DBS Group - Growing its WM franchise | I3investor

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DBS Group - Growing its WM franchise

StockFanatic

Publish date: Mon, 17 Mar 2014, 05:36 PM

DBS announced its acquisition of Societe Generale's Asian private-banking business, which should lift its wealth-management AUM by 15% to S$125bn. Since DBS did not pay a high price, the acquisition should not create a share-price overhang, though it may also not add to DBS's profits much in the near term.

We maintain our Add rating and GGM-based target price (COE 9.5%; implied 1.39x CY14 P/BV), with catalysts still expected from its growing trade-finance and trade-related fees. We adjust our EPS only marginally for higher contributions from the wealth management franchise.

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