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Broker's take: CGS-CIMB upgrades OCBC to 'add' on attractive valuation, share price resilience

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CGS-CIMB has upgraded OCBC to 'add' from 'hold' as the bank's shares now trade close to their 0.8 price-to-book value ratio seen during the global financial crisis (GFC), dipping 27 per cent year-to-date. Read more at The Business Times.

CGS-CIMB analysts said they were comforted by OCBC's thick capital buffers even though they are counterintuitive to raising shareholder returns.

Meanwhile, CGS-CIMB cut its forecast for OCBC's net interest margins, along with the other Singapore banks, following the 100 basis points Fed rate cut.

 

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