UOB KayHian, Oct 23
QE3 tapering expectations would have dampened loan growth and moderated fee income from market-sensitive sources in Q3-13.
However, we view the impact to be temporary as QE3 tapering is likely to be delayed.
We expect net profit to have expanded 15.2 per cent q-o-q to S$688 million for Q3-13 because of normalisation in contribution from Great Eastern. Target price at S$11.84.
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