OCBC

OCBC: Macquarie reports post-briefing takeaways: OCBC is considering to sell some non-core assets (ii) further earnings dilution cannot be excluded since the fully loaded Basel 3 CET 1 ratio remains below the level of peers (iii) the WHB synergy story remains very much focused on the revenue side. Adjusting for 12.6% rights issue dilution and an increase in stake in Bank of Ningbo, Macquarie maintains Underperform with 12-m TP at $8.20.