UOBKayhian on 30 Jul 2014
FY14F PE (x): 10.7
FY15F PE (x): 10.2
The offer for Wing Hang Bank has closed and OCBC has successfully garnered a controlling 97.52% stake. This is a favourable outcome as the risk of having to sell down to a 75% stake to maintain free float of at least 25% did not materialise. Overhang on OCBC’s share price would be removed once management discloses the structure of its equity fund-raising exercise. Maintain BUY. Ttarget price: S$11.14.
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