Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Maybank Kim Eng, OCBC raise target on DBS

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STOCKS NEWS SINGAPORE-Maybank Kim Eng, OCBC raise target on DBS Aug 6th 2012, 04:49 Mon Aug 6, 2012 12:49am EDT Maybank Kim Eng and OCBC Investment Research raised their target prices on Singapore's DBS Group Holdings after the bank beat forecasts with a 10 percent increase in its second-quarter net profit. DBS shares were up 1.2 percent at S$14.93 on Monday. The stock has gained around 30 percent so far this year versus the 16 percent gain in the broader Straits Times Index. OCBC increased its target on DBS stock to S$15.94 from S$15.40 and maintained its buy rating, after raising its 2012 fiscal year earnings estimate to S$3.25 billion ($2.6 billion) from S$3.14 billion. While market conditions are expected to remain challenging, DBS's management strategy such as to increase cross-selling, raise productivity, reduce its cost-to-income ratio and grow its key businesses may help ensure a healthy second half, OCBC said. Maybank increased its target price to S$13.10 from S$12.10 to take into account a higher price-to-book value of 1.05 times versus 0.97 times previously and a bigger 2012 return on equity of 11.1 percent from 10.8 percent. The broker noted that DBS's loan momentum picked up in the second quarter and liquidity remains ample, but the bank still faces net interest margin pressure and external headwinds. Maybank maintained its 'sell' rating on DBS stock. For a related story, click 1236 (0436 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ($1 = 1.2432 Singapore dollars) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions