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Snapshot

Item	Value
Valuation view	Fairly valued (+6.2% to fair value)
Current price	S$29.00 (9 Oct 2026 close; 16.2x forward P/E)
12-month fair value	S$30.80 (40% DCF / 30% residual income / 30% peers)
Bear–bull range	S$24.15 (−16.7%) to S$36.11 (+24.5%)
Dividend yield	3.6% (trailing 12 months: 42c final + 16c special + 47c interim)

Key takeaways

• Fairly valued: our fair value of S$30.80 is +6.2% above the S$29.00 close, inside a bear–bull range of S$24.15–S$36.11.
• Earnings are strong but rate-sensitive: 1H26 net profit hit a record S$4.19bn (+13%) and ROE 13.7%, yet net interest margin fell 25bp to 1.73% and net interest income dropped 3%.
• The price already assumes a lot: after a +46.8% run this year the shares trade at 2.11x book and 16.2x FY26E earnings; the price implies a 7.4% discount rate against our 6.3% cost of equity.

The Verdict

Fairly valued — fair value S$30.80 (range S$24.15–S$36.11), +6.2% vs S$29.00 (9 Oct 2026 close).

What is working: non-interest income rose 36% in 1H26 to S$3.51bn (44% of income), driven by record wealth fees, trading and a 49% jump in Great Eastern insurance income, which more than offset falling interest income [S2]. Credit is clean (NPL 0.9%, 2Q26 credit cost 14bp) and CET1 is 15.7% [S2]. What the price already assumes: the shares are up +46.8% this year (from S$19.76 on 31 Dec 2025) and sit −11.0% below the S$32.57 high of 4 Sep 2026 [S1]; at S$29.00 investors are paying 2.11x book for a bank earning a 13–14% ROE, which is consistent with a 7.4% required return on our base-case earnings path. The single factor that decides it is whether fee, wealth and insurance income keep growing fast enough to offset net interest margin compression as Singapore-dollar deposit costs rise — the reason Citi cut the stock to Sell (target S$27.50) on 7 Oct [S19].

Recent Developments (last 12 months)

Date	Event	Why it matters
7 Nov 2025	3Q25 net profit S$1.98bn, flat YoY; NIM 1.84% [S30]	Base quarter for the 3Q26 comparison
10 Nov 2025	Maybank IB upgrade to Buy, target S$17.78→S$20.52 [S33]	Start of the broker re-rating as the shares broke out
1 Jan 2026	Tan Teck Long succeeds Helen Wong as Group CEO [S23]	First year under new CEO; strategy continuity
25 Feb 2026	FY25 net profit S$7.42bn (−2%); FY25 dividend 99c incl. 16c special; 60% payout [S5]	Special dividend is part of the S$2.5bn capital return due by FY26
Mar–May 2026	Buybacks: S$116m in 1Q26 [S25]; 447,300 shares at S$22.86 on 18 May under new mandate [S24]	Buybacks are a small part of the capital return so far
23 Apr 2026	Ex-date for 42c final + 16c special (paid 8 May) [S1]	Cash returned: 58c per share
4 May 2026	Agreed to buy HSBC’s Indonesia wealth and premier banking business (S$6.6bn AUM; price NOT FOUND) [S22]	Adds to the wealth engine in Indonesia
8 May 2026	1Q26 net profit S$1.97bn (+5%); NIM 1.76% [S4]	Margin decline under way
7 Aug 2026	2Q26 net profit S$2.22bn (+22% YoY) vs S$1.95bn Bloomberg consensus; interim dividend 47c (ex 17 Aug, paid 28 Aug) [S2][S16][S18]	Record half; loan-growth guidance raised to high-single to low-double digit [S3]
14 Aug 2026	Phillip Securities: Accumulate, target S$28.50→S$31.70 [S17]	Brokers chase the re-rating
4 Sep 2026	Record close S$32.27, intraday high S$32.57 [S1]	52-week high; the stock is now 11.0% below it
17 Sep 2026	10-year strategic cooperation renewed with Bank of Ningbo (stake stays 20%) [S21]	Keeps the China associate partnership in place for another decade
7 Oct 2026	Citi cuts to Sell, target S$27.50, citing flat 3Q26 earnings and higher SGD deposit costs; shares −5.9% to S$30.30 [S19][S1]	Biggest one-day fall of the year; RHB and UOB Kay Hian stay positive [S20]
8–9 Oct 2026	Close S$29.00 both days; 24.4m and 9.9m shares traded [S1]	Price used in this report
Early Nov 2026 (TBC)	3Q26 results; date not yet announced (3Q25 was 7 Nov) [S32]	Next test of NIM and fee momentum

