Stock Name: DBS
Company Name: DBS GROUP HOLDINGS LTD
UOB KayHian in a Jan 12 research report says: "We expect DBS to record a healthy loan growth of 3% qoq in 4Q11 due to the drawdown of loans previously approved. Net interest margin is expected to be largely unchanged at 1.74% due to a mild pick-up in 3-month SIBOR to 0.39% by end-4Q11.
"We expect DBS to report a net profit of $758 million for 4Q11, flat q-o-q (3Q11: $762 million, including a gain of $47 million to combine DBS Asset Management with Nikko Asset Management and a hefty general provision of $187 million).
"We have reduced our 4Q11 net profit forecast by 4.7% to $758 million. Our full-year 2011 net profit forecast is marginally lowered by 1.2% at $3,062 million. Our target price is $16.14, based on P/B of 1.32x, which is derived from the Gordon Growth Model. MAINTAIN BUY."
Company Name: DBS GROUP HOLDINGS LTD
| Research House: UOB KayHian | Price Call: BUY | Target Price: 16.14 |
UOB KayHian in a Jan 12 research report says: "We expect DBS to record a healthy loan growth of 3% qoq in 4Q11 due to the drawdown of loans previously approved. Net interest margin is expected to be largely unchanged at 1.74% due to a mild pick-up in 3-month SIBOR to 0.39% by end-4Q11.
"We expect DBS to report a net profit of $758 million for 4Q11, flat q-o-q (3Q11: $762 million, including a gain of $47 million to combine DBS Asset Management with Nikko Asset Management and a hefty general provision of $187 million).
"We have reduced our 4Q11 net profit forecast by 4.7% to $758 million. Our full-year 2011 net profit forecast is marginally lowered by 1.2% at $3,062 million. Our target price is $16.14, based on P/B of 1.32x, which is derived from the Gordon Growth Model. MAINTAIN BUY."
No comments:
Post a Comment