Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

OCBC SP: Accounting Forensics Affirms High Quality Earnings, but Overlay Transparency Is Below DBS

Equity Bottom-Up

<ul>
<li>Management confirmed ~S$800m still unutilised under the buyback programme may convert to a special dividend by end-FY26 — a dated, binary catalyst the market has partly but not fully priced.</li>
<li>1Q26 net profit rose 5% YoY to S$1.97bn, 5% above consensus: a 34% jump in wealth fees and record non-interest income offset 28bp of NIM compression to 1.76%.</li>
<li>Our fair value of SG$29.50, derived by Gordon Growth implies 7.5% UPSIDE potential, which is normal, but combined with DPS it spikes to ~11% upside potential. </li>
</ul>


Management confirmed ~S$800m still unutilised under the buyback programme may convert to a special dividend by end-FY26 — a dated, binary catalyst the market has partly but not fully priced.
1Q26 net profit rose 5% YoY to S$1.97bn, 5% above consensus: a 34% jump in wealth fees and record non-interest income offset 28bp of NIM compression to 1.76%.
Our fair value of SG$29.50, derived by Gordon Growth implies 7.5% UPSIDE potential, which is normal, but combined with DPS it spikes to ~11% upside potential. 


Oversea-Chinese Banking Corp (OCBC SP): The S$800M Swing Factor, Capital Return Optionality in FY26

OCBC Bank

Oversea-Chinese Banking Corp (OCBC SP): The S$800M Swing Factor, Capital Return Optionality in FY26