# Oversea-Chinese Banking (OCBA.F)

Canonical: https://gigainvestors.com/s/OCBA.F

Analysis as of: 2026-10-16T07:33:38.202Z. Financial observations: FY2018–FY2025.

Listing currency: EUR. Reporting currency: SGD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 19.98 per share; close as of 2026-10-15.

Estimated value: low EUR 19.29 per share, central EUR 20.99 per share, high EUR 23.24 per share. Buy at or below the central value EUR 20.99 per share. Valuation as of 2026-10-16T07:33:38.202Z; scenarios are not confidence intervals.

Expected annual return: 10.6% at the stated quote. About 10.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2018: 1.11×

- FY2019: 1.07×

- FY2020: 0.73×

- FY2021: 0.69×

- FY2022: 0.95×

- FY2023: 1.46×

- FY2024: 1.50×

- FY2025: 1.38×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 32.5%

- ROIC, second-lowest year: 20.1%

- Years with nonpositive capital: 2

- Capital spending / revenue: 4.1%

- ROIC including acquisitions, ten-year median: 18.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 20.1%

- FY2019: 19.4%

- FY2020: 28.2%

- FY2021: 24.3%

- FY2022: 36.9%

- FY2023: 62.2%

- FY2024: 55.2%

- FY2025: 38.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 32B

- Net income, five-year total: SGD 32B

- Return on incremental invested capital: 13.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.02×

- FY2022: 1.01×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.95×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.1% vs 55.2%

- Per-share earnings: 1.06 to 1.65 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: SGD 41B

- Cumulative retained earnings: SGD 22B

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.3%

- Per-share value change: SGD 0.59

- Per-share value, starting three-year median: SGD 1.06

- Per-share value, ending three-year median: SGD 1.65

- Buybacks concentrated in cheaper years (correlation): 0.17

- Average buyback yield: 1.2%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 20.1%

- ROIC, last three-year median: 55.2%

Chart: Earnings per share; fiscal year observations.

- FY2018: SGD 1.06

- FY2019: SGD 1.11

- FY2020: SGD 0.80

- FY2021: SGD 1.08

- FY2022: SGD 1.23

- FY2023: SGD 1.56

- FY2024: SGD 1.69

- FY2025: SGD 1.65

### accounting: pass

- Sloan accruals: -0.3%

- Receivables to sales index (DSRI): 0.89×

- Stock compensation / operating cash flow: 0.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.23×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -0.5%

- FY2019: -0.7%

- FY2020: -2.3%

- FY2021: -1.7%

- FY2022: -0.6%

- FY2023: -0.4%

- FY2024: 0.6%

- FY2025: -0.3%

## Holders

## Price story

Price needs cash profits to shrink 0% a year for ten years · sales +0.7%

Story as of 2026-10-16T09:59:56.327Z; price observation 2026-10-15.

Price needs cash profits to shrink 0% a year for ten years

- 2025-08-01: Singapore’s OCBC sees lower 2025 net interest income after Q2 profit falls ([finance.yahoo.com](https://finance.yahoo.com/news/singapore-ocbc-sees-lower-2025-010243320.html))

### Sales · FY2024–2025

sales +0.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: SGD 9.6B 

- FY2019: SGD 11B 

- FY2020: SGD 10B 

- FY2021: SGD 10B 

- FY2022: SGD 11B 

- FY2023: SGD 13B 

- FY2024: SGD 14B 

- FY2025: SGD 15B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are SGD 14.5 billion.

- Source: https://eodhd.com/api/fundamentals/OCBA.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.202Z); FY2025: revenue 14533000000; operatingIncome 20049000000; margin = operatingIncome / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OCBA.F: Oversea-Chinese Banking Corporation Limited, together with its subsidiaries, provides financial services in Singapore, Malaysia, Indonesia, Greater China, rest of the Asia Pacific, and internationally. It operates through Global Consumer/Private Banking, Global Wholesale Banking, Global Markets and Insurance segments. The company's Global Consumer/Private Banking segment provides checking accounts, savings and fixed deposits, consumer loans such as housing loans and other personal loans, credit cards, investments and wealth management products. This segment also offers investment advice and portfolio management, estate and trust planning, and wealth structuring services for high-net-worth individuals. Its Global Wholesale Banking segment provides long-term project financing, short-term credit, working capital and trade financing, as well as customized and structured equity-linked financing. This segment serves corporates, public sector, and small and medium enterprises. The company's Global Markets segment is involved in the foreign exchange activities, money market operations, and fixed income and derivatives trading, as well as offers structured treasury products, digital assets, brokerage services, and financial solutions. Its Insurance segment provides fund management services, and life and general insurance products. The company's Others segment is involved in property and investment holding activities. Oversea-Chinese Banking Corporation Limited was founded in 1912 and is headquartered in Singapore.

