http://2.bp.blogspot.com/_3qF-4FCPF1I/S ... 2_ocbc.gif
Assuming that we have a pretty bad year in 2008, and OCBC has a EPS of 50 cts (do note that 1H08, OCBC's diluted EPS is already 53.3 cts). Assuming a dividend payout ratio of 35% (management mentioned payout of at least 45% of core net profit though), we can expect the DPS to be 18 cts. In order to have a dividend yield of 3% to 5%, we ought to buy OCBC at a price range of $3.6 to $6, with the lower price limit corresponding to a dividend yield of 5%. At this starting dividend, even if the EPS (and the corresponding dividend per share) do not increase, it's still very good.
If we look at the price to NAV (without valuation surplus), it ranges between a low P/NAV of 1.15 to 1.57. Based on 1H08, the NAV (without valuation surplus) is $4.60, so multiplying by these multiples, we get a price range of between $5.29 to 7.22.
Lastly, on a technical perspective, here's the chart for OCBC since 2003.
http://2.bp.blogspot.com/_3qF-4FCPF1I/S ... cchart.gif
Support levels can be found at 5.70 (Jul 2005 low). This seems to me to be a pretty strong level. The next lower level will be at $5, back to early 2003 level.
Summary:
1. $3.6 - $6 for a dividend yield of 3% to 5% (look at the assumptions made)
2. $5.3 - $7.2, based on P/NAV (without valuation surplus)
3. $5.70, if not $5, based on 5 yr chart
You really have a huge store of data at your fingertips, amazing 