Insider dealings: NOT FOUND (see Section 2).

Key Numbers

Metric	Value	Basis
Forward P/E	16.2x	FY26E consensus EPS S$1.79 [S13]; FY27E 15.0x
P/B	2.11x	Book value per share S$13.73 (latest) [S12]
Income growth	+11%	1H26 total income S$8.00bn [S2]
Cost of equity	6.3%	rf 2.45% + 0.77 × 5% ERP
ROE / NIM	13.7%	1H26 ROE; NIM 1.73% (−25bp) [S2]
From 52-week high	−11.0%	52-week range S$16.62–32.57 [S1]

1. Business & Moat

OCBC is Singapore’s second-largest bank by market value, with banking franchises in Singapore, Malaysia, Indonesia and Greater China, a private bank (Bank of Singapore), a 93.7% stake in insurer Great Eastern at end-FY25 (a free-float share issue may reduce it) and a 20% stake in Bank of Ningbo [S7][S21][S29]. Customer loans were S$364bn and deposits S$459bn at 30 June 2026 (loan-to-deposit 78.4%, CASA 49.3%) [S2][S3]. Group wealth-management income was S$3.29bn in 1H26, 41% of total income, and banking wealth AUM reached S$350bn [S2].

Segment (FY25 profit before tax)	S$m	Share	FY24 S$m
Global Wholesale Banking	3,588	39.3%	3,456
Global Consumer/Private Banking	2,209	24.2%	2,171
Insurance	1,491	16.3%	1,190
Global Markets	948	10.4%	566
Others	887	9.7%	1,593

Source: OCBC Annual Report 2025 MD&A [S7]. Segment split for 1H26 NOT FOUND.

Guidance (FY26, updated Aug 2026): loan growth high-single to low-double digit (raised from mid-single); total income to grow; NII to decline slightly; cost-to-income in the low-40% range; credit costs 20–25bp; 50% ordinary payout [S3]. No numeric NIM or ROE target.

Porter’s Five Forces

Force	Rating	Why
Rivalry	High	DBS and UOB compete for the same Singapore deposits, mortgages and wealth clients; deposit pricing is the battleground now
Threat of new entrants	Low–medium	Digital banks hold licences, but the capital, trust and deposit base needed are large; incumbents still dominate deposits
Buyer power	Medium	Large corporates and wealthy clients shop on price; retail deposits are sticky but moving to fixed deposits as rates rise
Supplier power (funding)	Medium–high	Depositors’ bargaining power rises with rates — the Citi thesis on SGD fixed-deposit costs
Substitutes	Medium	Bond markets, private credit and fintech payments compete; the insurance and private-bank arms capture some of that flow

Moat verdict: narrow-to-wide. Scale in Singapore deposits, a three-engine model (bank, private bank, insurer) and regulatory barriers give durable returns above the cost of equity (ROE 12.6–13.7% over FY23–1H26 [S6][S2]), but net interest income still swings with rates.

