OVERSEA-CHINESE BANKING CORP (O39) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of OVERSEA-CHINESE BANKING CORP stock S$18.20, price S$27.93, that is 34.8% below the price, quality 60 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range 8.37 SGD – 32.27 SGD · fair‑value band 13.32 SGD – 22.75 SGD · the 27.93 SGD price screens above the 18.20 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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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.
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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.
Stock analysis
OVERSEA-CHINESE BANKING CORP (O39) currently trades at 27.93 SGD, while our model-based Fair Value estimate is 18.20 SGD, 35% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of 17.89 SGD per share, and 0 of the 6 models we run sit above the 27.93 SGD price.
Bear case: the Asset-Based group reads lowest at 8.66 SGD, and 6 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 13.32 SGD (bear) to 22.75 SGD (bull), the price of 27.93 SGD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap 125B SGD (≈ $98.0B) Large · P/E ratio 16.1 · P/S ratio 8.53 · EPS (TTM) 1.73 SGD · Dividend yield 3.8% · Net margin 53.9% · Return on equity 12.7% · Return on assets (EBIT) 1.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 71% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −27% fair-value upside, at −35%, O39 screens richer than that median.
Fair Value models
Bear13.32 SGDFair Value 18.20 SGDBull22.75 SGD
Price 27.93 SGD · Downside -34.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.5757 SGD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+0.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.6%
Start year 2020 (pandemic). Over 10 years: +5.8% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+12.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.9%
Dividend (yield on the price)3.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.9% vs 7.6%, steady
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−2.9%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about −4.9% a year for the price and +4.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Negative
Recent news coverage is more negative than average.
Compare OVERSEA-CHINESE BANKING CORP with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Banks - Regional · 1002 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Top 25%
Fair Value upside−34.8% · Below median
Profitability
Return on equity (12 months)12.7% · Above median
Return on assets1.1% · Above median
Net margin (12 months)53.9% · Top 25%
Operating margin (12 months)60.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)16.9% · Above median
Dividend yield (12 months)3.8% · Above median
Balance sheet
Debt / equity0.39× · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (12 months)16.1× · Priciest 25%
P/B2.01× · Priciest 25%
P/S (12 months)8.53× · Priciest 25%
Price / free cash flow15.4× · Pricier than median
PEG2.28× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 8
FUTURE (revenue growth)85· sector 48
PAST (return on equity)51· sector 43
HEALTH (low debt)81· sector 85
DIVIDEND (yield)75· sector 52
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is OVERSEA-CHINESE BANKING CORP (O39) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of 18.20 SGD versus a price of 27.93 SGD, about 35% lower (overvalued).
What is the fair value of O39?
Our model-based fair value for OVERSEA-CHINESE BANKING CORP is 18.20 SGD (as of Nov 1, 2026), built from audited fundamentals. The current price: 27.93 SGD.
What is the quality score of O39?
OVERSEA-CHINESE BANKING CORP has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for OVERSEA-CHINESE BANKING CORP (O39)?
Our model-based price target is the fair value of 18.20 SGD (as of Nov 1, 2026) from 6 valuation models. Cautious scenario 13.32 SGD, optimistic scenario 22.75 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the OVERSEA-CHINESE BANKING CORP stock forecast for 2026?
Our models put fair value at 18.20 SGD, about 35% lower versus a price of 27.93 SGD (overvalued). Cautious scenario 13.32 SGD, optimistic scenario 22.75 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of OVERSEA-CHINESE BANKING CORP (O39)?
OVERSEA-CHINESE BANKING CORP reported trailing-twelve-month revenue of about 14.7B SGD (latest available figure, as of Nov 1, 2026).
Does OVERSEA-CHINESE BANKING CORP pay a dividend?
OVERSEA-CHINESE BANKING CORP currently shows a dividend yield of 3.76% relative to its recent price (as of Nov 1, 2026).
What growth is priced into OVERSEA-CHINESE BANKING CORP (O39)?
For today's price to be fair in a discounted-cash-flow model, OVERSEA-CHINESE BANKING CORP would have to grow free cash flow by -2.9 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.6 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of O39 use?
Our models discount OVERSEA-CHINESE BANKING CORP at 7.9 %: a base by market capitalisation (large), damped by beta 0.21, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For OVERSEA-CHINESE BANKING CORP that is -2.9 % per year a year over ten years, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has OVERSEA-CHINESE BANKING CORP (O39) delivered so far?
Over the past 5 years revenue at OVERSEA-CHINESE BANKING CORP grew +7.6 % a year. The price currently implies -2.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of OVERSEA-CHINESE BANKING CORP (O39) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into OVERSEA-CHINESE BANKING CORP (-2.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of OVERSEA-CHINESE BANKING CORP (O39)?
