Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-DMG ups target price for OCBC

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STOCKS NEWS SINGAPORE-DMG ups target price for OCBC Jul 19th 2012, 01:45 Wed Jul 18, 2012 9:45pm EDT DMG & Partners raised its target price for Oversea-Chinese Banking Corp to S$8.54 from S$8.30 and kept its 'neutral' rating, citing gains from the sale of its stake in Fraser and Neave (F&N) and potential special dividends. Shares of OCBC were up 1 percent at S$9.39, and have gained nearly 20 percent since the start of the year, compared to the Straits Times Index's 14.5 percent rise. OCBC said it and its insurance unit Great Eastern Holdings will make a total post-tax gain of S$1.15 billion from the stake sale in F&N to Thai Beverage and other companies linked to a Thai billionaire. DMG said OCBC may pay out special dividends, but the amount will not be significant as OCBC would want to retain capital to expand its core financial business. The brokerage estimates that OCBC's potential special dividend could be up to 26 Singapore cents, but believes the bank will pay out less than that.

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