2. Leadership & Capital Allocation

Item	Detail
Group CEO	Tan Teck Long, since 1 Jan 2026 (succeeded Helen Wong) [S23][S11]
Group CFO	Goh Chin Yee, since Nov 2022 [S11]
Chairman	Andrew Lee (non-executive, independent; chairman since 1 Feb 2023) [S23][S34]
Control	Selat (Pte) Ltd 14.44% total interest (10.41% direct, about 4.05% deemed); Lee Foundation 5.13%; public float ~72% (25 Feb 2026) [S10]
Pay	FY25 CEO (Helen Wong) total S$12m, −6.3%; current CEO pay NOT FOUND [S27]
Returns vs hurdle	ROE 13.7% in 1H26 vs our 6.3% cost of equity and 7.4% market-implied rate [S2]
Dividends vs policy	50% ordinary payout policy; FY25 total 99c (60% incl. special); 1H26 interim 47c at 50% [S5][S16]
Capital return	S$2.5bn via specials and buybacks to be completed by FY26; progress total NOT FOUND [S2][S5]
Buybacks	S$116m in 1Q26 [S25]; 447,300 shares on 18 May 2026 [S24]
Capital	CET1 15.7% (14.0% fully phased-in) at 30 Jun 2026 [S2]
Dilution	Share count ~4.49bn, stable; no scrip for the 1H26 interim [S10][S2]
M&A	HSBC Indonesia wealth business (May 2026) [S22]; Great Eastern minority buyout failed in 2025 [S29]

Insider check: NOT FOUND — SGXNet director-dealing and substantial-shareholder filings for Oct 2025–Oct 2026 could not be retrieved, and searches of The Edge and Business Times showed no reported open-market dealings; we cannot confirm either way.

3. Financial Health

S$m	FY21	FY22	FY23	FY24	FY25	1H26
Total income	10,596	11,286	13,507	14,473	14,614	8,000
Net interest income	5,860	7,688	9,645	9,755	9,150	4,490
Net profit	4,858	5,526	7,021	7,587	7,422	4,190
NIM	NOT FOUND	1.91%	2.28%	2.20%	1.91%	1.73%
ROE	9.6%	11.1%	13.7%	13.7%	12.6%	13.7%
CET1	15.5%	15.2%	15.9%	17.1%	16.9%	15.7%
NPL ratio	1.5%	1.2%	1.0%	0.9%	0.9%	0.9%
DPS (cents)	53	68	82	101	99	47 (interim)
NAV per share (S$)	11.46	10.99	11.77	12.80	13.38	13.73

Sources: S6 (5-year), S7–S9 (NII, NIM, CET1), S2 (1H26), S12 (book value per share at 1H26). Stockanalysis reports net profit on a slightly different basis; OCBC’s own figures are used. 1H26 NAV per share is the latest book value per share from S12.

• Mix is shifting: non-interest income was 44% of 1H26 income; 2Q26 trading income was a record S$695m, which is the least repeatable line [S2].
• Costs under control: cost-to-income fell to 37.8% in 2Q26 from 39.1% a year earlier [S2].
• Credit is benign: 2Q26 credit cost 14bp, below the 20–25bp guidance; NPA coverage 163% [S2][S3].
• Capital is being drawn down: CET1 fell from 17.0% (1Q26) to 15.7% (2Q26) [S4][S2], which limits room for further special returns.

4. Risks

Macro & regulatory

• Serious: margin squeeze — NIM fell from 1.98% to 1.73% year on year in 1H26 and Citi expects higher SGD fixed-deposit costs to compress it further [S2][S19].
• Watch: Greater China exposure — S$1.67bn of FY25 profit before tax came from Greater China [S7]; a credit cycle there would lift provisions.

Operational & competitive

• Serious: trading and insurance income are volatile — 2Q26 record trading income (S$695m) may not repeat [S2].
• Watch: deposit competition from DBS, UOB and digital banks.

Financial & governance

• Watch: capital return delivery — S$2.5bn promised by FY26, progress not disclosed [S2].
• Watch: valuation risk — the stock trades at 2.11x book after a +46.8% rise; a de-rating to the peer median P/B (1.39x) would be a large fall.