The free-cash-flow yield on the price is 6.49 %: that much free cash flow OVERSEA-CHINESE BANKING CORP produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of OVERSEA-CHINESE BANKING CORP (O39)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For OVERSEA-CHINESE BANKING CORP it is 18.20 SGD per share (as of Nov 1, 2026), against a price of 27.93 SGD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is OVERSEA-CHINESE BANKING CORP stock overvalued or undervalued in 2026?
As of Nov 1, 2026, O39 trades above its calculated fair value: price 27.93 SGD, fair value 18.20 SGD, a gap of about −35% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of O39?
No. The price is what the market pays today (27.93 SGD); the fair value is what the company's own numbers justify (18.20 SGD). For OVERSEA-CHINESE BANKING CORP the two are 9.73 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is OVERSEA-CHINESE BANKING CORP worth?
The market values OVERSEA-CHINESE BANKING CORP at about 125B SGD (market capitalisation, as of Nov 1, 2026). Per share that is 27.93 SGD; our models calculate a fair value of 18.20 SGD per share.
What do the bullish and bearish scenarios say about O39?
Our models span a range for OVERSEA-CHINESE BANKING CORP: cautious scenario 13.32 SGD, base 18.20 SGD, optimistic 22.75 SGD per share (as of Nov 1, 2026, price 27.93 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of O39?
OVERSEA-CHINESE BANKING CORP trades at a price-to-earnings ratio of 16.1 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 18.20 SGD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 10.6. Other multiples: PEG 2.3, P/B 2.0, P/S 8.5.
What is the PEG ratio of O39?
The PEG ratio of OVERSEA-CHINESE BANKING CORP is 2.28 (P/E divided by earnings growth, as of Nov 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of OVERSEA-CHINESE BANKING CORP (O39)?
Balance-sheet figures for OVERSEA-CHINESE BANKING CORP (as of Nov 1, 2026): return on equity 12.7%, debt of 0.39 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is O39 from its 52-week high?
OVERSEA-CHINESE BANKING CORP trades at 27.93 SGD, about 13% below its 52-week high of 32.27 SGD and 71% above the low of 16.38 SGD (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 18.20 SGD is for.
Which stocks are comparable to OVERSEA-CHINESE BANKING CORP?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is OVERSEA-CHINESE BANKING CORP stock attractive at the current price?
The data as of Nov 1, 2026: price 27.93 SGD, calculated fair value 18.20 SGD (−35%), Quality Score 60/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of O39 calculated?
We run OVERSEA-CHINESE BANKING CORP through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 18.20 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. OVERSEA-CHINESE BANKING CORP itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of OVERSEA-CHINESE BANKING CORP (O39)?
The closing price on Nov 5, 2026 was 27.93 SGD. Our model-based fair value is 18.20 SGD, about 35% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with OVERSEA-CHINESE BANKING CORP right now?
The price sits above even our optimistic bull case (22.75 SGD). The favourable scenario is already priced in. Solid but not exceptional quality (60/100) 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.
Key figures of OVERSEA-CHINESE BANKING CORP
How large is the market capitalisation of OVERSEA-CHINESE BANKING CORP (O39)?
The market capitalisation of OVERSEA-CHINESE BANKING CORP is 125B SGD (≈ $98.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of OVERSEA-CHINESE BANKING CORP (O39)?
The price-to-sales ratio of OVERSEA-CHINESE BANKING CORP is 8.53 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of OVERSEA-CHINESE BANKING CORP (O39)?
Earnings per share at OVERSEA-CHINESE BANKING CORP are 1.73 SGD (price ÷ EPS = P/E 16.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of OVERSEA-CHINESE BANKING CORP (O39)?
The dividend yield of OVERSEA-CHINESE BANKING CORP is 3.8% (payout 60.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of OVERSEA-CHINESE BANKING CORP (O39)?
The net margin of OVERSEA-CHINESE BANKING CORP is 53.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of OVERSEA-CHINESE BANKING CORP (O39)?
The return on equity (ROE) of OVERSEA-CHINESE BANKING CORP is 12.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of OVERSEA-CHINESE BANKING CORP (O39)?
On an EBIT basis the return on assets of OVERSEA-CHINESE BANKING CORP is 1.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of OVERSEA-CHINESE BANKING CORP (O39)?
The operating margin of OVERSEA-CHINESE BANKING CORP is 60.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at OVERSEA-CHINESE BANKING CORP (O39)?
Revenue at OVERSEA-CHINESE BANKING CORP is growing +16.9% versus a year earlier (3y avg +9.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at OVERSEA-CHINESE BANKING CORP (O39)?
Earnings per share at OVERSEA-CHINESE BANKING CORP are growing +22.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does OVERSEA-CHINESE BANKING CORP (O39) carry?
The net debt of OVERSEA-CHINESE BANKING CORP is 137M SGD (fiscal year 2020, ≈ 0.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 1, 2026