DBS Bank - Mixed calls from analysts.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

01/28/11	CIMB	DBS	15.08	17	Outperform
02/08/11	CIMB	DBS	15.18	17	Outperform	PB1.45x
02/11/11	CIMB	DBS	14.82	17	Outperform	PB1.45x & GGM
02/14/11	CIMB	DBS	14.8	17	Outperform	PB1.45x, GGM
03/03/11	CIMB	DBS	14.16	17	Outperform	PB1.45x & GGM
03/08/11	CIMB	DBS	14.34	17	Outperform	PB1.45x & GGM
03/25/11	CIMB	DBS	14.24	17	Outperform	PB1.45x & GGM
04/05/11	CIMB	DBS	14.7	17	Outperform
04/11/11	CIMB	DBS	14.8	17	Outperform
04/29/11	CIMB	DBS	14.92	17	Outperform	PB1.45x, GGM
05/03/11	CIMB	DBS	14.98	17.92	Outperform	PB1.5x, GGM
05/09/11	CIMB	DBS	14.5	17.92	Outperform
05/16/11	CIMB	DBS	15.1	17.92	Outperform	PB1.51x, GGM
03/07/11	Citigroup	DBS	14.54	16.5	Buy
03/18/11	CLSA	DBS	14.04	13.6	Underperform
04/14/11	CLSA	DBS	14.8	13.6	Underperform
04/25/11	DBS Vickers	DBS	14.94	16.98	Buy	PB1.5x
05/16/11	DBS Vickers	DBS	14.72	16.98	Overweight
02/07/11	DMG & Partners	DBS	15.14	14.3	Neutral	PB1.22x
02/14/11	DMG & Partners	DBS	14.8	15	Neutral	PB1.3x
03/02/11	DMG & Partners	DBS	14.42	15	Neutral	PB1.3x
04/01/11	DMG & Partners	DBS	14.52	15	Neutral	PB1.3x
05/18/11	DMG & Partners	DBS	14.48	15	Neutral	PB1.3x
02/11/11	JP Morgan	DBS	14.82	24	Buy
04/29/11	JP Morgan	DBS	14.92	24	Overweight
02/11/11	Kim Eng	DBS	14.82	0	Under Review
02/14/11	Kim Eng	DBS	14.8	13.74	Hold	GGM
03/08/11	Kim Eng	DBS	14.34	13.75	Hold
05/02/11	Kim Eng	DBS	14.9	16.2	Hold	PB1.35x, GGM, Div Yield 3.7%
05/27/11	Kim Eng	DBS	14.68	16.2	Hold
02/11/11	Lim & Tan	DBS	14.82	0	Buy
03/21/11	Morgan Stanley	DBS	14	17	Overweight
05/02/11	Morgan Stanley	DBS	15.02	17.49	Overweight
02/11/11	OCBC	DBS	14.82	16	Buy
02/14/11	phillip	DBS	14.8	16.98	Buy	PB1.41x
03/09/11	phillip	DBS	14.54	16.98	Buy	PB1.4x
05/03/11	phillip	DBS	14.98	16.98	Buy	PB1.3x
06/01/11	phillip	DBS	14.86	16.98	Buy	PB1.5x
05/02/11	RBS	DBS	15.02	18	Buy	Up from $16.50
05/23/11	UBS	DBS	14.7	0	Buy