1. Art and Diseño

SECTOR RESEARCH | Singapore
February 2, 2015
Singapore Banks
OVERWEIGHT (Unchanged)
Loan softness offset by rising rates



Slowdown in loan growth compensated by higher SGD SIBOR.
System liquidity may also improve as rates rise.
Remain OVERWEIGHT. Catalysts from eventual rise in interest
rates & earnings deliveries. DBS still our top pick.
Analysts
Ng Wee Siang
(65) 6231 5838
[email protected]
Ng Li Hiang
(65) 6231 5840
[email protected]
Challenging year for loan growth
2014 proved to be a challenging year for industry loan growth.
Growth was weak across the board. Business and consumer loans
grew at their slowest in more than four and seven years
respectively. Industry domestic banking unit (DBU) loan growth
slowed to 5.9% YoY in 2014 from 2013’s +17.0%.
General commerce loan growth decelerated the most, to +2.9%
from 2013’s +32.3%. This was the sub-sector’s weakest growth
since Jan 2010, reflecting a challenging global environment. Unlike
the other larger business subsectors, B&C loan growth held up
better, at 13.6% in 2014 vs 16.0% in 2013. General commerce loans
accounted for 12.8% of DBU loans as at end-December, B&C 17.1%.
Consumer loan growth remained lethargic, weighed down by
property-market weakness (+6.5% YoY) and fast-shrinking car loans
(-19.2% YoY).
LDR may start to improve
More positively, DBU deposit growth continued to inch up,
fractionally. We expect this to continue amid rising short-term
interest rates. This suggests DBU LDR may dip slightly this year.
We expect our banks’ loan growth to average 9% in 2015 vs an
estimated 9.3% for 2014. Given the slowdown locally, there is a risk
that our 12% business loan growth projection for 2015 may not be
met. General commerce loans could come to the rescue if the
global economy strengthens in 2H15.
DBS is our top pick. It should be best positioned to take advantage
of rising rates. Our second choice is UOB. Stay cautious on OCBC.
Peer comparisons
Stock
Rec
Price*
TP
Upside
(SGD)
(SGD)
(%)
FY14E
PER (x)
FY15E
11.0
10.4
P/BV (x)
FY14E
ROAE (%)
Div. yield (%)
FY15E
FY14E
FY15E
FY14E
1.3
1.4
1.2
1.3
11.1
13.0
11.9
12.8
2.9
2.8
FY15E
3.0
2.8
BUY
19.79
23.50
18.7
UOB
BUY
23.18
26.70
15.2
12.7
11.1
OCBC
HOLD
10.40
10.70
2.9
12.1
10.8
1.3
1.2
12.5
11.9
3.3
3.3
12.0
10.7
1.3
1.2
12.2
12.2
3.0
3.0
DBS
Sector average
*Share prices as of 30 Jan 2015
Source: Maybank KE
SEE PAGE 13 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
Co. Reg No: 198700034E
MICA (P) : 099/03/2012
Singapore Banks
Data in pictures
Industry DBU loans
 Industry DBU loan growth decelerated to its slowest
since Mar 2010 (2014: +5.9%, 2013: +17.0%).
 Dragged down by business loans (2014: +6.4%, 2013:
+22.9), which formed 61.1% of industry loans.
 Consumer loans (38.9% of industry loans) also grew
only 5.1%, down from +9.0% a year ago.
Fast losing steam
(SGD b)
650
Total DBU loans (LHS)
Growth (RHS)
600
(YoY %)
34
28
550
500
22
450
400
16
350
10
300
250
4
200
150
(2)
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Consumer loans
 Despite a slight uptick in December, consumer loan
growth was near its slowest in more than seven
years.
 This segment was weighed down by persistent
contractions in car loans (-19.2% YoY) and share
financing (-15.2% YoY).
Total industry DBU loans comprise business and consumer loans.
Source: Monetary Authority of Singapore
Consolidating after a prolonged decline
(SGD b)
260
Consumer loans (LHS)
Growth (RHS)
(YoY %)
22
240
20
220
18
 Car loans have been shrinking for 25 months, after
MAS re-introduced restrictions on vehicle financing
in 2013.
200
 Housing loans accounted for 75.0% of DBU consumer
loans as at end-December, car loans 3.7% and share
financing 0.4%.
140
16
14
180
12
160
10
8
120
6
100
4
2
80
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Note: Consumer loans accounted for 38.9% of total industry DBU loans.
Source: Monetary Authority of Singapore
Housing loans
 Housing loan growth ticked up to 6.5%. It was 9.6%
in 2013. This reflected a weak property market and
higher base.
 We expect the weakness to persist as new property
sales are expected to stay tepid this year. Loan
drawdowns for newly completed homes should be
the only source of growth.
Bottoming out? Unlikely as property sales stay lethargic
(SGD b)
180
Housing loans (LHS)
Growth (RHS)
(YoY %)
25
160
20
140
120
15
100
10
80
5
60
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Note: Housing loans accounted for 29.2% of total industry DBU loans.
Source: Monetary Authority of Singapore
February 2, 2015
2
Singapore Banks
Business loans
 Business loan growth decelerated to a 52-month low
of 6.4% YoY (2013: +22.9%).
 The slowdown could be detected in lending to
manufacturing (2014: -6.3%, 2013: +16.3%), general
commerce (2014: +2.9%, 2013: +32.3%), and
financial institutions (2014: +5.9%, 2013: +17.7%).
Slowest growth in four years
