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
    1.3591-0.002-0.15%
    USDSGD=X
    1.4928-0.0035-0.23%
    EURSGD=X
    1.7855-0.002-0.11%
    GBPSGD=X
    77.1250-0.562-0.72%
    SGDJPY=X
    5.7059+0.0109+0.19%
    SGDHKD=X
    2.9871-0.012-0.40%
    SGDMYR=X
    9,690.1221+40.5049+0.42%
    SGDIDR=X
    4.9083+0.0027+0.06%
    SGDCNY=X
    1.0210+0.0041+0.40%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,318.20-1.30-0.10%
    GCQ16.CMX
    19.68+0.03+0.17%
    SIU16.CMX
    101.87+1.98+1.98%
    ^XAU
    2.23+0.01+0.50%
    HGU16.CMX
    42.88-0.25-0.58%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.15+0.01
    ^FVX
    1.580.00
    ^TNX
    2.290.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.165-0.003-1.79%
    N21.SI
    0.495+0.055+12.50%
    5TP.SI
    1.035+0.030+2.99%
    Y92.SI
    0.365+0.005+1.39%
    E5H.SI
    0.775-0.025-3.13%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.235+0.030+14.63%
    BOU.SI
    0.29+0.03+13.73%
    S71.SI
    0.445+0.050+12.66%
    BHU.SI
    0.495+0.055+12.50%
    5TP.SI
    0.24+0.02+11.63%
    S46.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.161-0.089-35.60%
    BFT.SI
    0.19-0.03-13.64%
    BDN.SI
    0.16-0.02-9.60%
    O08.SI
    0.20-0.02-9.09%
    BLZ.SI
    0.106-0.010-8.62%
    BEH.SI