DBS results beat expectations "by a mile": CIMB

Stock Name: DBS
Company Name: DBS GROUP HOLDINGS LTD

Research House: CIMB

Price Call: BUY

Target Price: 17.39

DBS' 1Q13 results beat expectations “by a mile,” or 11%-15%, on broad-based strength in all revenue, CIMB says.

It notes net interest income rose 2.6% on-quarter as NIMs unexpectedly expanded and loans grew 6.2% on-quarter, while fee income was “strong all around,” especially for trade-related and capital-markets-related fees.

DBS HK continued its “impressive” turnaround, it adds. “DBS remains an Outperform and our high-conviction top pick in Singapore banking,” CIMB says.

It keeps its target at $17.39. The stock is up 3.2% at $17.29.