Stock Name: DBS
Company Name: DBS GROUP HOLDINGS LTD
Phillip Securities Research in a July 29 research report says: "DBS reported 1H11 revenue of $3.75 billion and net profit of $1.5 billion. Results met 55% and 48% of our full year forecast. EPS fell 10% q-o-q to $1.26 and NAV increased slightly to $11.47 from $11.39 in previous quarter.
"DBS reported 2Q11 revenue of $1.84 billion (+1.3% y-o-y; -3.7% q-o-q). Net interest income increased 12.4% y-o-y; 6.9% q-o-q to $1.2 billion Fee and commission income gained 8% y-o-y; but fell 7% q-o-q to $387 million due to weaker stock brokerage commissions, lower investment banking profits and decline in guarantees.
"RMB products are fast becoming a strong contributor to DBS business. Demand for RMB products should continue to ramp up as China liberates the RMB gradually. Target price of $16.98 represents an upside of about 11%. MAINTAIN BUY."
Company Name: DBS GROUP HOLDINGS LTD
| Research House: Phillip Securities | Price Call: BUY | Target Price: 16.98 |
Phillip Securities Research in a July 29 research report says: "DBS reported 1H11 revenue of $3.75 billion and net profit of $1.5 billion. Results met 55% and 48% of our full year forecast. EPS fell 10% q-o-q to $1.26 and NAV increased slightly to $11.47 from $11.39 in previous quarter.
"DBS reported 2Q11 revenue of $1.84 billion (+1.3% y-o-y; -3.7% q-o-q). Net interest income increased 12.4% y-o-y; 6.9% q-o-q to $1.2 billion Fee and commission income gained 8% y-o-y; but fell 7% q-o-q to $387 million due to weaker stock brokerage commissions, lower investment banking profits and decline in guarantees.
"RMB products are fast becoming a strong contributor to DBS business. Demand for RMB products should continue to ramp up as China liberates the RMB gradually. Target price of $16.98 represents an upside of about 11%. MAINTAIN BUY."
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