(SGD b)
400
Business loans (LHS)
Growth (RHS)
360
(YoY %)
50
40
320
 Our 12% business loan growth projection for 2015
appears a tad aggressive.
280
 General commerce is the wild card, being highly
dependent on Greater China.
200
30
20
240
10
160
0
120
80
(10)
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Note: Business loans accounted for 61.1 % of total industry DBU loans.
Source: Monetary Authority of Singapore
Building and construction loans
 Unlike the other larger business loan subsectors,
B&C loan growth held up better, at 13.6% in 2014 vs
16.0% the year before.
 We expect 10% growth this year, supported by large
property and infrastructure projects.
Best-performing business loan subsector
(SGD b)
110
Bldg & const. loans (LHS)
Growth (RHS)
(YoY %)
60
100
46
90
80
32
70
60
18
50
40
4
30
20
(10)
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Note: Building and construction loans formed 17.1% of total industry DBU loans.
Source: Monetary Authority of Singapore
General commerce loans
 Among the larger subsectors, general commerce
loans eased the most in percentage terms in 2014.
 Growth slowed to 2.9% YoY from +32.3% in 2013.
 This was the weakest growth since Jan 2010,
reflecting a challenging global environment.
 Singapore banks have gained market share in USD
trade loans after the retreat of European banks
from 2008/09.
 This category is dependent on the health of the
global economy, particularly China’s.
Dependent on global economy
(SGD b)
90
80
General commerce loans (LHS)
Growth (RHS)
(YoY %)
90
70
70
60
50
40
50
30
10
30
20
(10)
(30)
10
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Note: General commerce loans accounted for 12.8% of total industry DBU loans.
Source: Monetary Authority of Singapore
February 2, 2015
3
Singapore Banks
Industry deposits (DBU)
 On a more positive note, DBU deposit growth
continued to inch up, albeit marginally.
 We expect continued growth with short-term
interest rates inching higher.
Inching up
Total DBU deposits (LHS)
Growth (RHS)
(SGD b)
560
(YoY %)
28
520
24
480
20
440
400
16
360
12
320
8
280
4
240
0
200
160
Dec-04
Dec-06
Dec-08
Dec-10
(4)
Dec-14
Dec-12
Source: Monetary Authority of Singapore
Industry loan-to-deposit ratio (DBU)
 DBU LDR remained elevated at 110.5% in Dec 2014.
 The industry’s net deposit deficit (DBU loans
greater than DBU deposits) stood at SGD57.6b.
Contrast this with the SGD70b surplus before GFC.
 On the surface, this suggests very tight system
liquidity.
Tight system liquidity
(SGD b)
DBU excess deposits (LHS)
LDR (RHS)
(%)
115
108
110
88
105
68
100
48
95
28
90
8
85
(12)
80
(32)
75
(52)
70
(72)
Dec-06
Dec-08
Dec-10
Dec-12
65
Dec-14
Source: Monetary Authority of Singapore
Industry SGD LDR
 DBU LDR is no longer a good proxy for system SGD
LDR.
 Increasingly, DBU loans are USD trade loans.
Stripping these out, SGD LDR was still a comfortable
84.0% as at end-December (2013: 81.3%, 2012:
75.4%), based on our estimates.
 Based on Sep 2014 data, DBS had the most liquid
SGD balance sheet. Its SGD LDR of 77.6% implied a
SGD30.8b net deposit surplus. OCBC’s 80.2%
suggested a SGD18.6b surplus. UOB’s 95.9% hinted
at a SGD4.5b surplus.
Remained comfortably low
(%)
110
106.5
100
88.3
90
84.0
80
70
72.2
78.8
62.6
60
Dec-96
Dec-99
Dec-02
Dec-05
Dec-08
Dec-11
Dec-14
Source: Monetary Authority of Singapore, Maybank KE
February 2, 2015
4
Singapore Banks
Industry NIM vs 3M SGD SIBOR
 We expect 3M SGD SIBOR to rise to 1.0% by end2015 and 2.0% by end-2016, from 0.46% as at end2014 and 0.6% currently.
 Given
3M SGD SIBOR’s close correlation with
industry NIM, albeit with a lag, a rise should lift
NIM.
Rising short-term rates to boost NIM
(%)
2.4
(%)
4.0
Net interest margin (LHS)
Avg SIBOR (RHS)
2.3
3.5
2.2
3.0
2.1
2.5
2.0
2.0
1.9
1.5
1.8
1.7
1.0
1.6
0.5
0.0
1.5
3Q04
3Q06
3Q08
3Q10
3Q12
3Q14
Source: DBS, UOB, OCBC, Bloomberg
Sector NIM
 We expect industry NIM to strengthen in 2015, even
though it could remain below its 16-year average
over the next two years.
 Our projections could prove conservative as SGD
SIBOR started to rise earlier than expected.
 Earnings upswings for banks can be powerful after
several years of depressed NIMs, assuming asset
quality remains good.
Might have bottomed in 2014
(%)
2.3
2.2
2.10
2.08
2.1
2.0
2.19 2.20
2.19
1.97
1.98
1.96
2.01
1.9
2.06
Mean = 1.95%
1.85
1.78
1.91
1.8
1.83
1.73
1.66
1.7
1.69
1.6
1.5
2000
2002
2004
2006
2008
2010
2012 2014E 2016E
Source: Maybank KE
February 2, 2015
5
Singapore Banks
Figure 1: Investment theses
DBS
UOB
OCBC
Target
price
(SGD)
23.50
Share
price*
(SGD)
19.79
26.70
23.18
10.70
10.40
Upside
(%)
18.7
Rec
BUY
15.2
Investment thesis

Management’s medium-term strategy of acquiring outfits to plug
product gaps should reduce inherent M&A risks.
BUY
2.9
HOLD

Decent presence in Greater China. In good stead to ride renewed
Chinese economic growth.

