Singapore banks on track to post 6-8% earnings growth in FY12

DBS is Nomura's top pick.

According to Nomura, Singapore banks still appear on track to deliver 6-8% FY12F earnings growth on undershooting credit costs and resilient fee income growth.

Here's more from Nomura:

We think that our top pick DBS (Buy, TP: SGD18.3) is attractive due to its broad franchise momentum and overly discounted (c.1x book) valuation to peers; its bid for Bank Danamon faces regulatory uncertainty but organic growth drivers are strong. UOB’s positive combination of NIM/LDR traction, coupled with solid capital and liquidity (especially USD), should reinforce its defensive attraction.

YTD deposit growth at 4.27% in September
System deposits grew 6.46% y-y in September (Aug: 7.66%), with deposits from Singapore residents growing 8.14% y-y (Aug: 8.93%) while deposits from non-residents expanded 3.77%y-y. The yield curve flattened moderately in Aug-Oct, with the 10-year losing 4bps in Oct, while the shorter three-month interbank was stable.



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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3734-0.0047-0.34%
    USDSGD=X
    1.5369-0.0008-0.05%
    EURSGD=X
    2.0150-0.0112-0.55%
    GBPSGD=X
    79.9215-0.0408-0.05%
    SGDJPY=X
    5.6551+0.0201+0.36%
    SGDHKD=X
    2.9573-0.0121-0.41%
    SGDMYR=X
    9,871.4150-9.2227-0.09%
    SGDIDR=X
    4.7744+0.0162+0.34%
    SGDCNY=X
    0.9917+0.0001+0.01%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,219.80-4.00-0.33%
    GCM16.CMX
    16.34+0.08+0.52%
    SIN16.CMX
    82.12-0.10-0.12%
    ^XAU
    2.100.000.00%
    HGN16.CMX
    49.31-0.25-0.50%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.34-0.06
    ^FVX
    1.82-0.05
    ^TNX
    2.63-0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.310.00+1.64%
    N21.SI
    0.112-0.002-1.75%
    40E.SI
    3.86+0.04+1.05%
    Z74.SI
    1.775-0.010-0.56%
    MC0.SI
    0.375+0.005+1.35%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.23+0.03+17.35%
    BER.SI
    0.12+0.02+14.29%
    T42.SI
    0.35+0.03+11.11%
    L5I.SI
    0.26+0.02+10.64%
    BKW.SI
    0.152+0.012+8.57%
    5OT.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.37-0.13-26.00%
    BKK.SI
    0.525-0.140-21.05%
    AWE.SI
    0.40-0.08-16.67%
    BLR.SI
    0.15-0.03-16.20%
    5PF.SI
    0.28-0.04-12.50%
    BOU.SI