“We now judge these risks to have eased sufficiently to restore ‘low’ ratings. Share price volatility for the Singapore banks has also recently been consistent with a ‘low’ rating,” writes Makdad in an Aug 29 note.
Morningstar Equity Research analyst Michael Makdad has lowered his Morningstar Uncertainty Ratings for the three Singapore banks to “low” from “medium”.
Makdad had assigned “low” ratings through 2024 and early 2025, but raised them to “medium” in April due to risks associated with US President Donald Trump’s import tariffs.
