Singapore Stock Market News
DBS Group - Dousing the margin excitement
StockFanatic
Publish date: Thu, 01 May 2014, 02:07 PM
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In its post-results briefing, DBS explained why margins did so well. Margins expanded in 1Q14, partly due to the after-effects of China tightening and the ability to roll investment securities into similar duration papers at higher yields. While margins are likely to soften qoq, it will still be higher than those in 2013. On the other hand, while trying to douse the excitement on margins, the guidance for non-interest income engines sounds more sustainable and bullish.
We raise our FY14-16 EPS by 2-11%, lifting our target price to S$20.76 (GGM, based on 1.4x CY15 P/BV) in the process. Our Add rating is intact.
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