DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/04/16	UOB Kay Hian	DBS	16.69	22.34	Buy
01/05/16	CIMB	DBS	16.28	19.58	Add	GGM, PB1.16x CY16
01/08/16	DIR	DBS	15.7	22.1	Buy
01/14/16	Macquarie	DBS	14.93	16	Neutral	PB, Buy @ $13.30 PB0.8x FY16
01/18/16	Deutsche	DBS	14.46	19.8	Buy	GGM, PB1.2x
01/18/16	DMG & Partners	DBS	14.46	21.1	Buy	GGM, PB1.26x FY16
01/18/16	Goldman Sachs	DBS	14.46	18	Buy
01/29/16	Credit Suisse	DBS	13.54	22	Outperform
01/29/16	JP Morgan	DBS	13.54	18	Overweight
02/04/16	Nomura	DBS	13.27	22.6	Buy
02/04/16	UOB Kay Hian	DBS	13.27	17.8	Buy	GGM, PB1.1x
02/11/16	UBS	DBS	13.38	15.6	Buy	PER8.4x FY16
02/22/16	Citigroup	DBS	13.68	16.55	Buy
02/22/16	Deutsche	DBS	13.68	19.8	Buy
02/22/16	Lim & Tan	DBS	13.68	0	Buy
02/22/16	OCBC	DBS	13.68	17.5	Buy	PB0.9x
02/23/16	Amfrasers	DBS	13.62	16.17	Buy
02/23/16	CIMB	DBS	13.62	18.26	Add	GGM, PB1.08x CY16
02/23/16	Credit Suisse	DBS	13.62	17	Outperform
02/23/16	DIR	DBS	13.62	19.7	Buy	Warranted Equity Method
02/23/16	DMG & Partners	DBS	13.62	16.7	Buy	GGM, PB1x FY16
02/23/16	Jefferies	DBS	13.62	11	Underperform
02/23/16	Kim Eng	DBS	13.62	12.68	Sell	PB0.75x FY16
02/23/16	UOB Kay Hian	DBS	13.62	17.48	Buy	GGM, PB1.06x
02/24/16	Macquarie	DBS	13.69	16	Neutral
02/25/16	Goldman Sachs	DBS	13.4	17.5	Buy
02/25/16	phillip	DBS	13.4	15.35	Accumulate	PB0.95x FY16
03/04/16	JP Morgan	DBS	14.71	16	Overweight
03/07/16	DMG & Partners	DBS	15.36	16.7	Buy
03/24/16	DIR	DBS	15.57	20.3	Buy
03/24/16	Kim Eng	DBS	15.57	12.68	Sell
03/24/16	UOB Kay Hian	DBS	15.57	17.48	Buy	GGM, PB1.06x FY16
04/07/16	UBS	DBS	15.03	16.4	Neutral
04/07/16	UOB Kay Hian	DBS	15.03	19.25	Buy	GGM, PB1.14x
04/26/16	HSBC	DBS	15.7	20	Buy	GGM, PB1.2x FY16, PER11x FY16
04/27/16	DIR	DBS	15.68	20.3	Buy
05/03/16	Goldman Sachs	DBS	15.28	16.9	Buy
05/03/16	Lim & Tan	DBS	15.28	0	Buy	Bloomberg consensus target $17.12
05/04/16	Amfrasers	DBS	15.35	16.3	Buy
05/04/16	CIMB	DBS	15.35	17.96	Add	GGM, PB1.05x CY16
05/04/16	Credit Suisse	DBS	15.35	17	Outperform
05/04/16	DIR	DBS	15.35	20.5	Buy	Warranted Equity Method, PB1.19x
05/04/16	DMG & Partners	DBS	15.35	17.3	Buy	GGM, PB1x FY16
05/04/16	Jefferies	DBS	15.35	12	Underperform
05/04/16	Kim Eng	DBS	15.35	13.4	Sell
05/04/16	OCBC	DBS	15.35	17.5	Buy
05/04/16	UOB Kay Hian	DBS	15.35	19.22	Buy	GGM, PB1.13x
05/05/16	phillip	DBS	15.35	16.09	Accumulate	PB0.95x FY16
05/19/16	Jefferies	DBS	15.07	12	Underperform
05/19/16	UOB Kay Hian	DBS	15.07	19.3	Buy	GGM, PB1.14x
06/01/16	Amfrasers	DBS	15.5	16.3	Buy
06/01/16	Goldman Sachs	DBS	15.5	18	Buy
06/09/16	DIR	DBS	15.93	20.5	Buy
06/10/16	Deutsche	DBS	15.9	19.8	Buy
06/15/16	UOB Kay Hian	DBS	15.64	19.3	Buy
06/30/16	Goldman Sachs	DBS	15.53	17.7	Buy
06/30/16	Kim Eng	DBS	15.53	13.4	Sell
07/14/16	UOB Kay Hian	DBS	15.99	19.3	Buy	GGM, PB1.14x FY16
07/19/16	CIMB	DBS	16.19	17.96	Add
07/19/16	DIR	DBS	16.19	20.5	Buy
07/29/16	Goldman Sachs	DBS	15.88	17.5	Buy
07/29/16	Lim & Tan	DBS	15.88	0	Hold
08/01/16	DIR	DBS	15.41	20.5	Buy