### Why customers stay

It earns 32.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.202Z); FY2023: operatingIncome / revenue = 146%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.202Z); FY2024: operatingIncome / revenue = 150.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.202Z); FY2025: operatingIncome / revenue = 138%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.202Z); 8-year return on capital observations [[2018,0.2008252111915089],[2019,0.19375386572635964],[2020,0.28193165799834735],[2021,0.24292742927429276],[2022,0.3689974928314887],[2023,0.6217385916336315],[2024,0.5518969214578933],[2025,0.3852902443077497]]; median 0.325464575414918. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 0.4% of cash earnings; paid dividends in 8 of 8 years.

- Source: https://eodhd.com/api/fundamentals/OCBA.STU.json#2018-12-31 (filed 2026-10-16T07:33:38.202Z); FY2018: growth capex 0; upkeep 297197000; owner earnings 4613617000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OCBA.STU.json#2019-12-31 (filed 2026-10-16T07:33:38.202Z); FY2019: growth capex 0; upkeep 368271000; owner earnings 5005867000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OCBA.STU.json#2020-12-31 (filed 2026-10-16T07:33:38.202Z); FY2020: growth capex 0; upkeep 384000000; owner earnings 3730000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OCBA.STU.json#2021-12-31 (filed 2026-10-16T07:33:38.202Z); FY2021: growth capex 0; upkeep 443000000; owner earnings 4934000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OCBA.STU.json#2022-12-31 (filed 2026-10-16T07:33:38.202Z); FY2022: growth capex 0; upkeep 479000000; cash acquisitions 0; owner earnings 5580000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OCBA.STU.json#2023-12-31 (filed 2026-10-16T07:33:38.202Z); FY2023: growth capex 0; upkeep 537000000; cash acquisitions 0; owner earnings 7034000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OCBA.STU.json#2024-12-31 (filed 2026-10-16T07:33:38.202Z); FY2024: growth capex 92000000; upkeep 522000000; cash acquisitions 31000000; owner earnings 7587000000. Growth capex plus acquisitions / owner earnings = 0.016211941478845394.

- Source: https://eodhd.com/api/fundamentals/OCBA.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.202Z); FY2025: growth capex 27729619.883141518; upkeep 955270380.1168585; cash acquisitions 0; owner earnings 7038729619.8831415. Growth capex plus acquisitions / owner earnings = 0.003939577364189461.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.202Z); Dividend observations: [[2018,1134534000],[2019,636178000],[2020,1501000000],[2021,1544000000],[2022,2620000000],[2023,3733000000],[2024,3987000000],[2025,4545000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/OCBA.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.202Z); FY2025: cash repurchases 445000000 SGD.

### Are managers owners

Insiders own 29% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OCBA.F SharesStats.PercentInsiders = 28.971999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.202Z); Ten-year compound average after fade. Initial solved rate -0.013353744109102006. Price 19.975; FX 0.6958119292237442; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 5.52 per share