Key beneficiary of higher interest rates, expected in mid-2015, and
internationalisation of CNY.

Risk to TP: Unexpected departure of key personnel.

Catalysts: Consistent earnings deliveries and sharp rise in interest
rates.

Disciplined and cost-conscious management.

With its less-favourable SGD funding profile, it may not be as wellpositioned for rising interest rates as peers.

But strong focus on liquidity management. Requires all regional
operations to be fully funded in local currencies.

Risk to TP: Weakening ability to expand SGD deposits or further
jumps in its housing NPLs.

Catalysts: Stronger growth in SGD deposits and better housing-loan
quality.

Integration risks after acquisition of Wing Hang Bank.

More volatile earnings from outsized contributions from 87%-owned
Great Eastern Holdings.

Current management yet to prove itself.

Risks to TP: 1) failure to extract operational synergies from Wing
Hang Bank; and 2) capital markets stay depressed for longer.

Catalysts: Strong pick-up in capital markets and sharp rise in interest
rates.
*Share prices as of 30 Jan 2015
Source: Maybank KE
Figure 2: Sector rolling PER band
Figure 3: Sector rolling P/BV band
(x)
18.0
(x)
2.1
+1SD = 14.8x
+1SD = 1.6x
15.0
Mean = 13.0x
1.6
Mean = 1.4x
12.0
-1SD = 11.2x
1.1
-1SD = 1.2x
9.0
6.0
Dec-05
Dec-08
Source: Bloomberg, Maybank KE
February 2, 2015
Dec-11
Dec-14
0.6
Dec-05
Dec-08
Dec-11
Dec-14
Source: Bloomberg, Maybank KE
6
Singapore Banks
Figure 4: DBS’s rolling PER band
Figure 5: DBS’s rolling P/BV band
(x)
18.0
(x)
2.0
1.7
+1SD = 14.6x
15.0
Mean = 12.7x
+1SD = 1.5x
Mean = 1.3x
1.4
12.0
1.1
-1SD = 10.7x
9.0
6.0
Dec-05
-1SD = 1.1x
0.8
Dec-08
Dec-11
Dec-14
0.5
Dec-05
Dec-08
Dec-11
Source: Bloomberg, Maybank KE
Source: Bloomberg, Maybank KE
Figure 6: UOB’s rolling PER band
Figure 7: UOB’s rolling P/BV band
20.0
(x)
2.2
18.0
2.0
(x)
+1SD = 14.6x
14.0
1.6
Mean = 12.7x
12.0
Mean = 1.4x
1.4
1.2
10.0
-1SD = 10.8x
-1SD = 1.2x
1.0
8.0
6.0
Dec-05
+1SD = 1.7x
1.8
16.0
0.8
Dec-08
Dec-11
Dec-14
0.6
Dec-05
Dec-08
Dec-11
Source: Bloomberg, Maybank KE
Source: Bloomberg, Maybank KE
Figure 8: OCBC’s rolling PER band
Figure 9: OCBC’s rolling P/BV band
(x)
21.0
(x)
2.4
19.0
2.2
1.8
15.0
Mean = 13.9x
13.0
+1SD = 1.7x
Mean = 1.5x
1.6
1.4
11.0
1.2
-1SD = 11.9x
-1SD = 1.2x
1.0
9.0
0.8
Dec-08
Source: Bloomberg, Maybank KE
February 2, 2015
Dec-14
2.0
+1SD = 15.8x
17.0
7.0
Dec-05
Dec-14
Dec-11
Dec-14
0.6
Dec-05
Dec-08
Dec-11
Dec-14
Source: Bloomberg, Maybank KE
7
Singapore Banks
Figure 10: Key P&L and balance-sheet data
(SGD m)
Net interest income
DBS
UOB
OCBC
2010
2011
2012
2013
2014E
2015E
2016E
4,318.0
3,531.9
2,946.9
4,825.0
3,678.0
3,410.4
5,285.0
3,917.0
3,747.7
5,569.0
4,119.8
3,882.8
6,227.5
4,623.3
4,792.9
7,117.2
5,271.1
5,542.4
8,383.2
5,998.7
6,440.1
Fee income
DBS
UOB
OCBC
1,397.0
1,163.3
982.8
1,542.0
1,318.1
1,137.1
1,579.0
1,507.8
1,198.3
1,885.0
1,730.6
1,355.5
2,072.0
1,774.0
1,454.3
2,322.0
1,871.2
1,596.2
2,659.7
2,036.8
1,783.1
Core non-interest income
DBS
UOB
OCBC
2,748.0
2,036.3
2,377.8
2,759.0
2,021.0
2,211.3
2,779.0
2,577.9
2,897.6
3,358.0
2,561.7
2,738.6
3,427.4
2,917.2
3,171.0
3,808.4
2,826.5
3,321.9
4,345.8
3,017.8
3,613.5
Core operating income
DBS
UOB
OCBC
7,066.0
5,568.2
5,324.7
7,584.0
5,698.9
5,621.7
8,064.0
6,495.0
6,645.4
8,927.0
6,681.5
6,621.4
9,654.8
7,540.6
7,963.9
10,925.6
8,097.6
8,864.3
12,729.0
9,016.5
10,053.6
Overhead expenses
DBS
UOB
OCBC
2,925.0
2,257.8
2,253.6
3,303.0
2,450.5
2,429.9
3,614.0
2,747.4
2,694.7
3,918.0
2,898.2
2,783.9
4,254.0
3,170.2
3,250.5
4,654.5
3,365.6
3,587.9
5,123.9
3,577.7
3,925.1
Core pre-provision profit
DBS
UOB
OCBC
3,123.0
3,299.5
3,016.4
4,281.0
3,248.5
3,130.4
4,450.0
3,740.2
3,890.7
5,009.0
3,783.3
3,779.4
5,400.8
4,370.3
4,654.7
6,271.1
4,732.0
5,217.2
7,605.1
5,438.8
6,068.6
911.0
473.8
134.0
722.0
523.2
277.8
417.0
476.4
271.4
770.0
428.9
266.1
674.4
627.5
289.7
849.3
678.4
379.9
981.3
669.6
480.0
Core operating profit
DBS
UOB
OCBC
2,212.0
2,825.6
2,882.3
3,559.0
2,725.3
2,852.6
4,033.0
3,263.8
3,619.3
4,239.0
3,354.4
3,513.4
4,726.4
3,742.8
4,365.0
5,421.9
4,053.6
4,837.3
6,623.8
4,769.2
5,588.6
Core PBT
DBS
UOB
OCBC
2,314.0
2,964.7
2,880.2
3,686.0
2,818.4
2,859.8
4,157.0
3,351.2
3,645.9
4,318.0
