Singapore Banks Soften on Restrictive Property Measures; Long-Term Thesis Unchanged
The three Singapore banks sold off along with the real estate developers after the government acted decisively in further tightening restrictive measures on the residential real estate market. Our fair value estimates for the three banks are unchanged, with OCBC at the deepest discount, at 17% below our fair value estimate of SGD 13.60. DBS Group and UOB are trading 6.5% and 13% below their respective fair values, but the discounts are not large enough relative to their high uncertainty rating. ...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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