Stock Name: DBS
Company Name: DBS GROUP HOLDINGS LTD
CIMB in a Mar 20 research report says: "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.
"GTS contributed 14.2% of 2011 group revenue (2010: 10.5%) and 15.2% of PPOP (2010: 9.6%). The change started in 2010 when management realigned its sales focus, workflows and processes; recruited talent and deployed new technology.
"The benefits were reaped in 2011 as new products were launched, though importantly, the environment also allowed for rapid growth as foreign banks pulled out. Our earnings and target price of $15.10 (based on 1.2x CY12 P/BV, GGM) are unchanged. OUTPERFORM."
Company Name: DBS GROUP HOLDINGS LTD
| Research House: CIMB | Price Call: BUY | Target Price: 15.10 |
CIMB in a Mar 20 research report says: "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.
"GTS contributed 14.2% of 2011 group revenue (2010: 10.5%) and 15.2% of PPOP (2010: 9.6%). The change started in 2010 when management realigned its sales focus, workflows and processes; recruited talent and deployed new technology.
"The benefits were reaped in 2011 as new products were launched, though importantly, the environment also allowed for rapid growth as foreign banks pulled out. Our earnings and target price of $15.10 (based on 1.2x CY12 P/BV, GGM) are unchanged. OUTPERFORM."
No comments:
Post a Comment