Banks: Once again revenues and contained asset quality are likely to be the key drivers for NPAT in 1Q15. CLSA expects 1Q15 to be seasonally strong but overall, 2015 will be the most challenging operating environment for the banks vs
recent history.
House is Neutral on the Singapore banks relative to the FSSTI and roll forward its valuations to 2016 and upgrade UOB from U-PF to O-PF on valuation grounds. Order of preference is UOB (O-PF; $25.55), DBS (O-PF; $22.00) followed by OCBC (U-PF; $11.00).
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