DBS Group downgraded to 'underperform' by CIMB

Stock Name: DBS
Company Name: DBS GROUP HOLDINGS LTD

Research House: CIMB

Price Call: SELL

Target Price: 11.90

CIMB in a Sept 21 research report says: "We downgrade DBS to underperform after cutting our FY2011-2013 estimates by about 7%. This is mainly from non-interest income and credit costs. Our target price follows lowered ROEs down to $11.90 from $16.56, now based on 1.0x CY11 P/BV (GGM, ROE 10.3%, COE 10%, growth 4.3%).

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