China Disappointment Is Significant at OCBC

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Equity Bottom-Up

Aside from an increase in allowance for credit losses for its Swiber exposure, as flagged earlier, DBS Group's second-quarter results were in line with expectations. There were several positives in the second-quarter result.While concerns over the deterioration in asset quality will remain a near-term headwind for the bank's share price to converge towards our fair value estimate, the result does not change our long-term thesis on the bank. The bank is well positioned for growth in the region and is supported by a strong capital position. Its fully phased-in common equity Tier 1 ratio edged 20 basis points higher on the previous quarter to 13.4%.Analyst: Michael Wu, CAIA

Aside from an increase in allowance for credit losses for its Swiber exposure, as flagged earlier, DBS Group's second-quarter results were in line with expectations. There were several positives in the second-quarter result.While concerns over the deterioration in asset quality will remain a near-term headwind for the bank's share price to converge towards our fair value estimate, the result does not change our long-term thesis on the bank. The bank is well positioned for growth in the region and is supported by a strong capital position. Its fully phased-in common equity Tier 1 ratio edged 20 basis points higher on the previous quarter to 13.4%.Analyst: Michael Wu, CAIA

DBS Group's Q2 Results Dented by Credit Losses for Swiber, but Underlying Operations Performing Well