DBS kept at 'add' with target price of $22 by CIMB

Stock Name: DBS
Company Name: DBS GROUP HOLDINGS LTD

Research House: CIMB

Price Call: BUY

Target Price: 22.00

SINGAPORE (Feb 11): CIMB Research is maintaining its 'add' call on DBS Group Holdings and raising its target price by 7.32% to $22 per share from $20.50 despite the banking giant not meeting profit expectations.

According to the research outfit, DBS Group's 3% increase in net interest margins (NIM) in 4QFY14 ended Dec 31 from the preceding quarter showed a positive trend. Thus, NIM expansion is a key catalyst for the group, said CIMB analysts Kenneth Ng and Jessalynn Chen in a note.