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i like ocbc, small vol easy rise and fall. especially when yday fall and today for no reason can go up 80 cents. wow.
hee....shorted 3x $7.69 this morning !! wish me luck !! :D
Am outta here, concrete boots...
erictkw ( Date: 15-Oct-2009 17:42) Posted:
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PRESS RELEASE: Fitch Affirms OCBC's Ratings on ING APB Acquisition
15 October 2009 16:34
The following is a press release from Fitch Ratings:
Fitch Ratings-Singapore-15 October 2009: Fitch Ratings has today affirmed Oversea-Chinese Banking Corp's (OCBC) Long-term foreign currency Issuer Default Rating (IDR) at 'AA-' with a Stable Outlook, following the announcement of its acquisition of ING Asia Private Bank ("ING APB"). The full list of rating actions is included at the end of this release.
The cash consideration for ING APB is USD1.5bn, which is 1.6 times its net asset value. OCBC estimates that its capital ratios would reduce by around 1.5% due to USD550m in goodwill and additional risk-weighted assets arising from the acquisition. On balance, in view of the bank's high capital buffer, its reduced core Tier 1 capital adequacy ratio (CAR) of a pro-forma 10.0% at end-H109 remains strong and comparable with its peers.
Most importantly, Fitch still believes that OCBC has a solid loss absorption capacity to negotiate the difficult economic environment, which underpins the affirmation of the bank's ratings. Asset quality deterioration should only be an earnings issue for the bank, with impairment charges accounting for about 20% of pre-impairment profits in H109, and capital impairment risks continue to be low. This means that OCBC's capital position is likely to stay strong, a key reason behind the maintenance of the Stable Outlook on its high ratings, despite challenging macroeconomic conditions.
OCBC is a Singapore-based listed banking group, which has been expanding within Asia over the past few years, although Singapore and Malaysia continue to account for the bulk of total assets, at 87% as of end-H109.
The full list of rating actions on OCBC is as follows: - Long-term foreign currency IDR affirmed at 'AA-' with a Stable Outlook;- Short-term foreign currency IDR affirmed at 'F1+';- Individual rating affirmed at 'B';- Support rating affirmed at '1'; - Support Rating Floor affirmed at 'A-'; - Rating on commercial paper programme affirmed at 'F1+'; and- Ratings on Tier-2 and Hybrid Tier-1 programmes affirmed at 'A+'.
Contacts: Alfred Chan, Singapore, +65 6796 7220; Tan Lai Peng, Singapore, +65 6796 7219; Ambreesh Srivastava, Singapore, +65 6796 7218.
Media Relations: Shivani Sundralingam, Singapore, Tel: + 65 6796 7215, Email: shivani.sundralingam@fitchratings.com.
Additional information is available at www.fitchratings.com.
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PRESS RELEASE: Fitch Affirms OCBC's Ratings on ING APB Acquisition
15 October 2009 16:34
The following is a press release from Fitch Ratings:
Fitch Ratings-Singapore-15 October 2009: Fitch Ratings has today affirmed Oversea-Chinese Banking Corp's (OCBC) Long-term foreign currency Issuer Default Rating (IDR) at 'AA-' with a Stable Outlook, following the announcement of its acquisition of ING Asia Private Bank ("ING APB"). The full list of rating actions is included at the end of this release.
The cash consideration for ING APB is USD1.5bn, which is 1.6 times its net asset value. OCBC estimates that its capital ratios would reduce by around 1.5% due to USD550m in goodwill and additional risk-weighted assets arising from the acquisition. On balance, in view of the bank's high capital buffer, its reduced core Tier 1 capital adequacy ratio (CAR) of a pro-forma 10.0% at end-H109 remains strong and comparable with its peers.
Most importantly, Fitch still believes that OCBC has a solid loss absorption capacity to negotiate the difficult economic environment, which underpins the affirmation of the bank's ratings. Asset quality deterioration should only be an earnings issue for the bank, with impairment charges accounting for about 20% of pre-impairment profits in H109, and capital impairment risks continue to be low. This means that OCBC's capital position is likely to stay strong, a key reason behind the maintenance of the Stable Outlook on its high ratings, despite challenging macroeconomic conditions.
OCBC is a Singapore-based listed banking group, which has been expanding within Asia over the past few years, although Singapore and Malaysia continue to account for the bulk of total assets, at 87% as of end-H109.
The full list of rating actions on OCBC is as follows: - Long-term foreign currency IDR affirmed at 'AA-' with a Stable Outlook;- Short-term foreign currency IDR affirmed at 'F1+';- Individual rating affirmed at 'B';- Support rating affirmed at '1'; - Support Rating Floor affirmed at 'A-'; - Rating on commercial paper programme affirmed at 'F1+'; and- Ratings on Tier-2 and Hybrid Tier-1 programmes affirmed at 'A+'.
Contacts: Alfred Chan, Singapore, +65 6796 7220; Tan Lai Peng, Singapore, +65 6796 7219; Ambreesh Srivastava, Singapore, +65 6796 7218.
Media Relations: Shivani Sundralingam, Singapore, Tel: + 65 6796 7215, Email: shivani.sundralingam@fitchratings.com.
Additional information is available at www.fitchratings.com.
