DBS

DBS: Macquarie says it is a great 2H14 story; reiterates Outperform with TP $19. Latest 2Q14 results was good, and Macquarie believes that business trends at DBS compare favorably to UOB in terms of margin , asset quality , funding as well as momentum in capital ratios . Macquarie believes DBS is in a good strategic position to take market share, particularly in Trnasaction Banking and SME Banking. DBS is also the most geared to rising rates and Greater China amongst the Singapore banks. DBS may show the best earnings momentum among the Singapore banks and model for a gradual improvement in profitability.