OCBC

OCBC - latest news was last week, where the group's CEO Samuel Tsien offered some positive messages during an interview with Bloomberg. The key takeaways: - there are no plans to sell Great Eastern, - OCBC is happy to keep Wing Hang Bank (WHB) listed if it does not hit 90% ownership On the latter point, this represents a direct challenge to Elliott Capital Advisors, which recently acquired a 7.8% stake in WHB - roughly enough shares to block OCBC’s privatisation attempt, and force OCBC’s hand for a higher offer price. OCBC’s firm stance may make Elliott reconsider its opportunistic actions, but Maybank-KE believes that if WHB remains listed, this may limit OCBC’s value extraction from the deal. Overall, Maybank_KE maintains its negative stance on the stock, and reiterates its Hold call with TP $9.63. Technically, share price is at Over Sold territory, and technicals are beginning to trend higher. THe 20 day Ma at $9.54 will act as the near-term resistance.