Holding 9RWW: Staying Short-Term Bullish on OCBC 📈

$OCBC 5xLongSG280223(9RWW.SG)

I’m continuing to hold $OCBC Bank(O39.SG)  through $OCBC 5xLongSG280223(9RWW.SG) , the 5x Long OCBC Daily Leverage Certificate, as I remain cautiously bullish on Singapore’s banking giant in the short term.

The fundamental backdrop still looks supportive. OCBC delivered a record Q2 FY2026 net profit of S$2.22 billion, up 22% YoY, while management raised its 2026 loan-growth guidance to high-single-digit to low-double-digit growth. Wealth management, corporate banking and trading income have also been helping offset pressure from lower interest rates.

From a valuation perspective, I’m not chasing OCBC simply because the share price has already performed strongly. Instead, I’m looking for continued earnings momentum and the possibility that the market continues to reward its stronger non-interest income and wealth-management franchise. One recent research view maintained an Accumulate rating with a S$31.70 target price, highlighting stabilising NIM and continued growth in wealth-related income.

That’s where 9RWW comes in. Rather than buying OCBC shares outright, I’m using the 5x leverage to amplify the potential upside from my short-term bullish view. Société Générale states that 9RWW is a 5x Long DLC, meaning its daily performance is designed to magnify OCBC's daily move before costs and fees.

Of course, leverage cuts both ways. A 1% move in OCBC doesn't simply mean a guaranteed 5% return over any holding period because 9RWW resets its leverage daily, while funding, management and rebalancing costs can also affect longer-term performance. There is also an Airbag trigger level of -15%, so this is definitely not an instrument I would treat like a traditional long-term bank holding.

My strategy is therefore simple: bullish on OCBC, but tactical with the leverage. I’m comfortable taking more risk through 9RWW because my thesis is focused on the near-term direction rather than holding leveraged exposure indefinitely. If OCBC continues to trend higher, the leverage can significantly accelerate my gains; if the thesis breaks down, I would rather cut the position than blindly average down.

For me, this is about maximising upside when conviction is high — while respecting the risks that come with 5x leverage. 📊

Not financial advice. Leveraged DLCs can result in rapid and substantial losses, including loss of the entire invested amount.