NRA Capital Pte Ltd

Written by: Lynn Look

Monday 4 Aug 2014

DBS - Interim Results

Operating results in line

Conclusion: Maintain SELL into strength. DBS shares are trading way above its fair value of S$16.20 (adjusted up from S$15.90 based on the latest NTA), arrived at after factoring in an average 3-year forward average ROE of 10.6% and valuing the shares at a 10% discount to market PER of 11X to factor its higher risk profile.

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