Singapore Stock Market News
DBS Group - Treasury flows faded
StockFanatic
Publish date: Fri, 01 Nov 2013, 11:00 AM
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
Treasury flows slowed, market-related fees eased and liquidity buffers
were raised (in case of US tapering) in 3Q13. As treasury gains came
off, the topline fell short. The bottom line managed to pip street
estimates only with the help of lower overheads and provisions.
3Q profit (S$862m) was in line with
our expectation (S$880m) and
consensus (S$839m). Earnings
quality was good since the results
were driven by core-banking revenue.
9M13 profit was 75% of our FY13
estimate. We keep our DDM-based
target price (COE: 9.9%) and
Outperform rating. Catalysts include
a revival of trade and customer
treasury flows and rising rates ahead.
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