5. Catalysts

When	Measurable test	Odds
Early Nov 2026 (TBC)	3Q26 net profit ≥ S$2.00bn (3Q25: S$1.98bn)	55%
Early Nov 2026 (TBC)	3Q26 NIM ≤ 1.70%	65%
Feb 2027	FY26 final + special ≥ 60c, completing the S$2.5bn return	50%
Feb 2027	FY27 guidance: NII stable or growing	35%

Bull case vs consensus: consensus FY26/FY27 EPS is S$1.79/S$1.93 [S13], but 1H26 already ran at S$1.86 annualised [S2]; if wealth momentum holds, FY26 beats consensus and our bull value of S$36.11 comes into play.

6. Valuation Suite

6a. Cost of Capital

Input	Value	Source / note
Risk-free	2.45%	Singapore 10-year government yield, 9 Oct 2026 [S15]
Own 2-yr weekly beta vs STI	1.17	IBKR weekly closes, O39 vs ES3 (SPDR STI ETF as index proxy), 104 weeks [S1]
Peer median beta (check)	0.16	stockanalysis published betas, 8 peers [S14]
Raw beta used	0.66	Differ by more than 0.3, so averaged (spec rule)
Adjusted beta (0.67×raw+0.33)	0.77	Blume adjustment
Equity risk premium	5.0%	Developed market
Size/illiquidity premium	0.0%	Large cap, US$160m (about S$205m) 90-day average daily value [S1]
Cost of equity	6.32%	Used in DCF, residual income and peer discounting
Debt weight / after-tax cost of debt	n/a	Bank: debt is operating funding
WACC	n/a — FCFE at cost of equity	Bank method

6b. Discounted Cash Flow (DCF)

Year	Opening book/sh (S$)	ROE	EPS (S$)	Book growth (= RWA)	FCFE/sh (S$)
2027E	14.12	13.7%	1.93	7.0%	0.94
2028E	15.11	13.5%	2.04	6.0%	1.13
2029E	16.01	13.3%	2.13	5.0%	1.33
2030E	16.82	13.1%	2.20	4.0%	1.53
2031E	17.49	13.0%	2.27	3.5%	1.66

Assumptions: opening book at 31 Dec 2026 of S$14.12 per share (latest book value per share S$13.73 [S12], matching FY25 NAV S$13.38 + 1H26 EPS S$0.93 − 58c FY25 final and special, less the 47c interim paid in August, plus 2H26 EPS of S$0.86 implied by the S$1.79 FY26 consensus and the S$0.93 1H26 actual). Year 1 (FY27) = consensus EPS S$1.93; ROE then fades from 13.5% to 13.0% as NIM pressure offsets fee growth. Free cash flow to equity = earnings less the equity needed to keep CET1 constant as risk-weighted assets grow 7% (near the raised loan-growth guidance) fading to 3.5%. Terminal growth 3.0% (assumed; Singapore long-run nominal GDP growth NOT FOUND — the 2026 real growth forecast alone is 4.5–5.5% [S26]). Values are discounted to 9 Oct 2026.

Case	Key differences	Perpetuity (Gordon on ROE, g 3%)	Exit P/E	DCF value
Bear	FY27 EPS 8% below consensus; ROE fades to 11.0%	S$35.97	10.0x → S$18.72	S$27.34
Base	Consensus FY27; ROE 13.5% → 13.0%	S$44.98	12.1x → S$25.97	S$35.48
Bull	FY27 EPS 4% above consensus; ROE 14.5% → 14.0%; faster growth	S$51.00	14.0x → S$32.38	S$41.69

Implied discount rate: 7.4% vs our 6.3% cost of equity — the market is pricing OCBC with about 1.1 points more risk than our CAPM rate, which is where the downside cases sit.

