NRA Capital Pte Ltd

Features

17 May 2017 OCBC to acquire National Australia Bank’s private wealth management units in Singapore and HK
OCBC to acquire National Australia Bank’s private wealth management units in Singapore and HK

11 May 2017 OCBC - 1Q17 Results Update
NIM improvement disappoints

04 May 2017 GSS Energy Limited - Company note
Mineral assets not reflected in share price

03 May 2017 DBS - Quarterly results
DBS - overvalued

02 May 2017 UOB - Results Update
UOB – is the storm over?

21 March 2017 FOMC raised FED rate for the third time since end 2015
FOMC raised FED rate for the third time since end 2015

21 February 2017 UOB - Quarterly Results
Bulk of O&G provisions taken in 2H16

20 February 2017 DBS - 4th Quarter results
Credit cost rose more than expected in 4Q

16 February 2017 Finance Companies Sector : Regulatory Changes & their Implications
Finance Companies Sector : Regulatory Changes & their Implications

15 February 2017 OCBC - 4Q16 results update
Close to Fair Valuation - O&G Woes Still Not Over

05 December 2016 Singapore Banks - Quarterly Review
3Q Results – Rough Sailing

09 November 2016 Resources Prima Group Limited - Company note
Taking a sneak peek at RPG

03 November 2016 EC World REIT - Company note
In a closely watched growth space

02 November 2016 DBS - Quarterly results
NIMs compression not over

31 October 2016 UOB - Quarterly Results
NIMs turnaround

28 October 2016 OCBC - Quarterly Results
NIMs contracted further in 3Q

27 October 2016 Sunright Limited - Company note
Sunright Limited - An interesting investment case

25 October 2016 Gallant Venture Ltd. - Company note
Beaten Share Price in Spite of Asset Rich Balance Sheet

21 September 2016 Singapore banks - 2016 Half year Review
Half-time report card – a number of surprises

10 August 2016 DBS - Interim Results Update
NIMs improvement a surprise

04 August 2016 Oil and Gas victim - Swiber, what next?
Are the banks safe from contagion effect?

01 August 2016 OCBC - Interim Results
NIMs fall not as bad as UOB

29 July 2016 UOB - Interim Results
NIMs deterioration a surprise

30 June 2016 Singapore banks - 2016 Quarterly Review
More volatility ahead

30 May 2016 MAS eased curbs on car loans imposed 3 years ago
Is it time to buy?

04 May 2016 DBS - 1Q16 Results Update
Record earnings despite tough operating environment

03 May 2016 OCBC - 1Q16 Results Update
The good news is NIMs held steady

29 April 2016 UOB - 1Q16 Results Update
Results below expectations

16 April 2016 Singapore banks - 2015 Final Review
2016 – Another volatile year?

23 February 2016 DBS - FY15 Final Results
NPL rate not likely to cross 1.3% on worst case scenario

18 February 2016 OCBC - FY15 Final Results
More conservative than UOB in classifying its O&G NPLs

17 February 2016 UOB - FY15 Final Results
The least vulnerable to current oil price carnage

16 February 2016 Singapore banks - trading at or below their book values
Is it time to buy?

18 December 2015 Singapore Banks - 2015 3rd Quarterly Review
Higher NIMs to offset slower loans growth

25 August 2015 Singapore Banks 2015 Interim Review
Current carnage overdone

08 June 2015 Singapore Banks Quarterly Review
2015 – NIMs the wild card

21 April 2015 Singapore Banks 2014 Final Review
2015 – NIMs the wild card

07 January 2015 Singapore Banks
Singapore Banks : spikes in SOR and SIBOR

26 November 2014 Singapore Banks - 3rd Quarterly Review (Part 4)
Good medium term prospects

25 November 2014 Singapore Banks - 3rd Quarterly Review (Part 3)
NON-INTEREST INCOME – trading income strong in 3Q

24 November 2014 Singapore Banks - 3rd Quarterly Review (Part 2)
NIMs recovery will help offset slower loan demand

20 November 2014 Singapore Banks - 3rd Quarterly Review
3Q2014 results – core operating results in line

24 October 2014 Singapore Banks - 2014 (Part 4)
Good medium term prospects

23 October 2014 Singapore Banks - 2014 Interim Review (Part 3)
NON-INTEREST INCOME – OCBC outperformed again

21 October 2014 Singapore Banks - 2014 Interim Review (Part 2)
INTEREST INCOME - Strong regional loan demand continues to underpin NII growth