3,465.4
3,567.3
4,777.8
3,887.0
4,428.7
5,475.8
4,206.5
4,906.1
6,682.0
4,935.8
5,662.8
Core net profit (net of preference share dividends)
DBS
1,616.0
UOB
2,463.9
OCBC
2,163.3
2,972.0
2,337.5
2,133.7
3,343.0
2,803.1
2,734.7
3,485.0
2,889.1
2,677.4
3,851.4
3,288.5
3,378.6
4,473.0
3,508.6
3,800.1
5,556.8
4,128.9
4,406.3
Provisions
DBS
UOB
OCBC
Total net loans
DBS
UOB
OCBC
151,698.0
112,439.9
104,989.2
194,275.0
141,191.3
133,556.9
210,519.0
152,929.8
142,376.5
248,654.0
178,856.9
167,854.1
266,059.8
194,954.0
204,782.0
287,344.6
214,449.4
223,212.4
316,079.0
238,038.8
247,765.7
Total assets
DBS
UOB
OCBC
283,710.0
213,778.5
229,282.8
340,847.0
236,957.7
277,757.6
353,033.0
252,899.5
295,943.5
402,008.0
284,229.1
338,448.4
427,776.4
308,905.8
397,085.1
459,303.9
335,799.9
428,218.2
500,845.5
369,274.1
467,688.9
Source: DBS, UOB, OCBC, Maybank KE
February 2, 2015
8
Singapore Banks
Figure 11: Key ratios – profitability
(%)
Non-interest income/core operating income
DBS
UOB
OCBC
2010
2011
2012
2013
2014E
2015E
2016E
38.9
36.6
44.7
36.4
35.5
39.3
34.5
39.7
43.6
37.6
38.3
41.4
35.5
38.7
39.8
34.9
34.9
37.5
34.1
33.5
35.9
Fee income/core operating income
DBS
UOB
OCBC
19.8
20.9
18.5
20.3
23.1
20.2
19.6
23.2
18.0
21.1
25.9
20.5
21.5
23.5
18.3
21.3
23.1
18.0
20.9
22.6
17.7
Cost/income
DBS
UOB
OCBC
41.4
40.5
42.3
43.6
43.0
43.2
44.8
42.3
40.6
43.9
43.4
42.0
44.1
42.0
40.8
42.6
41.6
40.5
40.3
39.7
39.0
Cost/average assets
DBS
UOB
OCBC
1.1
1.1
1.1
1.1
1.1
1.0
1.0
1.1
0.9
1.0
1.1
0.9
1.0
1.1
0.9
1.0
1.0
0.9
1.1
1.0
0.9
SP/average net loans
DBS
UOB
OCBC
0.4
0.2
0.1
0.1
0.1
0.1
0.1
0.3
0.1
0.2
0.1
0.1
0.2
0.2
0.1
0.2
0.2
0.1
0.2
0.2
0.1
GP/RWA
DBS
UOB
OCBC
0.8
1.6
1.0
0.9
1.5
0.9
1.0
1.5
1.0
1.0
1.4
1.0
1.0
1.4
1.0
1.0
1.4
1.0
1.0
1.4
1.0
Loan-deposit ratio
DBS
UOB
OCBC
78.3
79.0
85.1
86.2
83.3
86.4
83.1
84.0
86.2
85.0
88.5
85.7
85.0
85.4
85.7
85.0
85.4
85.7
85.0
85.0
85.7
Net loan growth
DBS
UOB
OCBC
16.2
13.3
29.8
28.1
25.6
27.2
8.4
8.3
6.6
18.1
17.0
17.9
7.0
9.0
22.0
8.0
10.0
9.0
10.0
11.0
11.0
Customer deposit growth
DBS
UOB
OCBC
5.6
17.1
22.5
16.3
19.1
25.3
12.5
7.4
6.8
15.3
11.0
18.7
7.0
13.0
22.0
8.0
10.0
9.0
10.0
11.5
11.0
Source: DBS, UOB, OCBC, Maybank KE
February 2, 2015
9
Singapore Banks
Figure 12: Key ratios – asset quality
(%)
Gross NPL
DBS
UOB
OCBC
2010
2011
2012
2013
2014E
2015E
2016E
2.1
2.2
1.1
1.5
1.8
1.1
1.3
1.8
0.8
1.2
1.3
0.8
0.9
1.4
0.7
0.8
1.3
0.7
0.8
1.1
0.8
SP/NPLs
DBS
UOB
OCBC
40.0
43.2
27.2
45.0
38.1
21.0
46.3
40.7
25.9
39.2
38.5
17.6
47.0
35.6
19.2
59.0
34.8
18.7
61.2
37.0
20.2
GP/NPLs
DBS
UOB
OCBC
51.3
81.3
90.6
72.7
98.1
84.9
79.6
83.2
115.2
83.2
112.0
115.9
109.5
111.3
127.3
123.2
119.6
120.4
123.2
134.8
114.2
GP/net loans
DBS
UOB
OCBC
0.96
1.53
1.03
0.98
1.38
0.90
0.98
1.27
0.94
0.96
1.28
0.89
0.99
1.34
0.89
0.99
1.38
0.89
0.99
1.38
0.89
99.5
118.9
118.8
126.0
124.3
106.6
141.8
122.2
141.8
135.1
147.3
134.2
150.9
130.5
144.0
175.4
137.9
137.1
178.1
156.0
132.7
Tier 1
DBS
UOB
OCBC
15.1
15.3
16.3
12.9
13.5
14.4
14.0
14.7
16.6
13.7
13.2
14.5
13.3
13.0
13.8
13.3
11.7
14.6
13.4
11.0
14.5
CAR
DBS
UOB
OCBC
18.4
19.8
17.6
15.8
16.7
15.7
17.1
19.1
18.5
16.3
16.6
16.3
16.0
16.5
15.9
15.9
15.0
16.5
15.8
14.0
16.3
Average lending yields
DBS
UOB
OCBC
2.43
2.95
2.93
2.40
2.94
2.91
2.45
2.97
2.82
2.32
2.71
2.60
2.38
2.67
2.69
2.57
2.85
2.92
3.15
3.36
3.42
Average cost of funds
DBS
UOB
OCBC
0.64
0.89
1.04
0.69
1.05
1.12
0.81
1.13
1.13
0.75
1.03
1.03
0.77
1.01
1.08
0.93
1.21
1.29
1.42
1.69
1.74
Interest spread
DBS
UOB
OCBC
1.79
2.06
1.89
1.71
1.89
1.79
1.64
1.84
1.69
1.57
1.68
1.57
1.61
1.66
1.61
1.64
1.64
1.63
1.73
1.67
1.69
NIM
DBS
UOB
OCBC
1.84
2.09
1.98
1.77
1.92
1.86
1.70
1.87
1.77
1.62
1.72
1.64
1.67
1.70
1.69
1.73
1.73
1.72
1.87
1.79
1.82
Provision coverage
DBS
UOB
OCBC
Source: DBS, UOB, OCBC, Maybank KE
February 2, 2015
10
Singapore Banks
Figure 13: Key valuation summary
2010
2011
2012
2013
2014E
2015E
2016E
Cash core EPS (SGD cts)
DBS
UOB
OCBC
67.1
159.7
64.8
121.3
148.5
62.0
135.2
178.0
79.5
140.5
183.3
77.8
155.3
208.6
85.9
180.4
222.6
96.6
224.1
261.9
112.0
Cash core EPS growth (%)
DBS
UOB
OCBC
(21.8)
26.5
11.8
80.8
(7.0)
(4.3)
11.5
19.9
28.2
3.9
3.0
(2.1)
10.5
13.8
10.4
16.1
6.7
12.5
24.2
17.7
16.0
PER (x)
DBS
UOB
OCBC
29.5
14.5
16.0
