Friday, April 1, 2016


Banks: CLSA reiterates Underperform on Banks

- Domestic bank loan balances declined 0.7% m/m, driven by continued pressure on trade finance balances and weak consumer lending
- Deposites fared better on fixed deposit inflows
- House continues to anticipate deterioration in non-performing loans.
- To see three banks suffer a y/y contraction in earnings

Top pick: UOB (Underperform, TP: $17.95)
Least preferred: OCBC (Sell, TP: $7.35)
DBS (Sell, TP: $12.90)

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