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CGS CIMB |
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CapitaLand Focus on growth
■ CAPL reiterated its growth-oriented focus with an expanded portfolio. ■ Targets double-digit ROE across cycles as it grows its fee income base. ■ Maintain Add with an unchanged TP of S$4.15.
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Banks Foreign inflows a likely precursor to wealth
■ System loan growth was lacklustre at +0.4% mom/+4.4% yoy, but it was encouraging that domestic expansion started outpacing regional again. ■ Potential upside to wealth management income as FCY deposit inflow over Jul-Sep 2019 (+S$7.1bn) was at its strongest in over two decades. ■ FDs contracted 0.4% mom as 3MSIBOR edged lower. We expect benefits from cheaper funding to start kicking in – moderating NIM compression. ■ Maintain Neutral. Valuations are looking more attractive as trade war noise continues, but should remain supported by c.5% dividend yields. Prefer UOB.
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UOB KH |
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CapitaLand (CAPL SP) |
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Check out our compilation of Target Prices
