OCBC: As Brexit may lead to a weaker global economic environment, RHB has cut its loan growth assumption for OCBC to 1.5%.
- Whilst its NPL ratio may only inch up in 2Q16, house sees further deterioration in 2H16.
- Hence, RHB also cuts its 2016-2017F net profit by 6%/12% respectively.
- RHB maintains NEUTRAL with lower TP of $8.68 (from $9.50), on the back of higher loan loss provisioning and weaker loan expansion.
No comments:
Post a Comment