DBS

DBS: Following the release of its 3Q15 results yesterday, DBS is guiding for top line growth of 8% in 2016, led by loans linked to Singapore mortgages and trade.

The bank unveiled that new mortgage bookings was over $3b in 3Q15, a level last seen two to three years ago, with total new bookings for 2015 expected to double from the previous year. DBS market share for mortgage loans in Singapore now stands at 26%.

Additionally, in contrast to its peers, DBS has not seen any clear deterioration in loans linked to the O&G sector or China.

DBS is also upbeat on the outlook of trade loans and wealth management once markets adjust to the engineered fall of the yuan versus the USD.

However, Maybank-KE is maintaining its Sell rating on DBS with TP of $16.05, citing that regional consumer sentiment and business prospects remain downcast, and until economic indicators improve, the house believes it is too early to jump back into banks.