DATE: Thu, 11 Sep 2008 09:08:15 +0800
SINGAPORE, Sept 11 (Reuters) - Merrill Lynch has downgraded
its ratings for Singapore banks, cutting its recommendation on
Southeast Asia''s largest bank, DBS Group <DBSM.SI>, to
"underperform" from "neutral", citing weaker profits in 2009.
Merrill also cut its rating for Oversea-Chinese Banking Corp.
<OCBC.SI> to "underperform" from "buy", and lowered United
Overseas Bank <UOBH.SI> to "neutral" from "buy".
"We have become more negative on Singapore banks as we expect
slowingeconomic growth and a protracted downturn in the property
market to impact profits in 2009," Merrill said in a note.
Merrill has a price target of S$16, S$8 and S$20 for DBS,
OCBC and UOB respectively.
SINGAPORE, Sept 11 (Reuters) - Merrill Lynch has downgraded
its ratings for Singapore banks, cutting its recommendation on
Southeast Asia''s largest bank, DBS Group <DBSM.SI>, to
"underperform" from "neutral", citing weaker profits in 2009.
Merrill also cut its rating for Oversea-Chinese Banking Corp.
<OCBC.SI> to "underperform" from "buy", and lowered United
Overseas Bank <UOBH.SI> to "neutral" from "buy".
"We have become more negative on Singapore banks as we expect
slowingeconomic growth and a protracted downturn in the property
market to impact profits in 2009," Merrill said in a note.
Merrill has a price target of S$16, S$8 and S$20 for DBS,
OCBC and UOB respectively.
