企业并购

Due to a change in team structure, we transfer coverage of following
stocks from Stephen Andrews to Franco Lam with immediate effect.

Hope fizzles out. Singapore banks are up 19%-25% YTD vs. 15% for the
FSSTI due tohopes of improving asset quality and revenue growth, which
were fuelled by previouscomments made by banks. However, recent
2Q17results have deflated these hopes withstock prices down 1%-5% since
27July when OCBC first reported.。

(新增贷款细节和背景)

    OCBC (OCBC.SI)

    Mixed revenue performance. OCBC performed the best with total income
and EPSgrowth accelerating for two quarters. OCBC’s 2Q17total income and
EPS rose 17% y-o-and 22% y-o-y respectively. In contrast, DBS had a
muted performance with total incomegrowth slowing since 2Q16and grinding
to a halt in 2Q17. UOB has had mid-single digittotal income and EPS
growth for the past two quarters.。

香港/新加坡4月2日 –
知情人士称,三家银行将完全承贷一笔49.5亿美元的过桥贷款,提供新加坡华侨银行
收购香港永亨银行 融资。

    DBS (DBSM.SI)

    No surprises from asset quality and loan growth. 2Q17gross NPL and
credit costcame in within expectations with no slippage in asset
quality. However, loan losscoverage has fallen close to 2008/09Global
Financial Crisis levels and banks do not lookas if they are rebuilding
their coverage levels. Aside from OCBC, whose loans rose 2% qo-q, loan
growth at UOB and DBS came in as expected at -/+1% q-o-q.。

消息人士称,美银美林、汇丰控股和摩根大通将等额分担这笔贷款,贷款期限为12个月。