NRA Capital Pte Ltd

Written by: Lynn Look

Tuesday 28 Apr 2015

DBS - 1Q15 results update

Results within expectations

Maintain SELL into strength. DBS shares are trading way above our revised fair value of S$18 (adjusted up from S$17.50 based on the latest NTA), arrived at after factoring in an average 3-year forward average ROE of 11% and valuing the shares at a 10% discount to market PER of 11X to factor its higher risk profile.

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