Citi‘s Most Read - Financials & FinTech

研报英文原文证据摘录

Citi‘s Most Read - Financials & FinTech

Roundup |

Citi's Most Read - Financials & FinTech

July 6 - July 12 13 Jul 2026 06:50:22 ET

ACMost Read Citi Global Research

As boundaries increasingly blur between conventional sectors, and as bottom-up +44-20-7500-1400

and top-down analysis converges, Citi Research offers a Super-Sector lens to help

you better understand and take advantage of widespread disruptive trends and

innovation, extending our peer analysis for greater breadth and depth. The

Financials & FinTech Super-Sector consists of the Banks, Insurance, Consumer

Finance, and Diversified Financials sectors. Please find below a collection of our

most impactful recent research in the Financials & FinTech Global Super-Sector –

we hope you find it thought-provoking.

Most Read

Singapore Banks - Lift TPs on NII upgrades – raise loans growth and NIM

forecasts

We lift TPs across our Singapore banks coverage but keep ratings and preference

unchanged – Buy DBS > OCBC > Neutral UOB. We expect earnings growth of ~10%

in FY27e/28e on loans growth recovery, which should support better NIMs and

non-wealth non-II. This follows flat earnings in 2024-26e as asset growth and

wealth-related income were offset by falling rates. Raising NIMs forecast: In the

current US rate cut cycle, the 1M SORA fell 2.7% (peak-to-trough) significantly

more than US rates of 1.75% on excess liquidity. With system loans growing ahead

of deposits, higher LDRs could support SORA rates especially if CASA ratio falls.

Earnings: We raise FY27-28e earnings by 3-6% driven by better loans growth 6-

7%, NIM upgrade closer to 2019 levels and better non-wealth non-II. Preference:

Prefer DBS for DPS visibility, and Asia wealth proxy; positioning in OCBC for

growth and ROE catchup; watching UOB wealth/loans growth.