“Underlying estimates remain intact but the recent price movement has resulted in the downgrade of the banks,” says Tay in a Monday report.
SINGAPORE (June 8): As the Covid-19 pandemic drags on, Singapore has moved into Phase One of its much-awaited economic reopening. Yet, the outlook for local banks remains uncertain.
Phillip Capital analyst Tay Wee Kuang has downgraded Singapore’s big three banks - DBS, OCBC and UOB - to “neutral” from the previous “accumulate” with respective target prices of $20.60, $9.14 and $20.70.
