OCBC

OCBC: JPM resumes coverage at Overweight with TP $12, following a period of restriction. Believes OCBC is now best positioned among Singapore banks to pursue organic growth after the deal and rights issue. Expects the bank to reach 11% CET1 over the next 4-5 qtrs , addressing a key investor concern. At the same time, 2015 street EPS forecasts will likely move up as the profit contribution from Bank of Ningbo (raised stake by 4.7% to 20% associate stake in Sep) gets factored in and as ongoing consolidation in wealth mgt leads to better returns in the business.