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DBS still a ‘buy’ despite Swiber hit

Jude Chan
Jude Chan8/16/2016 10:00 PM GMT+08  • 1 min read
DBS still a ‘buy’ despite Swiber hit
SINGAPORE (Aug 16): OCBC Investment Research is keeping its “buy” call for DBS Group, but lowering its fair value estimate to $16.68, from $17.50 previously.
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SINGAPORE (Aug 16): OCBC Investment Research is keeping its “buy” call for DBS Group, but lowering its fair value estimate to $16.68, from $17.50 previously.

“DBS’s 2Q16 performance was hurt by the allowances for Swiber, which led to a more than doubling in allowances to $366 million in 2Q16. This led to a 6% y-o-y and 13% q-o-q decline in net earnings to $1051 million,” says OCBC lead analyst Carmen Lee in a Monday report.

DBS is expected to make some recovery from its $721 million exposure to Swiber, Lee says.

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