DBS - RHB Invest 2015-12-02: Anchored On Sound Fundamentals
DBS GROUP HOLDINGS LTD D05.SI DBS (DBS SP) - Anchored On Sound Fundamentals
- Reiterate BUY on DBS, with a SGD21.10 TP (28% upside).
- Its SGD34bn exposure to the broad commodities sector and SGD43bn China loan book remain in good shape, pointing to a manageable credit cost of 0 26bps for 2016F (2015F: 23bps).
- Underlying operations are steady with operating income forecasted to improve 7% YoY on decent 5% YoY loan growth, stable NIM and a 9% YoY rise in non-interest income.
- Its fully- loaded Common Equity Tier-1 ratio is at a comfortable 11.9%.
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