6c. Residual Income

Year	Opening book (S$)	EPS (S$)	Equity charge (CoE × book)	Residual income (S$)
2027E	14.12	1.93	0.89	1.04
2028E	15.11	2.04	0.95	1.09
2029E	16.01	2.13	1.01	1.12
2030E	16.82	2.20	1.06	1.14
2031E	17.49	2.27	1.10	1.17

Opening book S$14.12; average ROE 13.3% gives a justified P/B of 3.11x [(ROE − g)/(CoE − g)]. With full persistence of terminal residual income the value is S$44.98; with 50% persistence S$20.04; we use the average, S$32.51. Weight in fair value: 30%.

6d. Peers (Stockanalysis, Prices at 26 Aug–5 Oct 2026)

Ticker	Price	Mkt cap	Fwd P/E	P/B (EV/EBITDA n/a for banks)	3-yr growth fcst
O39 (OCBC)	S$31.66 (2 Oct)	S$142.15bn	17.69x	2.18x	NOT FOUND
D05 (DBS)	S$77.83 (5 Oct)	S$221.13bn	18.59x	3.15x	NOT FOUND
U11 (UOB)	S$43.10 (1 Oct)	S$70.68bn	12.88x	1.33x	NOT FOUND
MAYBANK	RM10.16 (28 Sep)	RM122.89bn	11.26x	1.27x	NOT FOUND
PBBANK	RM4.80 (11 Sep)	RM93.17bn	12.13x	1.44x	NOT FOUND
CIMB	RM8.08 (26 Aug)	RM87.31bn	10.82x	1.24x	NOT FOUND
BBCA	IDR 6,250 (25 Sep)	IDR 767.76tn	12.03x	2.84x	NOT FOUND
0005 (HSBC)	not shown	HK$2.26tn	10.99x	1.46x	NOT FOUND
KBANK	THB 253 (18 Sep)	THB 594.81bn	12.22x	0.89x	NOT FOUND

Peer method: median forward P/E of the eight profitable peers (excluding OCBC) is 12.08x; applied to our FY28 EPS of S$2.04 (FY+2; consensus FY28 NOT FOUND, so the base-case path built on consensus FY27 is used) and discounted 1.23 years at 6.3% gives S$22.85. No growth/ROE premium is applied even though OCBC’s ROE (13.7%) is above the peer median (11.2%); a P/B cross-check (median 1.39x scaled by relative ROE) gives S$23.52. Peer prices are on different dates because stockanalysis pages update at different times.

6e. Single-lever Test

Input changed alone	Low	High	Swing
Cost of equity ±1.0pt	S$26.54	S$38.36	S$11.82
Terminal / long-run ROE ±1.0pt (13.0% base)	S$28.19	S$33.41	S$5.22
Exit & peer P/E 10x–14x (12.1x base)	S$28.91	S$32.54	S$3.64
Terminal growth 2.5%–3.5%	S$29.58	S$32.44	S$2.86
FY2027 EPS ±8% (S$1.93 base)	S$30.70	S$30.90	S$0.20

The biggest lever is the cost of equity: ±1 point moves fair value from S$26.54 to S$38.36.

7. Synthesis

Method	Inputs	Value	vs price	Weight	Weighted
DCF (FCFE)	CoE 6.3%, g 3%, exit 12.1x	S$35.48	+22.3%	40%	S$14.19
Residual income	Book S$14.12, ROE 13.7%→13.0%	S$32.51	+12.1%	30%	S$9.75
Peers	12.1x FY28 EPS S$2.04	S$22.85	−21.2%	30%	S$6.86
Fair value		S$30.80	+6.2%	100%	S$30.80
Bear / Base / Bull		S$24.15 / S$30.80 / S$36.11	−16.7% / +6.2% / +24.5%

How much rests on consensus: valuing the peer leg on the bear-case FY28 EPS (S$1.81) instead of the consensus-based path gives a peer value of S$20.31 and a fair value of S$30.04 — little changes, because peers carry only 30%.

