Singapore Stocks to Watch: OCBC, UOB, Boustead Singapore, Advanced and More

Tiger Newspress2023-10-04

The following companies saw new developments that may affect trading of their securities on Wednesday (Oct 4):

Citi Research analyst Tan Yong Hong is remaining “neutral” on Oversea-Chinese Banking Corporation (OCBC) after its 88.4%-owned insurance subsidiary, Great Eastern Holdings(GEH) announced that it was acquiring AMMB’s AmMetLife Insurance Berhad (AML) and AmMetLife Takaful Berhad (AMT) for RM1.12 billion ($325 million). To Tan, the deal is likely to be immaterial to GEH’s financials but will be capital accretive for AMMB.

United Overseas Bank (UOB) will be trialling the use of Microsoft 365 Copilot to improve the productivity and collaboration of its frontline and back-end functions in a secure manner.

RHB Bank Singapore analyst Alfie Yeo has initiated a “buy” call on Delfi Limited with a target price of $1.65. “We like Delfi, as it is Indonesia’s leading chocolate confectionery player with a market share of 45% -50%,” says Yeo in his report dated Oct 3.

The counter is also expected to benefit from the rise in Indonesia’s middle class and disposable income.

Engineering-services company Boustead Singapore has been granted a 45-day extension by the Singapore Exchange Regulation (SGX RegCo) to submit an update for its exit-offer proposal, the company said in a bourse filing on Tuesday (Oct 3).

Investors’ watchdog Securities Investors Association (Singapore), or Sias, on Tuesday (Oct 3) raised questions over why engineering firm Advanced Holdings’ capital reduction exercise appears to have failed.

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