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Oversea-Chinese Banking Corp Ltd O39

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Stock XSES Rating as of
SGD 14.41 −0.03 (0.21%)
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As of Delayed Price Closed
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Company Report

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OCBC Earnings: Strong Noninterest Income Supports Growth; Expect Successful Privatization of GEH

Lorraine Tan, Kathy Chan

Narrow-moat Oversea-Chinese Banking Corp. started 2024 with a strong set of first-quarter results. Year-on-year net profit growth of 5% was above our expectation and consensus, led by strong growth in insurance and trading income. OCBC also announced a SGD 1.4 billion unconditional offer for the 11.56% stake in its insurance subsidiary, Great Eastern Holdings, that it does not currently own. We assume a successful privatization as the offer price of SGD 25.60 per share implies a meaningful premium of 36.9% to the May 9 closing price, but the impact will mainly be seen in reduced minority interest.

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Price vs Fair Value

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O39 is trading at a 315% premium.
Price
SGD 14.41
Fair Value
SGD 17.00
Uncertainty
Medium
1-Star Price
SGD 25.98
5-Star Price
SGD 43.60
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

A robust capital buffer gives OCBC flexibility to raise dividends while pursuing acquisitions.

Bears

Excess capital is weighing on OCBC's ROE.

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News

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Trading Information

Previous Close Price
SGD 14.44
Day Range
SGD 14.36–14.44
52-Week Range
SGD 12.00–14.55
Bid/Ask
SGD 14.39 / SGD 14.42
Market Cap
SGD 64.85 Bil
Volume/Avg
3.1 Mil / 6.0 Mil

Key Statistics

Price/Earnings (Normalized)
9.17
Price/Sales
4.73
Dividend Yield (Trailing)
5.68%
Dividend Yield (Forward)
5.82%
Total Yield
6.01%

Company Profile

Oversea-Chinese Banking Corp. is the longest-established Singapore bank, founded by the merger of three local banks in 1932. OCBC's operations include consumer banking; wealth management and private banking (through its Bank of Singapore subsidiary); small to midsize enterprise and business banking; corporate and institutional banking; and insurance through majority-owned Great Eastern.
Sector
Financial Services
Industry
Banks - Regional
Stock Style Box
Large Value
Total Number of Employees
30,800
Website
https://www.ocbc.com

Competitors

Valuation

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Metric
O39
U11
D05
Price/Earnings (Normalized)
 9.179.218.82
Price/Book Value
 1.171.161.60
Price/Sales
 4.733.654.90
Price/Cash Flow
 8.907.929.02
Price/Earnings
O39
U11
D05

Financial Strength

Metric
O39
U11
D05
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
O39
U11
D05
Return on Assets (Normalized)
 1.13%1.19%1.38%
Return on Equity (Normalized)
 12.41%14.41%17.20%
Return on Invested Capital (Normalized)
 ———
Return on Assets
O39
U11
D05
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