【出版时间及名称】：2010年5月新加坡银行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：30
        【目录或简介】：

1Q10 results – mixed on operational drivers: OCBC reported the best
results, as it grew loans strongly (first market share gain in a long time),
maintained margins ex-Bank of Singapore and delivered good insurance
performance. UOB lost market share in Singapore, but margins declined
less than expected. DBS did fairly well on loans but not on margins. All three
banks enjoyed sharp improvement in asset quality and new NPL formation.
In addition, trading and investment gains had a great quarter.
■
2010 will be a year of pulls and pushes: Robust GDP growth in Singapore
has raised expectations for loan demand, but margins remain under
pressure. Fees should continue to do well, but trading is likely to moderate.
Hence, revenue and pre-provision operating profit growth will be challenging,
except for OCBC, which should gain from the acquisition of ING Asia Private
Bank (renamed Bank of Singapore). Sharply falling loan loss provisions
should drive profits in DBS and UOB (less so in OCBC); scrip dividends
dilute earnings and ROEs.
■
OCBC top pick near term, DBS on a 12-month view: Apart from the only
bank with a respectable revenue/PPOP growth this year, OCBC is gaining in
a strong GDP environment. We like its wealth management platform, and
the bank is gaining loan market share for the first time effectively in years.
DBS should enjoy positive benefits from the new CEO’s strategy over a
period and stands to gain the most when SIBOR starts to rise (likely in 2011).