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
    1.3582-0.0006-0.04%
    USDSGD=X
    1.5494-0.0002-0.01%
    EURSGD=X
    1.9688+0.0009+0.05%
    GBPSGD=X
    78.9127-0.0394-0.05%
    SGDJPY=X
    5.7134+0.0013+0.02%
    SGDHKD=X
    2.9545+0.0009+0.03%
    SGDMYR=X
    9,829.5791+2.8867+0.03%
    SGDIDR=X
    4.7872-0.0003-0.01%
    SGDCNY=X
    1.0157+0.0013+0.13%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,278.10+5.80+0.46%
    GCM16.CMX
    17.40+0.07+0.39%
    SIN16.CMX
    85.15+1.88+2.26%
    ^XAU
    2.15-0.01-0.26%
    HGN16.CMX
    44.42+0.10+0.23%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.21-0.03
    ^FVX
    1.75-0.04
    ^TNX
    2.61-0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.4250.0000.00%
    N21.SI
    0.380.00-1.30%
    E5H.SI
    0.49+0.04+8.89%
    42R.SI
    0.785+0.015+1.95%
    G13.SI
    3.78+0.02+0.53%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.255+0.045+21.43%
    Y35.SI
    0.315+0.030+10.53%
    B49.SI
    0.49+0.04+8.89%
    42R.SI
    0.425+0.030+7.59%
    42W.SI
    0.205+0.014+7.33%
    AZT.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.435-0.095-17.92%
    BLA.SI
    0.455-0.045-9.00%
    BMA.SI
    0.165-0.015-8.33%
    O08.SI
    0.172-0.013-7.03%
    AWQ.SI
    0.20-0.02-6.98%
    AWI.SI