I have been slowly accumulating OCBC for a couple of years to reach a sizeable amount of ~$300K investment. For local Singaporeans, OCBC needs no further introduction, as one of the 3 largest banks in Singapore.
Record financial numbers seems to be the norm these days, from tailwinds of high interest rates and strong economy. Record Net profit of $2B, low NPL of 1% and high CET1 of 16.2%, which are all great numbers. Upcoming Q2 results on 2 Aug, should show continued strength and a nice 42c dividend, making a good 5.5% yield (12m TTM), even at current all time high price of $15.3
As price continues to scales new all time highs, there's some selling seen, which is normal, as some traders/investors take some profit. From the daily chart, we can see price action of slight pull back as prices reach new highs. As the old saying goes, there's never a wrong time to take some profit off the table, and lock-in some realised gains. Markets are volatile and uncertainties are unforseeable. Paper money is still not your money, until it ends up in your bank account 😂
In the weekly chart, the uptrend is still intact with stochastics at overbought region. Prices are breaking convincingly away from consolidation price range of $12-14
Would prices continue to move higher? I hope so and it seems likely too 😎
Press on Financial Warrior, you Mighty Man of Valour!
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