20 October 2014 Singapore Banks - 2014 Interim Review (Part 1)
OCBC – the dark horse worth betting on

03 June 2014 Singapore Banks - Quarterly Review (Part 4)
OCBC – overall best performer for the quarter

02 June 2014 Singapore Banks - Quarterly Review (Part 3)
NON-INTEREST INCOME – OCBC outperformed

30 May 2014 Singapore Banks - Quarterly Review (Part 2)
INTEREST INCOME

29 May 2014 Singapore Banks - Quarterly Review (Part 1)
1Q Results Review – sharp NIM improvement

28 March 2014 Singapore Banks - 2013 Quarterly Review (Part 4)
OCBC - a dark horse worth betting on

27 March 2014 Singapore Banks - Final Review (Part 3)
NON-INTEREST INCOME – the key engine of growth for next 1-2 years

26 March 2014 Singapore Banks - Final Review (Part 2)
Interest Income - Regional loan demand still strong

24 March 2014 Singapore Banks - Final Review (Part 1)
FY2013 Results – no surprises at the operating level

29 November 2013 Singapore Banks - 2013 Quarterly Review (Part 4)
UOB & OCBC should rebound faster

28 November 2013 Singapore Banks - 2013 Quarterly Review (Part 3)
NON-INTEREST INCOME – the key engine of growth for next 1-2 years

27 November 2013 Singapore Banks - 2013 Quarterly Review (Part 2)
Signs of NIMs stabilizing.

26 November 2013 Singapore Banks - 2013 Quarterly Review (Part 1)
Third Quarter Results - core operating results in line

17 September 2013 New Unsecured Credit rules for Banks
Another area to ensure individuals not overleveraged

29 August 2013 HDB Policy Changes
HDB Policy Changes on HDB resale flats

23 August 2013 Singapore Banks - Part 4 of 4
UOB & OCBC our preferred picks

21 August 2013 Singapore Banks - Interim Review - Part 3
Wealth Management - A rising star

20 August 2013 Singapore Banks - Interim Review - Part 2
Interest Income weak despite double digit loans growth but NIMs stabilising

15 August 2013 Singapore Banks - Interim Review - Part 1
2013 Interims – OCBC’s underlying core business strong

16 July 2013 Seminar Note - 2013 Oil and Gas Property Evaluation Seminar
The first step is knowing what to look for.

01 July 2013 Property Sector Note
MAS introduces new Debt Servicing Ratio framework

01 July 2013 Singapore Banks
New Debt Servicing Framework

14 June 2013 Singapore Banks - 2013 Quarterly Review (Part 4)
UOB still our best bet

06 June 2013 Singapore Banks - 2013 Quarterly Review (Part 3)
Wealth Management Income - Solid growth

31 May 2013 Singapore Banks - 2013 Quarterly Review (Part 2)
INTEREST INCOME – fell despite double digit loans growth

29 May 2013 Singapore Banks - 2013 Quarterly Review
2013 First Quarter Results - core operating results in line

26 March 2013 Singapore Banks - Part 4
UOB still undemanding

21 March 2013 Singapore Banks - Part 3
Non-interest income - boost came mainly from trading and securities disposal

18 March 2013 Singapore Banks - Part 2
NIMs still trending down possibly for another 1-2 quarters

14 March 2013 Singapore Banks - Part 1
2012 Final Results - core operating results in line

26 February 2013 Singapore Budget 2013
Implications for the Finance Sector

14 January 2013 Singapore Banks
Implications of new property measures

07 December 2012 Singapore Banks Quarterly: 3Q12 Results Review (Part 4)
UOB still our favourite

05 December 2012 Singapore Banks Quarterly: 3Q12 Results Review (Part 2)
Interest Income - NIMs contraction narrowing

03 December 2012 Singapore Banks Quarterly: 3Q12 Results Review (Part 1)
Strongest and most profitable bank

08 October 2012 Singapore Banking Sector : MAS imposes cap on housing loan tenures
Singapore Banking Sector : MAS imposes cap on housing loan tenures

11 September 2012 Singapore Banks Quarterly: 2Q12 Results Review (Part 4)
Which one to bank on?

07 September 2012 Singapore Banks Quarterly: 2Q12 Results Review (Part 3)
RMB trade finance losing momentum

31 August 2012 Singapore Banks Quarterly: 2Q12 Results Review (Part 2)
Double digit growth not sustainable

30 August 2012 Singapore Banks Quarterly: 2Q12 Results Review (Part 1)
Strongest and most profitable bank

13 August 2012 Hong Leong Finance - Margins faced further pressure
Hong Leong Finance reported a 40% y-o-y decline in interim net profit to S$31m

19 July 2012 DBS & UOB - Ownership of Indonesian Banks
Majority foreign ownership of Indonesian Banks allowed but on a case-by-case basis

19 July 2012 OCBC – disposal of stakes in F&N and APB
S$8.88 for each F&N shares and S$45 for each APB shares

05 July 2012 Singapore Banks Quarterly: 1Q12 Results Review (Part 4)
Mirror mirror on the wall, who’s the fairest of them all?

04 July 2012 Singapore Banks Quarterly: 1Q12 Results Review (Part 3)
A boost from trading gains & RMB trade finance boom

03 July 2012 Singapore Banks Quarterly: 1Q12 Results Review (Part 2)
Exceptional loan growth unrepeatable for rest of year

28 June 2012 Singapore Banks Quarterly: 1Q12 Results Review (Part 1)
Mirror mirror on the wall, who’s the fairest of them all?

