OVERSEA-CHINESE BANKING CORP (O39) Fair Value & Analysis
Financial Services · SG · Market cap 129B SGD (≈ $102B) · ISIN SG1S04926220
What is OVERSEA-CHINESE BANKING CORP really worth?
A solid business, but trading 63% above our fair value of 19.80 SGD.
Strengths
Risks
Fair value as of: Aug 30, 2026
From 6 valuation models · updated 6 days ago
Share price +12.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (24.75 SGD). The favourable scenario is already priced in.
- Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range 8.50 SGD – 32.27 SGD · fair‑value band 14.85 SGD – 24.75 SGD · the 32.27 SGD price screens above the 19.80 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Analysis
OVERSEA-CHINESE BANKING CORP (O39) currently trades at 32.27 SGD, while our model-based Fair Value estimate is 19.80 SGD, implying the stock looks roughly 63.0% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of 19.47 SGD per share, and 0 of the 6 models we run sit above the 32.27 SGD price. Bear case: the Asset-Based group reads lowest at 9.32 SGD, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, OVERSEA-CHINESE BANKING CORP generated revenue of 14.1B SGD at a net margin of 53.2%. Revenue grew 4.9% year over year. It earns a return on equity of 12.2%. Net debt stands at 137M SGD. Fundamentals as of Aug 30, 2026
Our scenario range runs from 14.85 SGD (bear case) to 24.75 SGD (bull case); at 32.27 SGD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 115% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −39%, O39 screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 1.12 SGD per share, which is 5.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Multiples (19.47 SGD) versus Asset-Based (9.32 SGD). Highest evidence: Residual Income (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 99
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
OVERSEA-CHINESE BANKING CORP reported revenue of 14.5B SGD in FY2025 versus 10.5B SGD in FY2021, a compound +8.5%/yr. Reported net income was 7.4B SGD in FY2025, compounding +11.2%/yr from FY2021.
O39 screens 63% overvalued. Compare with DBS Group →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Oversea-Chinese Banking Corp Ltd (OVCHF) (H1 2026) Earnings Call Highlights: Record Profit and ...
- OCBC (SGX:O39) Stock Could Trade At A Discount After AI Wealth App Launch
Peer Group
Banks - Regional · 1071 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 35/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
| The PNC Financial Services Group PNC | $242.22 | $192.40 | −21% |
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