SGX Latest News : OCBC kept at ‘hold’ by Deutsche with $9.50 target price as Wing Hang grows

SINGAPORE (June 21): Deutsche Bank is maintaining its “hold” rating and target price of $9.50 on Oversea-Chinese Banking Corp.

Hong Kong’s Wing Hang Bank is contributing a solid 8% profit to OCBC after its first full year of operation under the Singapore lender, says Deutsche in a note.

The purchase of Wing Hang back in 2014 for US$5 billion ($6.7 billion) was a controversial move for OCBC and its share price took a hit at the time.

Now, Deutsche says Wing Hang’s the results appear strong, with “positive improvement in almost every key metric” of performance.

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