Please use a supported version for the best MSN experience. Which Singapore bank will be hit the hardest in the event of Ezras liquidation? The Edge 5 days ago Michelle Zhu Provided by The Edge http://www.theedgemarkets.com/en/s3/files/styles/282×211/s3/ocbc_uob_dbs_theedgemarkets_14.jpg?itok=c6CThmuu SINGAPORE (Feb 3): CIMB Research remains underweight on Singapore banks given that asset quality concerns still loom, especially since Ezra Holdings today announced the possibility of a US$170 million (S$240 million) writedown. (See also: Ezra warns of possible US$170 mil writedown, clarifies media reports ) Assuming that each companys debt is equally split among its principal bankers, the research house estimates that DBS has the largest exposure to the Ezra group of companies at S$637 million, followed by OCBC at S$300 million and UOB at S$166 million. DBSs larger exposure is mainly due to its lending to EMAS Chiyoda Subsea, given that it was the co-lead arranger for the loan facility for EMAS Chiyodas main vessel, the Lewek Constellation, says CIMB analyst Jessalynn Chen in a Friday report. In the event the entire group goes into liquidation, all three banks will have to recognise their exposures as non-performing loans (NPLs) and make adequate provisions for the unrecoverable amounts. Based on a 40-80% writedown in book value of fixed assets across the group, Chen estimates DBS will have to make specific provisions (SPs) of about 8-16 basis points (bp), compared to SPs of 9-12bp and 6-7bp by OCBC and UOB respectively. Commenting that its share price has done well amid expectations that it will benefit the most in a rising rate environment, Chen points out that DBS chunky exposures to risky names such as Ezra could stand in the way of it seeing earnings growth in FY17. She also notes that OCBC remains most bearish on its NPL outlook and oil & gas (O&G) exposure, especially since its loan growth continues to lag behind peers.

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