Singapore Banks a 'Safe Haven' From US Market Volatility
Singapore Banks a 'Safe Haven' From US Market Volatility
"Earnings downside risk looks low, with the flat earnings expected for the sector next year already taking into account the four US Federal Funds Rate (FFR) cuts and given steps by banks to protect net interest income (NII)," said RHB's Singapore Research team on a report published on 25 November 2024.UOB, OCBC, and DBS have low earnings downside risk and offer attractive dividends.
大華銀行、華僑銀行和星展銀行的收益下行風險較低，並提供吸引人的分紅派息。
Singapore banks– and in particular, their stocks– may be a good place to hide from the market volatility brought about by the 2024 US elections and shifting expectations from the US Federal Reserve's next moves.
新加坡銀行——尤其是它們的股票——可能是一個避開2024年美國大選和聯儲局下一步行動帶來的市場波動的好地方。
UOB, OCBC, and DBS have low earnings downside risk, with even the possibility of earnings and margins rising, RHB said in a report.
大華銀行、華僑銀行和星展銀行的盈利下行風險較低，甚至有盈利和利潤率上升的可能性，RHb在一份報告中表示。
"Earnings downside risk looks low, with the flat earnings expected for the sector next year already taking into account the four US Federal Funds Rate (FFR) cuts and given steps by banks to protect net interest income (NII)," said RHB's Singapore Research team on a report published on 25 November 2024.
「盈利下行風險看起來較低，預計明年該板塊的盈利將保持平穩，已經考慮到四次聯儲局基準利率的下調以及銀行爲保護淨利息收入（NII）而採取的措施，」RHb的新加坡研究團隊在一份於2024年11月25日發佈的報告中表示。
With swap prices indicating a less aggressive FFR cut cycle, there could be upside to their net interest margins (NIM) and earnings, the report added.
根據掉期價格表明的較不激進的基準利率下調週期，它們的淨利息差（NIM）和盈利可能存在上行空間，報告補充道。
The expected NIM squeeze in 2025 should be cushioned by loan growth momentum, healthy fees, and normalisation of the banks' credit cost run rates.
2025年預期的淨利息差擠壓將得到貸款增長的勢頭、健康費用和銀行信貸成本運營率的正常化所緩解。
Their dividend yields are also attractive with a dividend yield of 5.6% for FY2025, RHB said.
根據RHb的說法，它們的股息率也相當吸引人，FY2025的股息率爲5.6%。
Of the banks, DBS offers dividend safety, given its guidance for a fixed step-up in absolute dividend per share (DPS).
在這些銀行中，星展銀行提供股息安全性，因爲它指導固定每股股息（DPS）的增加。
Should earnings in 2025 turn out to be better than expected, OCBC Bank (OCBC) and UOB offer a better potential for a higher DPS.
如果2025年的收益好於預期，華僑銀行（OCBC）和大華銀行將提供更高每股股息的潛力。
Overall, Singapore banks' profit after tax & minority interests (PATMI) is projected to increase by between 1% to 2% in FY2024 to FY2026, with a 'decent' 7% YoY PATMI increase expected for FY2024.
總體而言，新加坡銀行的稅後利潤與少數股東權益（PATMI）預計在2024財年至2026財年之間增長1%至2%，對於2024財年，預計稅後利潤與少數股東權益將以'可觀的'7%同比增長。
譯文內容由第三人軟體翻譯。
