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NRA Capital Pte Ltd

Written by: Lynn Look

Friday 23 Aug 2013

Singapore Banks - Part 4 of 4

UOB & OCBC our preferred picks

We maintain our UNDERWEIGHT position on Singapore banks due to valuations reasons. UOB is our only BUY for the sector. It is still the cheapest bank in terms of PER valuation and the bank with the greatest upside. Although we like OCBC, which is beginning to prove itself as a dark horse in the sector, we would prefer to accumulate it on price weakness as it is currently trading close to fair valuation. We would advise investors to take profit on DBS as it is trading beyond its fair value, with a 11% downs

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