Stock Name: DBS
Company Name: DBS GROUP HOLDINGS LTD
Company Name: DBS GROUP HOLDINGS LTD
| Research House: CIMB | Price Call: BUY | Target Price: 15.10 |
Target S$15.10
DBS hosted a briefing session to share its insights into the Global Transaction Services (GTS) business, DBS's niche position in this space and what it was doing to drive the business further. We think this is an interesting annuity business that will solidify DBS's position in Asia. Driven by group CEO Piyush Gupta, the GTS business (14-15% of group revenues and profit) saw revenue surging 46% while PPOP ballooned 66% in 2011. Our earnings and target price (based on 1.2x CY12 P/BV, GGM) are unchanged, as is our Outperform rating.
DBS hosted a briefing session to share its insights into the Global Transaction Services (GTS) business, DBS's niche position in this space and what it was doing to drive the business further. We think this is an interesting annuity business that will solidify DBS's position in Asia. Driven by group CEO Piyush Gupta, the GTS business (14-15% of group revenues and profit) saw revenue surging 46% while PPOP ballooned 66% in 2011. Our earnings and target price (based on 1.2x CY12 P/BV, GGM) are unchanged, as is our Outperform rating.
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