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DBS
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Victorious Spirit Eagle
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Starship
Supreme |
02-May-2019 18:34
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DBS kept at ' buy' on continued NIM rise, better trading income and improved credit costs 02/05/19, 02:43 pm SINGAPORE (May 2): Jefferies, CGS-CIMB Research and RHB Research are maintaining their &ldquo buy&rdquo call on DBS Group Holdings while OCBC is downgrading the stock to &ldquo hold&rdquo . DBS posted 1Q19 net earnings of $1.65 billion, up 9% y-o-y which is better than consensus expectations of $1.48 billion based on Bloomberg estimate. NIM (Net Interest Margin) improved from 1.83% in 1Q18 to 1.88% in 1Q19 but management seems certain NIM will improve this year as last year&rsquo s rate increases have not fully flow through into FY19. Management is also retaining its full year guidance for mid-single digit loans growth. &ldquo We expect fee income to pick up this year as better market outlook and activities will usher in more IPOs and corporate actions,&rdquo says OCBC analyst Carmen Lee in a an Apr 30 report. Since OCBC&rsquo s March 26 report on Singapore&rsquo s banking sector where the research house reiterated its &ldquo overweight&rdquo rating for the sector, the sector has done well. Based on the FTSE ST Financial Index (FSTFN), gains for the same period was 7.0%, while the three banking stocks appreciated an average of 11.6% during the same one-month period. DBS in particular, moved up from $25.12 to $28.40. As the share price is now close to OCBC&rsquo s revised fair value target of $29.18, &ldquo we downgrade from &lsquo buy&rsquo to &lsquo hold&rsquo and will turn buyer at $27.50 or lower,&rdquo says Lee. On the other hand, RHB says DBS is still a &ldquo buy&rdquo after revising its target price from $28.80 to $29.60, implying 1.43 times 2020F book value and giving 10% upside plus 4% FY19F yield. This is because RHB believes its long-term ROE assumption of 13.5% vs 2018&rsquo s 12.2% is achievable given greater NIM expansion in 1H19 on top of digitisation-driven cost efficiencies. &ldquo Digitisation efforts could contribute to further ROE enhancement over the next few years,&rdquo says analyst Leng Seng Choon. Management has also guided for 2019 NIM to be 4-5bps wider vs 2018&rsquo s. &ldquo The March mortgage rate rise will likely raise NIM from 2Q19 onwards,&rdquo adds Leng. And while home mortgage growth is weak, growth from business lending is expected to stay respectable with management guiding for mid-single digit 2019 loan growth and RHB&rsquo s forecast is 5%. &ldquo Our target price is raised by 3% to $29.60 as we roll over our P/BV valuation to 2020F,&rdquo says Leng. Agreeing, Jefferies analyst Krishna Guha said protracted credit cost normalisation, improving RoE trajectory, yield and the ongoing &ldquo beat-and-raise&rdquo cycle will likely support DBS&rsquo s outlook despite premium valuation. Guha noted growth on the year was driven by higher business volumes and margins while sequential growth was driven by higher non-interest income and lower credit costs. Specifically, he noted it was DBS&rsquo s non-trade corporate loans in manufacturing, building and construction that drove business volumes in 1Q19 as trade loans were weak due to unattractive pricing while mortgage volumes declined on back lower refinancing volumes. In addition, 1Q19 NPA (non-performing asset) declined sequentially and on the year due to lower new NPA formation while gross NPL (non-performing loan) ratio was also unchanged at 1.5%. &ldquo We raise loan growth to 7% as we expect targeted easing and delayed rate hikes to benefit loan demand,&rdquo says Guha who is lowering DBS&rsquo s credit cost estimates to 21 bps from 27 bps. Jefferies is raising FY19 estimate by 5% and raise price target by 10%. The price target values DBS at 1.6x FY19e book versus projected RoE of 12.5%. Finally, CGS-CIMB is revising DBS&rsquo s EPS estimates upwards. &ldquo While we keep our forecast of a 5bp y-o-y rise in FY19F NIM, an additional 1bp increase in NIM could lift our FY19F net profit up 0.7%,&rdquo says lead analyst Andrea Choong. In 1Q19, wealth income rebounded to $315 million from a two-year low of $218 million in 4Q18 as client activity picked up on the back of buoyant capital markets. Stripping off equity valuation gains, DBS recorded net new asset under management (AUM) of $1 billion for 1Q19. Barring the $443 million 1Q19 trading income outperformance, Choong thinks DBS&rsquo s guidance of $200 million/quarter in treasury income is &ldquo a reasonable estimate given the still-uncertain macro outlook&rdquo . She also expects the bulk of the NIM impact from its repricing exercises to come through in 2Q19F as funding pressures moderate amid the US Fed rate hike pause. CGS-CIMB has a higher GGM-based target price of $30.00 which is 1.54 times FY19F earnings versus ROE of 13%. https://www.theedgesingapore.com/dbs-kept-buy-continued-nim-rise-better-trading-income-and-improved-credit-costs |
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investshare
Supreme |
30-Apr-2019 20:56
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If you have 12 lot, mean ave you get $1,200 per month.