16.3
15.6
16.8
14.6
13.0
13.1
14.1
12.6
13.4
12.7
11.1
12.1
11.0
10.4
10.8
8.8
8.9
9.3
P/BV (x)
DBS
UOB
OCBC
1.7
1.9
1.8
1.6
1.8
1.7
1.5
1.6
1.6
1.5
1.5
1.5
1.3
1.4
1.3
1.2
1.3
1.2
1.1
1.2
1.1
P/NTA (x)
DBS
UOB
OCBC
2.1
2.4
2.3
1.9
2.2
2.1
1.8
2.0
1.9
1.7
1.8
1.8
1.6
1.6
1.6
1.4
1.5
1.4
1.3
1.3
1.3
Cash core ROE (%)
DBS
UOB
OCBC
10.1
13.7
12.3
10.7
11.6
11.1
11.0
12.8
12.8
10.7
12.3
11.7
11.1
13.0
12.5
11.9
12.8
11.9
13.5
13.7
12.6
Cash core ROA (%)
DBS
UOB
OCBC
1.0
1.2
1.3
1.0
1.0
1.1
1.0
1.1
1.2
0.9
1.1
1.0
0.9
1.1
1.1
1.0
1.1
1.1
1.2
1.2
1.2
Net dividend yield (%)
DBS
UOB
OCBC
2.8
3.0
2.9
2.8
2.6
2.9
2.8
2.6
3.2
2.9
2.6
3.3
2.9
2.8
3.3
3.0
2.8
3.3
3.2
3.2
3.3
11.48
12.53
5.66
12.21
13.23
6.01
12.98
14.56
6.66
13.63
15.36
6.89
14.72
16.71
7.96
15.95
18.20
8.59
17.58
19.99
9.37
NTA/share (SGD)
DBS
UOB
OCBC
9.41
9.69
4.46
10.17
10.45
4.86
10.99
11.80
5.55
11.64
12.62
5.81
12.76
14.08
6.66
13.99
15.57
7.29
15.62
17.36
8.07
Net DPS (SGD cts)
DBS
UOB
OCBC
56.0
70.0
30.0
56.0
60.0
30.0
56.0
60.0
33.0
58.0
60.0
34.0
58.0
65.0
34.0
60.0
65.0
34.0
64.0
75.0
34.0
Dividend payout ratio (% of cash core earnings - net of preference share dividends)
DBS
48.7
43.9
40.9
UOB
43.6
40.4
33.6
OCBC
45.9
48.0
41.4
40.8
32.7
51.9
36.9
31.2
30.8
32.9
29.2
35.2
28.2
28.6
30.4
BVPS (SGD)
DBS
UOB
OCBC
Share prices as of 30 Jan 2015
Source: DBS, UOB, OCBC, Maybank KE
February 2, 2015
11
Singapore Banks
Research Offices
REGIONAL
HONG KONG / CHINA
INDONESIA
WONG Chew Hann, CA
Regional Head of Institutional Research
(603) 2297 8686 [email protected]
Howard WONG Head of Research
(852) 2268 0648
[email protected]
• Oil & Gas - Regional
Wilianto IE Head of Research
(62) 21 2557 1125
[email protected]
• Strategy
ONG Seng Yeow
Regional Head of Retail Research
(65) 6432 1453
[email protected]
Alexander LATZER
(852) 2268 0647
[email protected]
• Metals & Mining – Regional
Rahmi MARINA
(62) 21 2557 1128
[email protected]
• Banking & Finance
Jacqueline KO, CFA
(852) 2268 0633 [email protected]
• Consumer Staples & Durables
Aurellia SETIABUDI
(62) 21 2953 0785
[email protected]
• Property
Alexander GARTHOFF
Institutional Product Manager
(852) 2268 0638
[email protected]
ECONOMICS
Suhaimi ILIAS
Chief Economist
Singapore | Malaysia
(603) 2297 8682
[email protected]
Luz LORENZO
Philippines
(63) 2 849 8836
[email protected]
Tim LEELAHAPHAN
Thailand
(66) 2658 6300 ext 1420
[email protected]
JUNIMAN
Chief Economist, BII
Indonesia
(62) 21 29228888 ext 29682
[email protected]
STRATEGY
Sadiq Currimbhoy
Global Strategist
(65) 6231 5836 [email protected]
Willie Chan
Hong Kong / Regional
(852) 2268 0631 [email protected]
MALAYSIA
WONG Chew Hann, CA Head of Research
(603) 2297 8686 [email protected]
• Strategy • Construction & Infrastructure
Desmond CH’NG, ACA
(603) 2297 8680
[email protected]
• Banking & Finance
LIAW Thong Jung
(603) 2297 8688 [email protected]
• Oil & Gas - Regional • Shipping
ONG Chee Ting, CA
(603) 2297 8678 [email protected]
• Plantations - Regional
Mohshin AZIZ
(603) 2297 8692 [email protected]
• Aviation - Regional • Petrochem
YIN Shao Yang, CPA
(603) 2297 8916 [email protected]
• Gaming – Regional • Media
TAN Chi Wei, CFA
(603) 2297 8690 [email protected]
• Power • Telcos
WONG Wei Sum, CFA
(603) 2297 8679 [email protected]
• Property & REITs
LEE Yen Ling
(603) 2297 8691 [email protected]
• Building Materials • Glove Producers
CHAI Li Shin, CFA
(603) 2297 8684 [email protected]
• Plantation • Construction & Infrastructure
Ivan YAP
(603) 2297 8612 [email protected]
• Automotive
Ka Leong LO, CFA
(852) 2268 0630 [email protected]
• Consumer Discretionary & Auto
Benjamin HO
(852) 2268 0632 [email protected]
• Consumer & Auto
Karen KWAN
(852) 2268 0640 [email protected]
• Property & REITs
Osbert TANG, CFA
(86) 21 5096 8370
[email protected]
• Transport & Industrials
Ricky WK NG, CFA
(852) 2268 0689 [email protected]
• Utilities & Renewable Energy
Steven ST CHAN
(852) 2268 0645 [email protected]
• Banking & Financials - Regional
Warren LAU
(852) 2268 0644
[email protected]
• Technology – Regional
INDIA
Jigar SHAH Head of Research
(91) 22 6632 2632
[email protected]
• Oil & Gas • Automobile • Cement
Anubhav GUPTA
(91) 22 6623 2605
[email protected]
• Metal & Mining • Capital Goods • Property
