DBS Group's First Quarter Result Solid; Fair Value of SGD 22.50 Maintained
DBS' reported solid first-quarter results. Net profit was up 1% to SGD 1.2 billion on the same period last year, and stronger against SGD 913 million in the fourth quarter of last year due to a decline in allowance for nonperforming loans. There is no change to our estimates and fair value of SGD 22.50. While we believe the bank remains undervalued at a 12% discount to our fair value, our recommendation is lowered to 3-star as the share price reacted strongly to the bank's results and we require...DBS Group Holdings is an investment holding, treasury and funding vehicle for itself and its subsidiaries. Co.'s main subsidiary is DBS Bank Ltd, which is engaged in a range of commercial banking and financial services, principally in Asia. Co.'s various business segments are: Consumer Banking/ Wealth Management, which provides individual customers with a range of banking and related financial services; Institutional Banking, which provides financial services and products to institutional clients; as well as Treasury, which provides treasury services to corporations, institutional and private investors, financial institutions and other market participants.
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