If you have 48 lot, mean $4,800 per month. Can retire. |
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famouspinky
Supreme |
30-Apr-2019 18:24
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Lol
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puppey
Veteran |
30-Apr-2019 17:27
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dead bull last struggle :)
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Starship
Supreme |
30-Apr-2019 17:13
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The bulls managed to claw back half the losses by the close....................  
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chanbs
Elite |
30-Apr-2019 15:06
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need t break out of 2815 ... shortists bb very strong today !
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chanbs
Elite |
30-Apr-2019 14:19
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if you sell on 2nd May Thursday, you are not entitled to its 2H FY18 dividend | ||||
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chanbs
Elite |
30-Apr-2019 14:02
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YES / NO ?
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easywin
Supreme |
30-Apr-2019 14:00
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Of course sell first and buy back after XD will gain more as leaning from our past experienced. |
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puppey
Veteran |
30-Apr-2019 13:52
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looks like more people prefer capital gain then dividends.. sell and see how thurs..:) |
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easywin
Supreme |
30-Apr-2019 13:48
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60cts dividend is already factored in, Thursday will be much cheaper if you hold on. |
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Starship
Supreme |
30-Apr-2019 13:39
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Today is the last day for the 60c div, yet ppl are selling it down by 30c. There must be a plot somewhere.
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chanbs
Elite |
30-Apr-2019 13:27
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Those bought yesterday and today still entitled to 60 cts 2H FY18 dividend ? Not yet paid up
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Starship
Supreme |
30-Apr-2019 11:38
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Evil OCBC was the one that caused DBS to drop...............  DBS shd now publish a SELL rating on OCBC..........................   Broker' s take: OCBC lowers DBS to ' hold' after post-earnings rally TUE, APR 30, 2019 - 11:06 AM OCBC Investment Research has downgraded its call on DBS Group Holdings to " hold" with a fair value of $29.18 after the bank' s shares gained 3.6 per cent on Monday following better-than-expected first quarter earnings. Following its first quarter earnings release on Monday, other research houses have maintained their " buy" recommendations on DBS. Jefferies Singapore equity analyst Krishna Guha has a target price on the stock of S$31.50. Meanwhile, UOB Kay Hian has a target price of S$30.50, while RHB Research Institute has a target price of S$30.80. https://www.businesstimes.com.sg/companies-markets/brokers-take-ocbc-lowers-dbs-to-hold-after-post-earnings-rally |
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Starship
Supreme |
30-Apr-2019 11:32
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BBs pressing it down to collect free dividends on Thu? |
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chanbs
Elite |
30-Apr-2019 10:08
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thanks bro .... shortists having a field day here now
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SgYuan
Supreme |
30-Apr-2019 09:10
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sorry miss out ur post.
w3 ext ew w0 2386 w1 2554 w2 2475 w3? w1 168 w2 104 tgt 2450 dn 61.8% - px hit 2475 delta 79 dn 47% only w3 272 tgt 2747 up 161.8% - px hit 2750 delta 275 up 164% w4 104 tgt 2646 dn 38.2% - px hit 2709 delta 41 dn 15% only w5 168 tgt 2877 up 100% of w1 - px hit 2845 now delta 136 up 81% - return to main w4 main ew w0 2280 w1 2530 w2 2386 w3? w4? w5? w1 250 w2 144 w3 405 tgt 2791 up 161.8% - w3 ext ew?2845 delta 459 up 184% - see how far w3 ext ew goes w4 175 tgt 2670 - may not correct so much w5 250 tgt 2920
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Goldfinger
Supreme |
30-Apr-2019 07:07
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I am looking at a FV of around $30 - essentially a 4pc yield. As good as Special Account but you get withdrawals earlier. Also capital gains and increasing dividends. Any thoughts? | ||||
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smltimer
Senior |
29-Apr-2019 22:51
Yells: "So what does the crystal ball say ......." |
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Could not find the DBS divi on SGX.COM ....where to find ah? | ||||
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Starship
Supreme |
29-Apr-2019 17:17
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This pure blue-blood Pegasus soars to a close near it' s day high......................  
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