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MAYBANK KIM ENG

UOB KAYHIAN

Singapore Economics

Dodging Recession

 

Escaping a Technical Recession in 3Q

Singapore may have narrowly dodged a technical recession in the third quarter, judging from July data and anecdotal evidence for August. Manufacturing may remain in recession, but services growth likely improved in 3Q. Three reasons for the change in view: [1] frontloading of trade orders, in anticipation of higher US import tariffs; [2] strong ACU (offshore) lending to fund supply chain shifts to ASEAN; and [3] stronger hospitality growth due to Hong Kong protests.

 

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Oversea-Chinese Banking Corporation (OCBC SP)

Unlikely To Be Distracted By Acquisition Down South

 

We see higher probability of OCBC emphasising on its north-bound expansion to increase its 20% stake in BON (market cap: S$25.6b), as and when allowed to do so by the authorities in China. It will also deploy capital to support expansion to double PBT from GBA to S$1b by 2023. Bank Permata is smaller than OCBC NISP and has a low ROE of 5.9%. It may not be worth the effort to acquire Bank Permata due to its chequered history. Maintain BUY. Target price: S$14.48.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.160-0.010
AusGroup0.022-
Avi-Tech Electronics0.340-
Best World Int.1.360-
CEI0.935-
China Sunsine1.100-
CNMC GoldMine0.2950.010
CSE Global0.470-
Eagle HTrust USD0.655-
Food Empire0.495-0.005
Golden Energy0.168-
GSS Energy0.067-0.002
ISDN Holdings0.220-
ISOTeam0.2350.010
JB Foods0.6500.005
KSH Holdings0.455-0.010
Miyoshi0.036-
Moya Asia0.063-
Nordic Group0.265-
Oxley Holdings0.305-
Procurri0.300-0.005
REX International0.082-0.002
Riverstone0.920-0.010
Roxy-Pacific0.380-
Sing Holdings0.385-0.005
SingMedical0.320-0.005
Straco Corp.0.7600.005
Sunningdale Tech1.220-0.010
Sunpower Group0.445-0.005
The Trendlines0.078-
Tiong Seng0.210-0.005
Uni-Asia Group0.710-
Yangzijiang Shipbldg1.0100.010

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