Lanceljx
05-02
My take:

1. I think OCBC OCBC will close at S$22.35 on 9 May (Fri).

2. I think UOB UOB will close at S$36.90 on 8 May (earnings day).

3. Will OCBC or UOB match DBS DBS’s wealth management fee surprise?
My vote: Yes, but OCBC is more likely to surprise on the upside than UOB.

Reason: DBS just posted record wealth fees, showing client activity remains strong despite rate headwinds. OCBC has already been delivering standout wealth growth momentum, while UOB’s upside may be steadier rather than explosive.

If I had to pick one dark horse for a “DBS-like” fee surprise: OCBC.

SG Banks Q1: NII Under Pressure, Who Held Up on Wealth Management?
All three beat Bloomberg consensus, but for different reasons: DBS and OCBC outperformed on wealth management, while UOB defended earnings through lower credit provisions. With SORA averaging 1.07% in Q1 versus 2.54% a year earlier, NII compression across the board is a foregone conclusion. The real question is which bank's wealth management narrative can sustain momentum in the second half — after these three reports, which do you favor?
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