Singapore Stock Market News
DBS Group - Riding on the dragon
StockFanatic
Publish date: Fri, 03 May 2013, 12:14 PM
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DBS enjoyed strong growth in loans, treasury customer flows, trade
and loans-related fees, leading to a record 1Q13. This was largely due
to rising Rmb demand in the period. In its post-results conference call,
management guided for sustainable operating momentum.
We raise FY13-15 by 3.6-8% as we
account for strong operating
momentum. Stable growth in annuity
fee income drivers (SME, GTS,
Treasury) in recent quarters reflects
the success of efforts to grow annuity
income. DBS's funding strength has
also allowed it to narrow its NIM gap
with its peers. Our target price
increases to S$19.02 as we adjust our
GGM assumptions to justly reflect
DBS's profitability and growth
potential. Maintain Outperform.
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