🌟🌟🌟My Favourite Football Team Singapore is like $OVERSEA-CHINESE BANKING CORP(O39.SI)$
The Lions of Singapore have tasted success before when they won the prestigious AFF Cup 4 times from 1998 to 2012. The current Lions team under Captain Harun Hariss is raring to show their mettle in this year's AFF Mitsubishi Cup. The Lions are off to a flying start when they won 3-2 against Myanmar last week. The Lions also have Ilhan Fandi, the brother of Ikhsan Fandi who is currently injured from the friendly Maldives game. He is only 20 but has scored 20 goals in 27 Singapore Premier League and Singapore Cup matches for Albirex Niigata in 2022. His father is none other than the famous Fandi Ahmad who has scored the most goals for Singapore during his career. I am optimistic that it is time for the Lions to shine again and to win 2022 Mitsubishi AFF Cup.
Similarly OCBC is the most undervalued and oversold of the 3 Singapore banks. OCBC share price has only gone up 9% in the past year. 6 Analysts are bullish on OCBC with a Buy rating and Target Price ranging from SGD 13.70 by CGS-CIMB to SGD 18.28 by UOB Kay Hian.
In 3rd quarter 2022, OCBC's net profit rose 31% year on year from SGD 1.22 billion in Q3 2021 to SGD 1.6 billion. Quarterly net interest income exceeded SGD 2 billion for the first time, rising 44% to SGD 2.1 billion on the back of a 6% growth in average asset balances and net interest margin increase.
Amidst a rising interest rate environment, Net Interest Margin rose 54 basis points from Q3 2021 to 2.06%. Non interest income of SGD 1.05 billion was 4% below the previous year. OCBC's cost to income ratio improved 6.1 percentage points to 40.3% as income growth outpaced the increase in operating expenses.
Group CEO, Helen Wong said that while the global economic outlook is expected to be increasingly challenging, OCBC is well positioned to capture opportunities as they rise.
OCBC is a slow and steady kind of stock, if a little boring. But OCBC ticks all the core fundamentals of a quality stock. OCBC has a wide moat with an extensive network of branches. It is profitable and has a fortress like Balance Sheet. As at end 3Q22, OCBC's CET-1 ratio is 14.4%. OCBC has an excellent management team. Best of all OCBC pays steady and reliable dividends. The current dividend yield of 4.53% provides a great source of passive income while waiting for capital growth.
Like The Lions of Singapore, it is time for OCBC to shine and claim a place in the hearts of every Singaporean once again. ❤️❤️❤️🇸🇬🇸🇬🇸🇬
Go Lions! Go OCBC! The Best Is Yet To Be! 🇸🇬🇸🇬🇸🇬🚀🚀⚽⚽⚽🥇🥇🥇🏆🏆🏆🌟🌟🌟😍😍😍🍀🍀🍀
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