Urmil SHAH
(91) 22 6623 2606 [email protected]
• Technology • Media
Vishal MODI
(91) 22 6623 2607 [email protected]
• Banking & Financials
Abhijeet Kundu
(91) 22 6623 2628 [email protected]
• Consumer
SINGAPORE
NG Wee Siang Head of Research
(65) 6231 5838 [email protected]
• Banking & Finance
Gregory YAP
(65) 6231 5848 [email protected]
• SMID Caps – Regional
• Technology & Manufacturing • Telcos
Isnaputra ISKANDAR
(62) 21 2557 1129
[email protected]
• Metals & Mining • Cement
Pandu ANUGRAH
(62) 21 2557 1137
[email protected]
• Infra • Construction • Transport• Telcos
Janni ASMAN
(62) 21 2953 0784
[email protected]
• Cigarette • Healthcare • Retail
Adhi Tasmin
(62) 21 2557 1209
[email protected]
• Plantations
PHILIPPINES
Luz LORENZO Head of Research
(63) 2 849 8836
[email protected]
• Strategy
• Utilities • Conglomerates • Telcos
Lovell SARREAL
(63) 2 849 8841
[email protected]
• Consumer • Media • Cement
Rommel RODRIGO
(63) 2 849 8839
[email protected]
• Conglomerates • Property • Gaming
• Ports/ Logistics
Katherine TAN
(63) 2 849 8843
[email protected]
• Banks • Construction
Ramon ADVIENTO
(63) 2 849 8845
[email protected]
• Mining
Michael Bengson
(63) 2 849 8840
[email protected]
• Conglomerates
Jaclyn Jimenez
(63) 2 849 8842
[email protected]
• Consumer
Arabelle Maghirang
(63) 2 849 8838
[email protected]
• Banks
THAILAND
YEAK Chee Keong, CFA
(65) 6231 5842
[email protected]
• Offshore & Marine
Maria LAPIZ Head of Institutional Research
Dir (66) 2257 0250 | (66) 2658 6300 ext 1399
[email protected]
• Consumer • Materials • Ind.Estates
Derrick HENG
(65) 6231 5843 [email protected]
• Transport (Land, Shipping & Aviation)
Jesada TECHAHUSDIN, CFA
(66) 2658 6300 ext 1394
[email protected]
• Financial Services
WEI Bin
(65) 6231 5844 [email protected]
• Commodity • Logistics • S-chips
John CHEONG
(65) 6231 5845 [email protected]
• Small & Mid Caps • Healthcare
TRUONG Thanh Hang
(65) 6231 5847 [email protected]
• Small & Mid Caps
Suttatip PEERASUB
(66) 2658 6300 ext 1430
[email protected]
• Media • Commerce
Sutthichai KUMWORACHAI
(66) 2658 6300 ext 1400
[email protected]
• Energy • Petrochem
Termporn TANTIVIVAT
(66) 2658 6300 ext 1520
[email protected]
• Property
Jaroonpan WATTANAWONG
(66) 2658 6300 ext 1404
[email protected]
• Transportation • Small cap
Chatchai JINDARAT
(66) 2658 6300 ext 1401
[email protected]
• Electronics
VIETNAM
LE Hong Lien, ACCA
Head of Institutional Research
(84) 8 44 555 888 x 8181
[email protected]
• Strategy • Consumer • Diversified • Utilities
THAI Quang Trung, CFA, Deputy Manager,
Institutional Research
(84) 8 44 555 888 x 8180
[email protected]
• Real Estate • Construction • Materials
Le Nguyen Nhat Chuyen
(84) 8 44 555 888 x 8082
[email protected]
• Oil & Gas
NGUYEN Thi Ngan Tuyen, Head of Retail Research
(84) 8 44 555 888 x 8081
[email protected]
• Food & Beverage • Oil&Gas • Banking
TRINH Thi Ngoc Diep
(84) 4 44 555 888 x 8208
[email protected]
• Technology • Utilities • Construction
TRUONG Quang Binh
(84) 4 44 555 888 x 8087
[email protected]
• Rubber plantation • Tyres and Tubes • Oil&Gas
PHAM Nhat Bich
(84) 8 44 555 888 x 8083
[email protected]
• Consumer • Manufacturing • Fishery
NGUYEN Thi Sony Tra Mi
(84) 8 44 555 888 x 8084
[email protected]
• Port operation • Pharmaceutical
• Food & Beverage
Sittichai DUANGRATTANACHAYA
(66) 2658 6300 ext 1393
[email protected]
• Services Sector • Transport
Sukit UDOMSIRIKUL Head of Retail Research
(66) 2658 6300 ext 5090
[email protected]
LEE Cheng Hooi Regional Chartist
(603) 2297 8694
[email protected]
Mayuree CHOWVIKRAN
(66) 2658 6300 ext 1440
[email protected]
• Strategy
February 2, 2015
Surachai PRAMUALCHAROENKIT
(66) 2658 6300 ext 1470
[email protected]
• Auto • Conmat • Contractor • Steel
Kittisorn PRUITIPAT, CFA, FRM
(66) 2658 6300 ext 1395
[email protected]
• Real Estate • Telcos
Kevin WONG
(603) 2082 6824 [email protected]
• REITs
Tee Sze Chiah Head of Retail Research
(603) 2297 6858 [email protected]
Padon VANNARAT
(66) 2658 6300 ext 1450
[email protected]
• Strategy
12
Singapore Banks
APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES
DISCLAIMERS
This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as
an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate
