DBS

DBS: RBS note that 2Q11 results on 28 Jul. Expect Net Profit of $775m, -4.0% QoQ and +7.9% YoY after adjusting for goodwill charges in 2Q10. Like DBS for its restructuring potential, high gearing to eventually higher rates and attractive valuation. Stock looks attractive, trading at 10x FY12E P/E with 15% EPS growth and 1.2x FY12E P/B and 12.2% ROE.