For long-term holders, this is a hold or selective trim, not an aggressive add. DBS Group and OCBC are pricing in peak ROE and stable credit conditions. Adding on strength only makes sense if dividends are the priority. Trimming into rallies to rebalance risk is rational.
2) Will UOB catch up?
UOB is the more plausible laggard-to-catch-up play. Its ASEAN exposure offers medium-term upside if regional growth improves, but near-term catalysts are weaker. Expect slower re-rating rather than a sharp catch-up.
3) Rate cuts in 2026: can banks still rise?
Yes, but returns will be dividend-led, not multiple-driven. NIMs will compress, yet loan growth, fee income, and asset quality should cushion earnings. Bank stocks can grind higher, but expect mid-single-digit total returns, not a repeat of the recent surge.
Bottom line: rotate selectively, prioritise yield, and temper expectations.
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- frosti·01-09 13:10Selective rotation makes sense, dividends are the play. UOB might grind up slowly. [吃瓜]LikeReport