SG Banks 1Q11 Preview

SG Banks 1Q11 Preview: Morgan Stanley tips DBS as Most Preferred bank, while risk reward Favours OCBC. Note that SG banks Q1 reporting starts on May 29 with DBS the 1st bank to report and should show the strongest YoY revenue growth (+2.6%). DBS remains as top pick with $17.20 TP and 18% upside potential. Note that UOB has had a good qtr, but risk/reward is now tilted towards OCBC. Tip OCBC to post stronger YoY and QoQ revenue, pre-provision operating profit and PBT than UOB.