Banks: More Worrying Signs
- CLSA points out to increasing signs of stress in consumer lending
- DBU loan balances down in Mar in poorest 1Q showing since 2002.
- Asset quality deteriorated in 1Q16 again
- House continues to expect banks to suffer from a y/y contraction in earnings in 2016
- Reiterates Underweight with Sell on all three banks with preference for UOB (TP: $17.95). DBS (TP: $12.90), OCBC (TP: $7.35).
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