DBS

DBS: IIFL retain Buy with $17.30 TP. Note that DBS HK is a Beneficiary of 'mega' trends and will benefit from the globalisation of Chinese companies, internationalisation of the RMB and sharper execution. maintain that overall DBS core earnings will report 15% CAGR during 2010-13. Valuations are attractive at 1.2x 2011 P/B and 4.8% yield.