S$33.30), which provide 2022 dividend yields of 4.5% and 4.7% respectively. Maintain OVERWEIGHT.


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Thai Beverage (THBEV SP)

Down But Not Out. Maintain BUY


While the deferment of a proposed spinoff in Thai Beverage’s beer business could imply a longer road to recovery for the beer segment as new COVID-19 restrictions are implemented in Thailand, the group’s core spirits segment should remain resilient in view of its majority off-trade sales. Maintain BUY and SOTP-based target price of $0.92, as the group remains attractively priced at 17x FY21F PE, -1SD to its mean PE.


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United Overseas Bank

1Q21F: Aiming to close the valuation gap


■ We see flat 1Q21F NIM, stronger wealth management, and treasury income.

■ Stronger loan growth momentum (+3.5% qoq) coupled with lower credit costs (30bp) were likely the key differentiating factors for UOB vs. peers in 1Q21F.

■ Reiterate Add. UOB is our top pick. A strong show of earnings could close the valuation gap between UOB (1.0x FY21F P/BV) and peers (1.1x-1.4x).


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CapitaLand Malaysia Mall Trust

1Q21 performance hit by MCO 2.0


■ 1Q21 results were below expectations; core net profit fell 48% yoy.

■ Retail assets’ performance continued to deteriorate due to MCO 2.0.

■ Hold retained with higher TP, supported by 4.5-5.9% revised div. yields.


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LionelLim8.16Check out our compilation of Target Prices

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