OCBC: Nomura maintains Buy with $11.80 TP. Note that bank has all the right trends. Reaffirm recommendation of OCBC as a core holding, underpinned by its continued diversification from the growth- and margin-challenged $ loan space, and given increasingly tangible synergies between its wealth management and commercial bank platforms….
With management execution and balance-sheet trends strong, think OCBC has the sector’s best premium-generating growth-quality balance. Add that capacity to extract rev and cost synergies from an expanding wealth management platform, and maintain lowest-in-sector NPL ratio, loan-loss provisioning may be underestimated.
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