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DBS VICKERS MAYBANK KIM ENG

DBS Group

Transforming into Digital Bank of Singapore

 

■ DBS is ambitious in its digitalisation journey. It wants to be the ‘D’ in the GANDALF stocks – an acronym for the world’s largest tech stocks.

■ From digitalisation, we believe that DBS would be able to achieve ROE of c.13-14% in the next 3-5 years.

■ Add maintained. We believe DBS should be in your Singapore core holdings.

 

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Singapore Economics

NODX Rebound Reaffirms Trade Momentum

NODX Surges After Dip in September

 

Non-oil domestic exports (NODX) showed a strong rebound in October as the decline recorded in the previous month proved to be a temporary blip. NODX surged by +20.9% in Oct-17 from a year ago to reverse the -1.1% decline in Sep, boosted by both electronics (+4.5% vs. -8% in Sep) and non-electronics (+28.5% vs. +1.9% in Sep). On the other hand, non-oil re-exports, a proxy for wholesale trade services, fell for the first time in 11 months by -0.9% (vs. +0.6% in Sep) as the decline in non-electronics (-2.1%) offset the small increase in electronics (+0.3%).

 

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OCBC

Keppel DC REIT: Reaffirming our positive view

 

Looking ahead to 2018, we believe outlook for the data centre industry remains largely sanguine, especially for the APAC region. Keppel DC REIT (KDCREIT) is poised to be a beneficiary of this trend, in our view. According to Frost & Sullivan, revenue for the APAC data centre market is projected to double from US$16b this year to US$32b by
2022. KDCREIT’s most recent acquisition was the B10 Data Centre in Dublin, Ireland. Including this acquisition and its maincubes data centre in Germany which is currently under construction, we estimate that KDCREIT’s AUM is now ~S$1.7b, which is on track to meet management’s S$2b AUM target by 2018. Our back-of-the-envelope calculation suggests that should KDCREIT finance S$300m worth of
acquisitions in FY18 using a debt-to-equity mix of 25%/75%, our annualised DPU accretion works out to be 2.9%. We maintain BUY as we bump up our fair value estimate from S$1.39 to S$1.50 on higher DPU forecasts and a lower discount rate assumption.


LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings0.730-
Alliance Mineral0.250-
AusGroup0.0420.001
Avi-Tech Electronics0.340-0.010
Best World Int.1.3900.040
China Sunsine1.010-
DISA Limited0.008-
Dutech Holdings0.250-
Federal Int. (2000)0.270-
Food Empire0.560-0.010
Geo Energy0.230-
Golden Energy0.255-
GSS Energy0.126-0.001
Heeton Holdings0.515-
ISOTeam0.2800.005
KSH Holdings0.555-
Lian Beng Group0.5100.005
Miyoshi0.054-0.001
Nordic Group0.460-0.005
Oxley Holdings0.330-
REX International0.1100.002
Riverstone1.160-0.010
Roxy-Pacific0.395-0.005
Serial System0.145-0.004
Sing Holdings0.3900.005
Sino Grandness0.2000.003
Straco Corp.0.735-
Sunningdale Tech1.3600.010
Sunpower Group0.565-
The Trendlines0.1100.002
Tiong Seng0.3150.005
Trek 2000 Int.0.095-
Uni-Asia Group1.300-
XMH Holdings0.220-
Yangzijiang Shipbldg1.1600.030

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