Singapore Banking Stocks - DBS & UOB (Part 1)
DBS Group Holdings
DBS will be releasing its Q3 Results on 26 Oct 07 before market opens for trading.
On Sept 19 07, DBS announched a S$400 million share buy-back programme. Share buy-back tends to give a lift to the stock price, due to a decrease in the Shares Outstanding. As this buy-back has not been effected yet, we will not see the upward movement in the stock price in the short term due to the buy-back.
On 27 Sept 07, DBS announced that DBS Vickers Securities Online is now fully owned by its subsidiary. Given the current trading volume of the Singapore Stock market, and DBS Vickers' market share of online brokerage, this should have a positive contribution to DBS's bottomline, even after accounting for the cash consideration of $6.5 million. However, we should see this contributing to the Q4 results and not Q3.
On Oct 8 07, DBS China launched its RMB products - Although this has no material impact to its upcoming results, it should nonetheless have a positive contribution to its Q4 results.
From the above, I think my recommendation is kinda obvious by now. Hold DBS stocks/warrants till the release of its Q4 (FY) results.
Price target: $24 by year end.
Labels:
Fundamental Analysis,
Investment,
Trading
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