DBS

DBS: From a CLSA rpt, DBS clearly has momentum in its transaction services business, although noting that the bank is struggling to improve its return on assets. If it can get this right in the next couple of year, there is potential for a 1 percentage point ROE uplift. In the near term, CLSA expect ROE to be 10.8% in FY2014, compared to 10.7% in FY2013: 10.7%. CLSA maintains OUTPERFORM rating with $17.50 TP.