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Singapore banks lacking near-term positive catalysts
But mid-term horizon has one.
"We see a lack of near-term positive catalysts for the Singapore banks with stabilising margins and slowing loan growth," noted Barclays analyst Sharnie Wong in the research firm's latest Asia ex-Japan Banks Monitor report.
"For the medium term, we believe a rise in US interest rates (Barclays Research economics team estimates the first rate hike in March 2015) will be a significant positive catalyst," she added.
Among Singapore Banks, UOB (OW) remains a top pick for Barclays given its strong fee income generation, risk management record and core capital adequacy ratio, as well as its exposure to faster-growing ASEAN markets.
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