Using TipRanks’ Trending Stocks tool for the Singapore market, we have shortlisted three financial stocks that have been re-rated as Buy by analysts. Overall, these stocks have Moderate Buy ratings on TipRanks and could be good investment options.
The Trending Stocks tool comprises stocks that have been on the radar of analysts in recent times within a particular market. The tool is available in seven different markets and could guide investors looking to diversify geographically.
Let’s have a look at these stocks.
OCBC Bank (SG:O39)
The Oversea-Chinese Banking Corporation Limited, or OCBC Bank, is one of the oldest banks in Singapore. The bank has been a beneficiary of the rising interest rates in the economy and posted a 31% jump in its net interest income of S$7.6 billion in its annual results for 2022. In the last year, the stock has gained almost 10%.
Last week, analyst Paul Chew from Phillip Securities reiterated his Buy rating on the stock. His price target of S$14.96 implies an upside of 17.5% on the current price.
Overall, O39 stock has a Moderate Buy rating on TipRanks, with six Buy, two Hold, and one Sell recommendations.
DBS Group Holdings (SG:D05)
DBS is a Singapore-based financial institution with operations spread across Asia. The stock was hit by the recent blow to the banking sector in March 2023. YTD, the company’s stock has been trading down by 1.48%.
Recently, Paul Chew also re-rated D05 as Buy suggesting a potential growth of 24.6% on the current price. On the whole, D05 stock has a Moderate Buy rating on TipRanks, with an average price target of S$38.95. It implies an upside of 16.6%.
United Overseas Bank Limited (UOB) (SG:U11)
Among the leading banks in Asia, UOB also delivered a robust financial performance in its 2022 earnings. The bank posted an increase of 18% in its net profits of S$4.8 billion, driven by higher net interest income.
Bernstein’s analyst Kevin Kwek maintained his Buy rating on the stock at a price target of S$37.0. It is 24% higher than the current price level.
Overall, U11 stock has a Moderate Buy rating based on a total of nine recommendations. The average price forecast is S$34.08, reflecting a growth of 14%.