Margin of safety: the gap to fair value is +6.2%, well short of a margin of safety; a 30% discount to fair value would be S$21.56. The price implies a 7.4% discount rate vs our 6.3% cost of equity.

8. Technicals

Trend: the long-term uptrend is intact — price S$29.00 is above the 200-day (S$24.89) and 100-day (S$28.42) averages and far above the 50-week (S$23.83) and 200-week (S$16.79) averages — but it broke below the 50-day average (S$31.13) on 7 Oct.

Momentum: daily RSI-14 is 30.6, close to oversold; weekly RSI-14 is 56.7. The daily MACD histogram is −0.37, more negative than a week ago (−0.07).

Volatility: 20-day average true range S$0.61 (about 2.1% of price); 30-day historical volatility 19.6% annualised [S1].

Volume: 25.8m and 24.4m shares traded on 7–8 Oct, roughly four times the usual daily volume; the heaviest one-year volume-by-price nodes are S$21.0–22.0 and S$31.0–32.0 [S1].

Level	Price	Basis
Resistance 2	S$32.57	52-week intraday high, 4 Sep 2026
Resistance 1	S$31.00–31.50	50-day average and high-volume node
Current	S$29.00	9 Oct 2026 close
Support 1	S$28.42	100-day average
Support 2	S$27.17	13-week low
Support 3	S$24.89	200-day average

Our Dated Calls

Pre-registered calls, scored publicly after each date; price calls are on total return after typical trading costs.

#	Call	Probability	Scoring date
1	3Q26 net profit (OCBC release) is at least S$2.00bn	55%	30 Nov 2026
2	3Q26 net interest margin is 1.70% or lower	65%	30 Nov 2026
3	FY2026 net profit is at least S$8.00bn (consensus EPS S$1.79 × 4.49bn shares ≈ S$8.04bn)	55%	15 Mar 2027
4	FY2026 final plus special dividend declared totals at least 60 cents	50%	15 Mar 2027
5	O39 total return from S$29.00 lies between −10% and +10% after ~0.1% trading costs	55%	12 Apr 2027
6	O39 closes above S$32.57 (the 52-week intraday high) at least once	40%	12 Apr 2027

Bull Case

• Wealth fees, trading and insurance keep growing 25%+ and FY26 EPS beats the S$1.79 consensus (1H26 ran at S$1.86 annualised).
• Loan growth at the raised high-single to low-double digit guidance offsets margin pressure.
• The S$2.5bn capital return is completed with a large FY26 special dividend; bull value S$36.11 (+24.5%).

Bear Case

• NIM keeps falling below 1.70% as SGD deposit costs rise; net interest income declines faster than guided.
• Trading and insurance gains revert; ROE slips toward 11%.
• The multiple compresses toward regional peers (median 12.1x forward P/E); bear value S$24.15 (−16.7%).

FAQ

What is OCBC’s fair value? Our 12-month fair value is S$30.80 per share (range S$24.15–S$36.11), from 40% DCF (S$35.48), 30% residual income (S$32.51) and 30% peers (S$22.85).

Is OCBC undervalued? No — at S$29.00 it is fairly valued: our fair value is +6.2% above the price, after rising +46.8% this year.

What are the main risks for OCBC? Net interest margin compression (1.73% in 1H26, down 25bp), a reversal of record trading and insurance income, and de-rating from 2.11x book.

When are OCBC’s next results? 3Q26 results are expected in early November 2026; the date has not been announced (3Q25 results came on 7 Nov 2025).

Does OCBC pay a dividend? Yes — 47c interim for 1H26 (paid 28 Aug 2026) and S$1.05 over the last 12 months, a 3.6% trailing yield at S$29.00.