and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental
ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and
volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than
the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment
advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read
this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment
strategies discussed or recommended in this report.
The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank
Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of
this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees
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report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.
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occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us
and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking
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This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state,
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Malaysia
Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental
ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia
Securities Berhad in the equity analysis.
Singapore
This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank
KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact
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liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.
Thailand
The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the
Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand
and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the
perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the
Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand) Public
Company Limited (“MBKET”) does not confirm nor certify the accuracy of such survey result.
Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET.
MBKET accepts no liability whatsoever for the actions of third parties in this respect.
US
This research report prepared by MKE is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the
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should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant
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UK
This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Services
Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial
Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any
responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as
constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.
February 2, 2015
13
Singapore Banks
DISCLOSURES
Legal Entities Disclosures
Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa
Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and
distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng
Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg.
No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission.
Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange
Commission. Vietnam: Maybank Kim Eng Securities Limited (License Number: 117/GP-UBCK) is licensed under the State Securities Commission of
Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited
(“KESI”) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB
011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM
000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is
authorized and regulated by the Financial Services Authority.
Disclosure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further
act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment
banking services, advisory and other services for or relating to those companies.
Singapore: As of 2 February 2015, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.
Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the
research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected
parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.
Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph
16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.
As of 2 February 2015, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.
MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in
issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or
investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the
companies covered in this report.
OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of
the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
Reminder
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable
of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political
factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality
of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its
own professional advisers as to the risks involved in making such a purchase.
No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.
Ong Seng Yeow | Executive Director, Maybank Kim Eng Research
Definition of Ratings
Maybank Kim Eng Research uses the following rating system
BUY
Return is expected to be above 10% in the next 12 months (excluding dividends)
HOLD
Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)
SELL
Return is expected to be below -10% in the next 12 months (excluding dividends)
Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only
applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment
ratings as we do not actively follow developments in these companies.
February 2, 2015
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Singapore Banks
 Malaysia
Maybank Investment Bank Berhad
(A Participating Organisation of
Bursa Malaysia Securities Berhad)
33rd Floor, Menara Maybank,
100 Jalan Tun Perak,
50050 Kuala Lumpur
Tel: (603) 2059 1888;
Fax: (603) 2078 4194
Stockbroking Business:
Level 8, Tower C, Dataran Maybank,
No.1, Jalan Maarof
59000 Kuala Lumpur
Tel: (603) 2297 8888
Fax: (603) 2282 5136
 Philippines
Maybank ATR Kim Eng Securities Inc.
17/F, Tower One & Exchange Plaza
Ayala Triangle, Ayala Avenue
Makati City, Philippines 1200
Tel: (63) 2 849 8888
Fax: (63) 2 848 5738
 Singapore
Maybank Kim Eng Securities Pte Ltd
Maybank Kim Eng Research Pte Ltd
50 North Canal Road
Singapore 059304
Tel: (44) 20 7332 0221
Fax: (44) 20 7332 0302
 Hong Kong
Tel: (62) 21 2557 1188
Fax: (62) 21 2557 1189
Tel: (91) 22 6623 2600
Fax: (91) 22 6623 2604
 Thailand
Maybank Kim Eng Securities
(Thailand) Public Company Limited
999/9 The Offices at Central World,
20th - 21st Floor,
Rama 1 Road Pathumwan,
Bangkok 10330, Thailand
London
New York
India
Vietnam
Philippines
Tel: (84) 44 555 888 x8079
February 2, 2015
 Vietnam
Maybank Kim Eng Securities Limited
4A-15+16 Floor Vincom Center Dong
Khoi, 72 Le Thanh Ton St. District 1
Ho Chi Minh City, Vietnam
Tel : (84) 844 555 888
Fax : (84) 8 38 271 030
 Saudi Arabia
In association with
Anfaal Capital
Villa 47, Tujjar Jeddah
Prince Mohammed bin Abdulaziz
Street P.O. Box 126575
Jeddah 21352
Tel: (966) 2 6068686
Fax: (966) 26068787
 North Asia Sales Trading
Indonesia
[email protected]
 India
Tel: (852) 2268 0800
Fax: (852) 2877 0104
Thailand
Tien Nguyen
Tel: (212) 688 8886
Fax: (212) 688 3500
Kim Eng Securities India Pvt Ltd
2nd Floor, The International 16,
Maharishi Karve Road,
Churchgate Station,
Mumbai City - 400 020, India
Malaysia
Andrew Dacey
[email protected]
Tel: (212) 688 2956
Maybank Kim Eng Securities USA
Inc
777 Third Avenue, 21st Floor
New York, NY 10017, U.S.A.
PT Maybank Kim Eng Securities
Plaza Bapindo
Citibank Tower 17th Floor
Jl Jend. Sudirman Kav. 54-55
Jakarta 12190, Indonesia
Alex Tsun
[email protected]
Tel: (852) 2268 0228
US Toll Free: 1 877 837 7635
Harianto Liong
[email protected]
Tel: (62) 21 2557 1177
 Indonesia
 New York
Kim Eng Securities (HK) Ltd
Level 30,
Three Pacific Place,
1 Queen’s Road East,
Hong Kong
Kevin Foy
Regional Head Sales Trading
[email protected]
Tel: (65) 6336-5157
US Toll Free: 1-866-406-7447
Rommel Jacob
[email protected]
Tel: (603) 2717 5152
Maybank Kim Eng Securities
(London) Ltd
5th Floor, Aldermary House
10-15 Queen Street
London EC4N 1TX, UK
Tel: (65) 6336 9090
Tel: (66) 2 658 6817 (sales)
Tel: (66) 2 658 6801 (research)
 South Asia Sales Trading
 London
Tanasak Krishnasreni
[email protected]
Tel: (66)2 658 6820
Simon Lovekin
[email protected]
Tel: (44)-207-626-2828
Manish Modi
[email protected]
Tel: (91)-22-6623-2601
Keith Roy
[email protected]
Tel: (63) 2 848-5288
www.maybank-ke.com | www.maybank-keresearch.com
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