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Oversea-Chinese Banking

Executive Summary

Oversea-Chinese Banking Corporation Limited provides financial services in Singapore, Malaysia, Indonesia, Greater China, other parts of the Asia Pacific, and internationally.

Snowflake Analysis

6 star dividend payer with excellent balance sheet.

Similar Companies

Share Price & News

How has Oversea-Chinese Banking's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: O39 has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




SG Banks


SG Market

1 Year Return




SG Banks


SG Market

Return vs Industry: O39 underperformed the SG Banks industry which returned -15.1% over the past year.

Return vs Market: O39 exceeded the SG Market which returned -22.1% over the past year.

Shareholder returns

7 Day-0.9%-3.4%-1.7%
30 Day-0.9%0.3%-1.8%
90 Day2.9%3.2%1.2%
1 Year-15.9%-20.3%-12.0%-15.7%-18.5%-22.7%
3 Year-6.6%-17.3%-4.0%-14.8%-13.9%-24.3%
5 Year7.8%-11.6%3.4%-15.6%-8.7%-25.3%

Price Volatility Vs. Market

How volatile is Oversea-Chinese Banking's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Oversea-Chinese Banking undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: O39 (SGD9.16) is trading below our estimate of fair value (SGD9.44)

Significantly Below Fair Value: O39 is trading below fair value, but not by a significant amount.

Price To Earnings Ratio

PE vs Industry: O39 is good value based on its PE Ratio (8.2x) compared to the XA Banks industry average (8.4x).

PE vs Market: O39 is good value based on its PE Ratio (8.2x) compared to the SG market (12.2x).

Price to Earnings Growth Ratio

PEG Ratio: O39 is poor value based on its PEG Ratio (107.9x)

Price to Book Ratio

PB vs Industry: O39 is overvalued based on its PB Ratio (0.9x) compared to the XA Banks industry average (0.6x).

Next Steps

Future Growth

How is Oversea-Chinese Banking forecast to perform in the next 1 to 3 years based on estimates from 18 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: O39's forecast earnings growth (0.08% per year) is below the savings rate (2.2%).

Earnings vs Market: O39's earnings (0.08% per year) are forecast to grow slower than the SG market (8.6% per year).

High Growth Earnings: O39's earnings are forecast to grow, but not significantly.

Revenue vs Market: O39's revenue (4.2% per year) is forecast to grow slower than the SG market (4.2% per year).

High Growth Revenue: O39's revenue (4.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: O39's Return on Equity is forecast to be low in 3 years time (9.9%).

Next Steps

Past Performance

How has Oversea-Chinese Banking performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: O39 has a high level of non-cash earnings.

Growing Profit Margin: O39's current net profit margins (48.2%) are higher than last year (47.5%).

Past Earnings Growth Analysis

Earnings Trend: O39's earnings have grown by 5.5% per year over the past 5 years.

Accelerating Growth: O39's earnings growth over the past year (7.5%) exceeds its 5-year average (5.5% per year).

Earnings vs Industry: O39 earnings growth over the past year (7.5%) exceeded the Banks industry 3.4%.

Return on Equity

High ROE: O39's Return on Equity (10.3%) is considered low.

Next Steps

Financial Health

How is Oversea-Chinese Banking's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: O39's Assets to Equity ratio (10.1x) is moderate.

Allowance for Bad Loans: O39 has a low allowance for bad loans (63%).

Low Risk Liabilities: 70% of O39's liabilities are made up of primarily low risk sources of funding.

Loan Level: O39 has an appropriate level of Loans to Assets ratio (53%).

Low Risk Deposits: O39's Loans to Deposits ratio (84%) is appropriate.

Level of Bad Loans: O39 has an appropriate level of bad loans (1.4%).

Next Steps


What is Oversea-Chinese Banking current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: O39's dividend (6.11%) is higher than the bottom 25% of dividend payers in the SG market (2.69%).

High Dividend: O39's dividend (6.11%) is in the top 25% of dividend payers in the SG market (6.02%)

Stability and Growth of Payments

Stable Dividend: O39's dividends per share have been stable in the past 10 years.

Growing Dividend: O39's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (47.5%), O39's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: O39's dividends in 3 years are forecast to be covered by earnings (50.5% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Samuel Tsien (65yo)





Mr. Nag Tsien, also known as Samuel, serves as Commissioner at PT Bank OCBC NISP Tbk since December 12, 2012. He has been the Group Chief Executive Officer of Oversea-Chinese Banking Corporation Limited si ...

CEO Compensation Analysis

Compensation vs Market: Samuel's total compensation ($USD7.98M) is above average for companies of similar size in the SG market ($USD5.29M).

Compensation vs Earnings: Samuel's compensation has been consistent with company performance over the past year.