04 April 2012 Singapore Banks 2011 Final Results Review (Part 4): Balance Sheet Check
Stronger balance sheet means more resilience under current uncertain times

02 April 2012 Singapore Banks 2011 Final Results Review (Part 3): Non-interest income aspect
Core banking fee income still strong

30 March 2012 Singapore Banks FY11 Final Results (Part 2) - Net Interest Income
How sustainable is the loans growth?

28 March 2012 Singapore Banks FY11 Final Results (Part 1)
Not a “Bad” Report CardQuestion is whether net interest income growth can be sustained into 2012

01 February 2012 Singapore Banks: 2012 Outlook & Stock Picks
Impact of slowdown from austerity measures in Eurozone and the US to be felt in 2012-2013

12 December 2011 Singapore Banks
Implications of new property measures

31 October 2011 Singapore Banks Interim Report Card (Part 4) : Favour banks with strong balance sheets
Favour banks with strong balance sheets

27 October 2011 Singapore Banks Interim Report Card (Part 3) : Non-interest income – who stands out?
Core non-interest banking income remains robust at UOB & OCBC

24 October 2011 Singapore Banks Interim Report Card ( Part 2) - A closer look at Net Interest Income
Weak net interest income due to continual margin contraction

20 October 2011 Singapore Banks
Singapore Banks : Interim Report Cards

15 August 2011 UOB 2011 Interim Results : Results ahead of market expectations
Cut in European debt securities may sooth investors’ nerves for a while

15 August 2011 Hong Leong Finance: Interim net profit down 25%
Bottomline could have fallen by 30% if not for reversal of provisionings

14 July 2011 Singapore Banks
Singapore Banks

27 June 2011 New Proposal to increase core Tier 1 CAR by Basel III Committee
New Proposal to increase core Tier 1 CAR by Basel III Committee

13 June 2011 Singapore Banks Quarterly: 1Q11 Results Review (Part 4)
We continue to favour UOB, followed by OCBC

09 June 2011 Singapore Banks Quarterly: 1Q11 Results Review (Part 3)
Non-interest income still going strong

08 June 2011 Singapore Banks - First Quarter 2011 Results Review (Part 2)
Strong loans growth helped offset further margin compression

03 June 2011 Singapore Banks: Diving beneath the first quarter numbers
Earnings quality better at UOB & OCBC

07 April 2011 Singapore Banks 2010 Final Results Review (Part 3)
Balance Sheet Check

30 March 2011 Singapore Banks FY10 Final Results (Part 2)
Non-interest income

29 March 2011 Singapore Banks FY10 Final Results (Part 1)
UOB stood out amongst the trio

21 January 2011 Implication of recent property measures on Singapore Banks
Little impact on bank earnings

07 October 2010 Singapore Banks Interim Report Card (Part 4)
Prefer UOB & OCBC

21 September 2010 Singapore Banks Interim Report Card: Reading between the lines
Core operating results still poor

31 May 2010 Singapore Banks Quarterly Review (Part 3) – UOB still our best bet
An all-round winner

26 May 2010 Singapore Banks Quarterly (Part 2) – non-interest income stole the limelight
Boosted by stock market rebound and trading income

25 May 2010 Singapore Banks Quarterly (Part 1) : Bottomline looks great but …
Core banking operations not that fantastic

24 March 2010 2009 Singapore Banks Final Results (Part 3) – Have we seen the worst in NPLs?
Have we seen the worst in NPLs?

15 March 2010 2009 Singapore Banks Final Results (Part 2) – Non-interest income shines
DBS saw stronger growth in fee income than peers

15 March 2010 Singapore Banks FY09 results (Part 1).
Don’t be fooled by the numbers

04 December 2009 Singapore Banks 3Q Results (Part 3)
UOB still our best bet for long term investors

03 December 2009 Singapore Banks 3Q09 results (Part 2) – non-interest income surged on signs of green shoots
DBS saw stronger fee income growth than peers but we are wary of the source

02 December 2009 Singapore Banks 3Q09 results (Part 1) – economy seemed to have reached a bottom
But the question is how strong will the rebound be?

08 September 2009 Singapore Banks Interims (Part 3) – which one to bank on?
UOB our best bet for long term investors

02 September 2009 Singapore Banks Interims (Part 2) – Non-interest income star performer at interim
But strong growth not sustainable

31 August 2009 Singapore Banks Interims (Part 1) – Are we are out of the woods yet?
Not quite, it’s too early to pop the champagne bottle

05 May 2009 Singapore Banks (Part 2) – Déjà-vu? Are we seeing a repeat of the Asian Financial Crisis?
Yes, we think the bulk of the bad news have been priced in

04 May 2009 Singapore Banks (Part 1) – Is it time to bottomfish?
Yes, we think the bulk of the bad news have been priced in

21 April 2008 Singapore Banks Review - Part III
UOB our top banking pick for 2008

18 April 2008 Singapore Banks Review - Part I
A recap on local banks’ CDO exposure

18 April 2008 Singapore Banks Review - Part II
OCBC surprised with the best operating results in 2007

09 March 2007 Cushman & Wakefield Office Snapshot for February 2007
Office Snapshot - February 2007