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If it drop to $7.30, I'll buy more but I doubt so... so Steady la..OCBC would not be so stupid to dump the Money for nothing...
this is worse than my expectation of $7.40 after the acquisition. Neutral target price of $7.30 does indeed sounds reasonable...
looks like tomorrow we can see the selling continues as more reports and recommendations become available.
The availability of this excess money is also a problem as it signifies that OCBC had a large sum of money sitting on the bench as reserve above on top of the level they need even now. This would hit the profit margin of OCBC in the current quarter.
erictkw ( Date: 15-Oct-2009 17:12) Posted:
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DJ MARKET TALK: OCBC's US$1.46B ING Asia Pvt Bk Offer "Fair" -DMG
15 October 2009 15:56
0755 GMT [Dow Jones] STOCK CALL: OCBC's (O39.SG) US$1.46 billion acquisition price for ING's Asia private banking arm is fair, with offer valuing business at 1.6X P/B, 17X normalized earnings, says DMG. Notes Standard Chartered Bank bought American Express Bank in February 2008 for US$823 million at P/B of 1.57X, 14X P/E; "we view the acquisition as a positive, as it allows OCBC to expand further into the private banking business. The acquisition price is also fair." Says OCBC's EPS could rise by S$0.027 from 2010. But keeps Neutral call, S$7.30 target for now as stock trading close to historical P/B norms. Shares off 0.3% at S$7.66. (FKH)
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DJ MARKET TALK: OCBC's US$1.46B ING Asia Pvt Bk Offer "Fair" -DMG
15 October 2009 15:56
0755 GMT [Dow Jones] STOCK CALL: OCBC's (O39.SG) US$1.46 billion acquisition price for ING's Asia private banking arm is fair, with offer valuing business at 1.6X P/B, 17X normalized earnings, says DMG. Notes Standard Chartered Bank bought American Express Bank in February 2008 for US$823 million at P/B of 1.57X, 14X P/E; "we view the acquisition as a positive, as it allows OCBC to expand further into the private banking business. The acquisition price is also fair." Says OCBC's EPS could rise by S$0.027 from 2010. But keeps Neutral call, S$7.30 target for now as stock trading close to historical P/B norms. Shares off 0.3% at S$7.66. (FKH)
NO LAH!!! Don't think the people behind OCBC are that dumb..Wait for the good show. Cheers.
Laulan ( Date: 15-Oct-2009 16:48) Posted:
If people lacks the confidence of what OCBC is doing, like taking over ING, will they shift out from OCBC to bank with other banks? If so, then OCBC will lose profit, then the share will collapse, right???
Laulan ( Date: 15-Oct-2009 16:41) Posted:
| Jialat, jialat, I got so much money banked with OCBC. Can they fail |
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If people lacks the confidence of what OCBC is doing, like taking over ING, will they shift out from OCBC to bank with other banks? If so, then OCBC will lose profit, then the share will collapse, right???
Laulan ( Date: 15-Oct-2009 16:41) Posted:
Jialat, jialat, I got so much money banked with OCBC. Can they fail?
keepnosecrets ( Date: 15-Oct-2009 16:36) Posted:
| It seems that the market players are treating OCBC as though it is a piece of dirt! OK, let them throw cheaply to those who are not afraid to get a bit dirty if it can pay off. |
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Jialat, jialat, I got so much money banked with OCBC. Can they fail?
keepnosecrets ( Date: 15-Oct-2009 16:36) Posted:
| It seems that the market players are treating OCBC as though it is a piece of dirt! OK, let them throw cheaply to those who are not afraid to get a bit dirty if it can pay off. |
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Oops..as i type...7.62 breached ! ayo.....looks like 7.60 hard to defend liao ! :P
It seems that the market players are treating OCBC as though it is a piece of dirt! OK, let them throw cheaply to those who are not afraid to get a bit dirty if it can pay off.
hmm...i think integration with OCBC could b an issue...u think angmo willing to work under "Asian" boss meh? think unless pay package as good if not better..else this angmo Relationship Managers..bankers..will run road else where when mkt is gd now! hee :P
Calculation ( Date: 15-Oct-2009 16:31) Posted:
Presumably the name "ING" will be changed to "OCBC". I am not sure how customers of this failed Dutch bank see the brand of OCBC.
First things come to the mind of ING management and professionals must be remuneration packages and approaches to work under the new family. |
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Presumably the name "ING" will be changed to "OCBC". I am not sure how customers of this failed Dutch bank see the brand of OCBC.
First things come to the mind of ING management and professionals must be remuneration packages and approaches to work under the new family.
7.62 coming soon !! hee..... :D
at the start of crisis they raised cash. shore up defence.
now crisis over. move excess cash to buy revenue generating asset.
good move.
allow the non believer to sell first.
when straw boat full full,it will return to fair value.
well..when u r small..and NOT ca$h rich...be humble stick to your status ..perhaps u may get to outlast your rivals longer ?!....haha.... :P
jng1103 ( Date: 15-Oct-2009 16:04) Posted:
WTF... no bid oso kena whack... bid oso kena whack... bid and win oso kena whack... WTF  |
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WTF... no bid oso kena whack... bid oso kena whack... bid and win oso kena whack... WTF
Better switch back to DBS or buy UOB and throw OCBC down the drain!!!
when u r small....u hv your virtues...but when u r small and u "buy" your way out to be BIG...that is a not a virtue :).....learn to walk then run....dun CHEONG..else u will trip and never get up again :D
