Singapore Stock Market News
DBS Group - Strong IB, lower provisioning
StockFanatic
Publish date: Thu, 01 Nov 2012, 05:13 PM
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3Q12 beat market and our expectations, on the back of strong
investment-banking fees and lower provisions. The good IB showing
could be attributed to its leading position in Singapore's booming debt
markets plus REITs. Provisions were lower as loan volume fell.
3Q12 net profit (S$856m) was 5-6%
above consensus and our expectations.
9M12 profit forms 78% of our FY12.
Results should provide a short-term
catalyst while growing appreciation of
its capital-markets ability should be
its longer-term catalysts. DBS
(Outperform unchanged) remains our
top pick in the sector with intact EPS
and GGM-based target price.
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