Brokers' take

OCBC Bank | Buy Target price: S$12.80 Oct 25 close: S$11.55 DBS Group Research, Oct 25

OCBC is due to release its Q3 '17 results on Thursday before market opens. Taking the cue from Great Eastern Holdings' results, OCBC's non-interest income should be decent. Although insurance income contribution would likely be lower q-o-q, this would be offset by the improved wealth management business during the quarter, which we understand, should remain strong. H2 '17 non-interest income would likely be softer versus H1 '17 in the absence of big fund launches. There will be small gains booked for the sale of its shares in United Engineers. There should be no surprises in its expense trends with cost-to-income ratio ranging at 40-45 per cent. Its NIM (net interest margin), however, could be flattish.

Cache Logistics Trust | Neutral Target price: S$0.82 Oct 25 close: S$0.845 Phillip Securities Research (Singapore), Oct 25