NRA Capital Pte Ltd

Written by: Lynn Look

Monday 4 May 2015

OCBC - 1Q15 results update

Record profit but weak core lending

BUY on weakness. OCBC shares are trading close to our fair value of S$11, arrived at after factoring in an average 3-year forward average ROE of 11% and valuing the shares at a 12% premium to market PER of 11X. As its ROE will not be accretive before FY17, investors can take their time to accumulate the shares on price weakness

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