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DBS still OCBC's top banking pick despite 16% YTD gain

Stanislaus Jude Chan
Stanislaus Jude Chan3/5/2018 04:52 PM GMT+08  • 2 min read
DBS still OCBC's top banking pick despite 16% YTD gain
SINGAPORE (Mar 5): OCBC Investment Research is raising its fair value estimate for DBS Group Holdings to $32.53, or 1.7 times of its book value, from $29.50 previously.
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SINGAPORE (Mar 5): OCBC Investment Research is raising its fair value estimate for DBS Group Holdings to $32.53, or 1.7 times of its book value, from $29.50 previously.

“With the re-rating of Asian banks, which are now trading at 1.6x book, we believe that DBS deserves to trade at the same or higher valuation,” says lead analyst Carmen Lee in a report on Monday.

This comes despite stocks in the banking giant having climbed some 15.9% year-to-date, compared to a 3.3% rise in the benchmark Straits Time Index (STI).

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