Singapore Stock Market News
DBS Group - Danamon no more
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Publish date: Thu, 01 Aug 2013, 09:13 AM
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DBS announced that it has allowed the offer to buy 67.4% of PT Bank
Danamon from Temasek, to lapse. Expressing its appreciation to both
regulators for giving the deal due consideration, DBS also said that it
will remain open to M&A opportunities as and when they arise.
Our Gordon Growth target price of
S$19.02, based on 1.38x CY13 P/BV is
intact after the announcement as we
have not factored in any contributions
from Danamon. With the Indonesian
economy slowing down on low
commodity prices and rising inflation,
we think that the failed deal might
not necessarily be a bad short-term
development. Maintain Outperform,
with catalyst being earnings delivery
from various fee income drivers.
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