DBS

DBS: Bernstein reiterates Outperform with TP $17. Says investors too bearish on regional value as well as current team’s track record as shown by lower P/B multiple vs peers. Says, DBS will start to convert doubters into believers as it delivers “solid results” in next 12 months even if Bank Danamon deal unsuccessful. Sees DBS “ripe for re-rating” for P/B to increase to 1.3x by end-2012 vs current 1.1x.