Broker Name: DBS Bank Ltd
Date of Report: 20 April 2026
Excerpt from DBS Bank Ltd report.
Report Summary
- Actionable Call: Maintain BUY on OCBC Bank.
- Target Price: SGD 25.50
- Key Idea: OCBC’s wealth management is the primary growth driver for FY26F, with new inflows acting as a catalyst. Trading and market income expected to improve due to heightened volatility. Limited downside for rates, with fixed mortgage rates expected to rise in 2Q26, supporting net interest income recovery.
- Highlights: OCBC is outperforming peers with a ~14% gain YTD, supported by higher loan growth and wealth management fee growth. Dividend yields for Singapore banks remain attractive at 4.4-5.7%. Risks include asset quality concerns for UOB due to China and Hong Kong CRE exposure.
- Peer Comparison: OCBC trades at 1.7x FY27F P/BV, with ROE improvement and growth agenda. UOB rated HOLD, DBS not rated.
- Implications: OCBC’s strong position on wealth management and deposit growth, as well as limited exposure to Middle East risks, favor continued performance. Investors seeking growth and yield in Singapore banks are advised to focus on OCBC.
- Ticker: OCBC Bank (OCBC)
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.sg
