Monday, January 30, 2012


DBS: Deutsche has earnings preview. Note that 4Q11 results on 10 Feb, before market opens and expect a solid qtr.

House forecast Net Profit of $713m, -6% QoQ and +5% YoY and expect decent underlying results with NIMs stabilising, strong (albeit slowing) loan growth and no spike in credit costs. Suspect growing macro optimism combined with solid earnings will continue to support the share price near term. Despite the recent rally DBS still trades at just 1.1x F12E P/B.

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