- 2016-11: EUR 5.93 per share

- 2016-12: EUR 5.81 per share

- 2017-01: EUR 6.10 per share

- 2017-02: EUR 6.28 per share

- 2017-03: EUR 6.42 per share

- 2017-04: EUR 6.38 per share

- 2017-05: EUR 6.68 per share

- 2017-06: EUR 6.88 per share

- 2017-07: EUR 7.02 per share

- 2017-08: EUR 6.86 per share

- 2017-09: EUR 6.91 per share

- 2017-10: EUR 7.46 per share

- 2017-11: EUR 7.64 per share

- 2017-12: EUR 7.66 per share

- 2018-01: EUR 7.86 per share

- 2018-02: EUR 8.12 per share

- 2018-03: EUR 7.70 per share

- 2018-04: EUR 8.72 per share

- 2018-05: EUR 7.99 per share

- 2018-06: EUR 7.25 per share

- 2018-07: EUR 7.15 per share

- 2018-08: EUR 6.99 per share

- 2018-09: EUR 7.09 per share

- 2018-10: EUR 6.69 per share

- 2018-11: EUR 7.18 per share

- 2018-12: EUR 7.02 per share

- 2019-01: EUR 7.34 per share

- 2019-02: EUR 7.12 per share

- 2019-03: EUR 7.18 per share

- 2019-04: EUR 7.86 per share

- 2019-05: EUR 6.81 per share

- 2019-06: EUR 7.36 per share

- 2019-07: EUR 7.52 per share

- 2019-08: EUR 6.81 per share

- 2019-09: EUR 7.08 per share

- 2019-10: EUR 7.13 per share

- 2019-11: EUR 7.04 per share

- 2019-12: EUR 7.16 per share

- 2020-01: EUR 7.10 per share

- 2020-02: EUR 6.71 per share

- 2020-03: EUR 5.43 per share

- 2020-04: EUR 5.83 per share

- 2020-05: EUR 5.38 per share

- 2020-06: EUR 5.71 per share

- 2020-07: EUR 5.17 per share

- 2020-08: EUR 5.34 per share

- 2020-09: EUR 5.24 per share

- 2020-10: EUR 5.24 per share

- 2020-11: EUR 6.20 per share

- 2020-12: EUR 6.15 per share

- 2021-01: EUR 6.37 per share

- 2021-02: EUR 6.76 per share

- 2021-03: EUR 7.39 per share

- 2021-04: EUR 7.53 per share

- 2021-05: EUR 7.62 per share

- 2021-06: EUR 7.41 per share

- 2021-07: EUR 7.64 per share

- 2021-08: EUR 7.23 per share

- 2021-09: EUR 7.25 per share

- 2021-10: EUR 7.57 per share

- 2021-11: EUR 7.18 per share

- 2021-12: EUR 7.42 per share

- 2022-01: EUR 8.23 per share

- 2022-02: EUR 7.68 per share

- 2022-03: EUR 8.24 per share

- 2022-04: EUR 8.52 per share

- 2022-05: EUR 7.99 per share

- 2022-06: EUR 7.83 per share

- 2022-07: EUR 8.22 per share

- 2022-08: EUR 8.55 per share

- 2022-09: EUR 8.36 per share

- 2022-10: EUR 8.75 per share

- 2022-11: EUR 8.74 per share

- 2022-12: EUR 8.49 per share

- 2023-01: EUR 9.00 per share

- 2023-02: EUR 8.84 per share

- 2023-03: EUR 8.48 per share

- 2023-04: EUR 8.56 per share

- 2023-05: EUR 8.39 per share

- 2023-06: EUR 8.29 per share

- 2023-07: EUR 8.93 per share

- 2023-08: EUR 8.45 per share

- 2023-09: EUR 8.85 per share

- 2023-10: EUR 8.65 per share

- 2023-11: EUR 8.59 per share

- 2023-12: EUR 8.89 per share

- 2024-01: EUR 8.86 per share

- 2024-02: EUR 8.88 per share

- 2024-03: EUR 9.25 per share

- 2024-04: EUR 9.66 per share

- 2024-05: EUR 9.81 per share

- 2024-06: EUR 9.86 per share

- 2024-07: EUR 10.32 per share

- 2024-08: EUR 10.05 per share

- 2024-09: EUR 10.47 per share

- 2024-10: EUR 10.44 per share

- 2024-11: EUR 11.51 per share

- 2024-12: EUR 11.79 per share

- 2025-01: EUR 12.30 per share

- 2025-02: EUR 12.17 per share

- 2025-03: EUR 11.78 per share

- 2025-04: EUR 10.72 per share

- 2025-05: EUR 11.18 per share

- 2025-06: EUR 10.84 per share

- 2025-07: EUR 11.33 per share

- 2025-08: EUR 11.09 per share

- 2025-09: EUR 10.73 per share

- 2025-10: EUR 11.21 per share

- 2025-11: EUR 12.18 per share

- 2025-12: EUR 13.02 per share

- 2026-01: EUR 13.99 per share

- 2026-02: EUR 14.18 per share

- 2026-03: EUR 14.68 per share

- 2026-04: EUR 14.48 per share

- 2026-05: EUR 15.55 per share

- 2026-06: EUR 16.72 per share

- 2026-07: EUR 19.56 per share

- 2026-08: EUR 21.25 per share

- 2026-09: EUR 22.04 per share

- 2026-10: EUR 19.96 per share

## Annual estimated value (EUR per share)

- FY2022: low EUR 15.77 per share, central EUR 16.99 per share, high EUR 18.63 per share

- FY2023: low EUR 18.32 per share, central EUR 19.79 per share, high EUR 21.76 per share

- FY2024: low EUR 20.28 per share, central EUR 21.96 per share, high EUR 24.19 per share

- FY2025: low EUR 19.28 per share, central EUR 20.97 per share, high EUR 23.22 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.