Method and Sources

Bank valuation: free cash flow to equity at the cost of equity, with terminal value averaged between a Gordon growth on ROE and an exit P/E; a residual-income model on book value; and a peer P/E on FY+2 earnings; combined 40/30/30. Cost of equity uses the average of OCBC’s own 2-year weekly beta and the peer median because they differ by more than 0.3. Prices are IBKR closes; where an article and IBKR differ (e.g. the date of the 5.9% fall, reported as 7 or 8 Oct), IBKR is used (7 Oct). Figures independently fact-checked against the linked sources on 12 Oct 2026.

1. [S1] IBKR market data — O39 (contract 15785520) daily 1-yr and weekly 5-yr bars, snapshot, corporate actions; ES3 weekly 2-yr (STI proxy), retrieved 12 Oct 2026
2. [S2] OCBC 1H26 results release (7 Aug 2026)
3. [S3] Beansprout — OCBC 2Q26 results and updated guidance
4. [S4] OCBC 1Q26 results release (8 May 2026)
5. [S5] OCBC FY2025 results release (25 Feb 2026)
6. [S6] OCBC 2025 Financial Highlights (5-year data)
7. [S7] OCBC Annual Report 2025 — Management Discussion & Analysis
8. [S8] OCBC Annual Report 2023 — MD&A (FY22–23 NII, NIM, CET1)
9. [S9] OCBC FY2021 results release
10. [S10] OCBC Annual Report 2025 — shareholding statistics (25 Feb 2026)
11. [S11] OCBC Annual Report 2025 — management biographies
12. [S12] stockanalysis — O39 statistics
13. [S13] stockanalysis — O39 forecast (data as of 24 Aug 2026)
14. [S14] stockanalysis — peer statistics pages (D05, U11, MAYBANK, PBBANK, CIMB, BBCA, 0005, KBANK)
15. [S15] Trading Economics — Singapore 10-year government bond yield
16. [S16] SGX announcement — OCBC interim dividend 47 cents (7 Aug 2026)
17. [S17] Phillip Securities — OCBC 2Q26 note (14 Aug 2026)
18. [S18] Investing.com — OCBC Q2 profit beats expectations
19. [S19] The Financial Coconut — Singapore bank shares, Oct 2026 (Citi Sell, S$27.50)
20. [S20] Journal Arta — Singapore bank stocks drop (8 Oct 2026)
21. [S21] OCBC — Bank of Ningbo alliance extended (17 Sep 2026)
22. [S22] OCBC media releases index (HSBC Indonesia wealth deal 4 May 2026; appointments)
23. [S23] OCBC — Tan Teck Long appointed Group CEO (11 Jul 2025)
24. [S24] SGX buyback notice (18 May 2026)
25. [S25] The Smart Investor — 1Q26 buybacks
26. [S26] MTI — 2026 GDP forecast upgraded (11 Aug 2026)
27. [S27] finews.asia — OCBC CEO remuneration 2025
28. [S28] The Smart Investor — STI blue chips YTD (13 Jul 2026)
29. [S29] Insurance Business — Great Eastern to relist after failed delisting bid
30. [S30] OCBC 3Q25 results release (7 Nov 2025)
31. [S31] Beansprout — OCBC FY25 results and 2026 guidance
32. [S32] SGX — OCBC 3Q25 results date notice (8 Oct 2025)
33. [S33] Business Today — Maybank IB upgrades OCBC to Buy (10 Nov 2025)
34. [S34] OCBC — Board of Directors

Not located: 3Q26 results date; NAV per share and equity at 30 Jun 2026 from OCBC (stockanalysis used); 1H26 segment split; FY28 consensus EPS; consensus net profit; peer 3-year growth forecasts; cumulative progress on the S$2.5bn capital return; HSBC Indonesia deal price; current CEO pay; SGXNet director-dealing filings for 2026; FY21 NIM; Singapore long-run nominal GDP (3% terminal growth assumed).

Analysis only, not a recommendation to buy or sell any security. Figures as at 9 Oct 2026; sources linked. The author holds a position in O39.