Leadership Team

Nag Tsien
Group CEO and Executive & Non-Independent Director8.25yrsS$11.08m0.045% SGD18.2m
Siew Peng Tan
Executive VP & CFO8.58yrsno datano data
Kun Kin Lam
Head of Global Treasury & Investment Banking and Senior EVPno datano data0.058% SGD23.7m
David Cheng
Head of Corporate Finance4.67yrsno datano data
Khiang Tong Lim
Head of Group Operations & Technology10.17yrsno datano data
Collins Chin
Head of Investor Relationsno datano datano data
Yuen Ling
Head of Group Legal & Regulatory Compliance9.83yrsno datano data
Ching Ching Koh
Head of Group Brand & Communications15.67yrsno datano data
Poh Wah Ho
Head of Group Human Resources5yrsno datano data
Wei Hong Ching
Deputy President of Global Wealth Management & Consumer Banking0.50yrno data0.0086% SGD3.5m
Vincent Soh
Head of Group Property Management16.08yrsno datano data
Ti Liang Goh
Head of Global Commercial Banking16.25yrsno datano data


Average Tenure


Average Age

Experienced Management: O39's management team is seasoned and experienced (9.2 years average tenure).

Board Members

Nag Tsien
Group CEO and Executive & Non-Independent Director8.25yrsS$11.08m0.045% SGD18.2m
Parwati Surjaudaja
President Director & CEO of Bank OCBC NISP11.58yrsS$202.00kno data
Joo Yeow Wee
Non-Executive & Independent Director6.5yrsS$302.40k0.0018% SGD732.8k
Beng Seng Koh
Non-Executive Non-Independent Director0.75yrS$48.11k0.000030% SGD12.1k
Tih Shih Lee
Non-Executive & Non-Independent Director17.25yrsS$223.19k0.26% SGD103.6m
Ngiap Tan
Independent Non-Executive Director6.83yrsS$302.40k0.031% SGD12.6m
Sang Ooi
Independent Chairman of the Board5.83yrsS$1.70m0.0012% SGD489.9k
Pramukti Surjaudaja
Non-Executive & Non-Independent Director15.08yrsS$168.16k0.0018% SGD724.7k
Wee Ghee Quah
Independent Director8.5yrsS$187.31k0.0013% SGD506.1k
Yen Yen Tan
Non-Executive & Independent Director0.50yrno datano data
Kwee Fong Hon
Non-Executive Independent Director4.42yrsS$223.19k0.00055% SGD222.7k
Kim Chiu Chua
Non-Executive Independent Director2.83yrsS$257.40k0.00032% SGD129.5k


Average Tenure


Average Age

Experienced Board: O39's board of directors are considered experienced (6.5 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2%.

Top Shareholders

Company Information

Oversea-Chinese Banking Corporation Limited's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Oversea-Chinese Banking Corporation Limited
  • Ticker: O39
  • Exchange: SGX
  • Founded: 1912
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: S$40.484b
  • Shares outstanding: 4.41b
  • Website:

Number of Employees


  • Oversea-Chinese Banking Corporation Limited
  • No. 10-00 OCBC Centre East
  • 63 Chulia Street
  • Singapore
  • 49514
  • Singapore


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
OVCH.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
O39SGX (Singapore Exchange)YesOrdinary SharesSGSGDJan 1992
OCBADB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992


Oversea-Chinese Banking Corporation Limited provides financial services in Singapore, Malaysia, Indonesia, Greater China, other parts of the Asia Pacific, and internationally. The company's Global Consumer/Private Banking segment provides products and services to individual customers, including checking accounts, and savings and fixed deposits; housing and other personal loans; credit cards; wealth management products consisting of unit trusts, banc assurance products, and structured deposits; and brokerage services. This segment also offers investment advice and portfolio management, estate and trust planning, and wealth structuring services for high net worth individuals. Its Global Corporate/Investment Banking segment provides project financing, overdrafts, trade financing, and deposit accounts; fee-based services, such as cash management and custodian services; investment banking services, including financing solutions, syndicated loans and advisory services, corporate finance services for initial public offerings, secondary fund-raising, and takeovers and mergers; and customized and structured equity-linked financing services. This segment serves corporates, public sector, and small and medium enterprises. The company's Global Treasury and Markets segment is involved in the foreign exchange activities, money market operations, and fixed income and derivatives trading, as well as provision of structured treasury products and financial solutions. Its OCBC Wing Hang segment offers commercial banking, consumer financing, share brokerage, and insurance services. The company’s Insurance segment provides fund management services, and life and general insurance products. Its Others segment is involved in property and investment holding activities. The company has approximately 540 branches and representative offices in 19 countries and regions. Oversea-Chinese Banking Corporation Limited was founded in 1912 and is headquartered in Singapore. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/14 12:40
End of Day Share Price2020/07/14 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.