Broker: DBS Bank Ltd
Date of Report: 20 April 2026
Excerpt from DBS Bank Ltd report.
Report Summary
- Action: Maintain BUY on OCBC Bank
- Target Price: SGD 25.50
- Key Idea: Wealth management is the main driver for FY26F. OCBC is poised for further growth with inflows as a new catalyst, outperforming peers in loan and fee growth.
- Highlights:
- Trading and markets income expected to benefit from heightened volatility in 1Q26.
- Rates downside limited; increasing fixed mortgage rates in 2Q26 supports net interest income recovery.
- OCBC has demonstrated superior loan and wealth management fee growth in FY25.
- Dividend yields for Singapore banks attractive at 4.4-5.7%.
- UOB rated HOLD due to asset quality concerns.
- Implications:
- Investors should focus on OCBC for potential upside and dividend stability.
- Growth agenda and ROE improvement may trigger re-rating.
- Monitor for increased inflows and deposit growth as catalysts.
- Tickers: OCBC Bank (BUY), UOB (HOLD), DBS (NR)
Above is an excerpt from a report by DBS Bank Ltd. Clients of DBS Bank Ltd can be the first to access the full report from the DBS website : https://www.dbs.com
