Jul 19, 2016

Cory Diary : Reading DBS GROUP HOLDINGS LTD First Quarter 2016

DBS Stock Price 8th July '16 : $15.70 since the low of $13.02 Feb and high of $21.43 July last year. That's +17.1% from bottom and -36.5% respectively from top. That's more than one third drop in price.

DBS First Quarter 2016

Retail income increased 29%. Loan and Deposits up 35%. Investment product flat.
Strong results. Used 8th July price to compute below.

Non-Performing Loans (NPL) 1.0%
Past quarters increased from 0.9% to 1.0%. Percentage increase 11%.

NAV $16.39
Increases $1.09 from $15.30 2015Q1. That's 7.1% up.
BV will be 0.96.

$1.92 annualised. That's 12.2 % earning yield. PE 8.5.

Regular Dividends assuming 60 cts (Yield 3.82%,  Shares 2,502,742,178) that will be at least $1.5 B annual distribution. 1Q16 earning alone is $1.2 B. Attractive room for Capital Growth.

Overall appears the company is doing well. The steep drops in stock price is puzzling to me. The current price is trading at $16.10.


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