DBS

DBS: Daiwa maintains Buy, but reduces TP to $16.50 from $17.70. EPS forecasts cut by 4.1-7.5% for 2011-13E on lower NIMs. Note that Mgt still confident on EPS growth, asset quality. Even after lowering EPS forecasts, DBS still trades at hefty P/E and P/B discounts to its local peers. With the share price approaching BVPS forecast of $11.61 for 2011E, believe it is a clear sign that the sell-down has been excessive.