Iggy's Journal: OCBC Split Decision, Why Citi and UOB Kay Hian Disagree

Wed 07 Oct 2026 | Midday

The Numbers

$OCBC Bank(O39.SG) 

OCBC shares fell as much as 5.2 percent today. The Edge Singapore reports that Citi analyst Tan Yong Hong cut OCBC to Sell on 6 Oct with a target price of S$27.50, and Citi expects third-quarter earnings to be flat year on year. UOB Kay Hian points the other way, citing first-half earnings growth of 22 percent and the bank's wealth management business.

Two brokers, one bank, opposite conclusions. A negative rating does not mean the bank itself has changed, and the new episode shows how both views can stand at the same time.

My Personal Take

A heavy-volume day tells me investors reacted. It does not tell me which note is right. The question I am putting to each of the two calls is what result would prove it wrong, and when that result arrives. The episode sets that out for Citi and for UOB Kay Hian. Personally, I'm making some movements too, but that should not influence my content. 

📺 YouTube https://youtu.be/57crXPAG3ug

📩 Substack https://investingiguana.com/p/citi-cut-ocbc-while-uob-kay-hian

Not financial advice. Iggy's Forensic Compliance Standards apply.