08/01/16	Macquarie	DBS	15.41	15	Neutral
08/01/16	UOB Kay Hian	DBS	15.41	18.9	Buy	GGM, PB1.12x
08/04/16	JP Morgan	DBS	15.09	15	Neutral
08/08/16	Citigroup	DBS	14.83	13.68	Sell
08/08/16	Lim & Tan	DBS	14.83	0	Hold
08/10/16	CIMB	DBS	15.04	15.31	Hold	GGM
08/10/16	Deutsche	DBS	15.04	18.5	Buy
08/10/16	DMG & Partners	DBS	15.04	17.3	Buy	GGM, PB1x FY16, PER10.5x
08/10/16	Kim Eng	DBS	15.04	14.3	Sell	PB0.8x FY17
08/10/16	phillip	DBS	15.04	16.09	Accumulate	PB0.95x FY16
08/10/16	UOB Kay Hian	DBS	15.04	19.15	Buy	GGM, PB1.13x FY16
08/12/16	Credit Suisse	DBS	14.95	15.8	Neutral
08/17/16	OCBC	DBS	14.81	16.68	Buy
08/30/16	UOB Kay Hian	DBS	15.03	17.8	Buy	GGM, PB1.05x
09/02/16	DIR	DBS	15.03	22	Buy	Warranted Equity Method
09/07/16	Macquarie	DBS	15.43	17	Outperform
09/09/16	Credit Suisse	DBS	15.55	14.8	Underperform
10/03/16	Kim Eng	DBS	15.39	14.3	Sell
10/05/16	DMG & Partners	DBS	15.36	17.3	Buy
10/07/16	OCBC	DBS	15.39	16.68	Buy
10/11/16	UOB Kay Hian	DBS	15.38	17.8	Buy
10/12/16	Goldman Sachs	DBS	15.37	17.6	Buy
10/17/16	DIR	DBS	15.03	22	Buy
10/19/16	CIMB	DBS	15.06	15.31	Hold
10/26/16	Deutsche	DBS	15.06	18.5	Buy
10/31/16	Citigroup	DBS	14.9	15.25	Hold
10/31/16	Lim & Tan	DBS	14.9	0	Hold
11/01/16	CIMB	DBS	15	15.4	Hold	GGM, PB0.86x CY17
11/01/16	DIR	DBS	15	22.4	Buy	Warranted Equity Method
11/01/16	DMG & Partners	DBS	15	17.3	Buy	GGM
11/01/16	Jefferies	DBS	15	14	Hold
11/01/16	Kim Eng	DBS	15	14.55	Hold	GGM, PB0.8x FY17
11/01/16	Macquarie	DBS	15	17	Outperform
11/01/16	phillip	DBS	15	15.71	Accumulate	PB0.95x FY16
11/01/16	UOB Kay Hian	DBS	15	18.98	Buy	GGM, PB1.05x FY16
11/07/16	Credit Suisse	DBS	14.93	14.8	Underperform
11/24/16	Citigroup	DBS	16.76	19.5	Buy
11/24/16	DMG & Partners	DBS	16.76	18.38	Buy	GGM
11/25/16	Credit Suisse	DBS	16.8	18.93	Outperform
11/28/16	UOB Kay Hian	DBS	17.05	20.15	Buy	GGM, PB1.12x FY17
12/05/16	Kim Eng	DBS	17.89	15.68	Hold	GGM, PB0.9x FY17
12/06/16	CIMB	DBS	17.97	15.4	Hold	GGM, PB0.86x CY17
12/07/16	Deutsche	DBS	18.16	18.5	Buy
12/08/16	Citigroup	DBS	18.32	19.5	Buy
01/03/17	DMG & Partners	DBS	17.34	18.38	Buy
01/04/17	Kim Eng	DBS	17.32	15.68	Hold
01/05/17	Credit Suisse	DBS	17.52	18.93	Outperform
01/06/17	UOB Kay Hian	DBS	17.8	21.2	Buy	GGM, PB1.17x FY17
01/10/17	OCBC	DBS	17.85	17.83	Hold	PB1x
01/11/17	DIR	DBS	17.99	22.4	Buy
01/16/17	Jefferies	DBS	18.31	14	Underperform
01/16/17	phillip	DBS	18.31	16.85	Neutral	PB0.95x FY17
02/02/17	Lim & Tan	DBS	18.88	0	Hold
02/02/17	UOB Kay Hian	DBS	18.88	21.2	Buy	GGM, PB1.17x FY17
02/03/17	CIMB	DBS	18.78	15.4	Hold
02/06/17	Macquarie	DBS	18.66	21.5	Outperform
02/16/17	Lim & Tan	DBS	18.23	0	Take profit/Sell	Buy @ $16.87
02/17/17	CIMB	DBS	18.54	17.66	Hold	GGM, PB0.99x CY17
02/17/17	Credit Suisse	DBS	18.54	19.8	Neutral
02/17/17	DIR	DBS	18.54	22.5	Buy	Warranted Equity Method, PB1.24x
02/17/17	DMG & Partners	DBS	18.54	19.8	Neutral	GGM, PB1.1x FY17
02/17/17	Kim Eng	DBS	18.54	18.13	Hold	PB1x FY17
02/17/17	phillip	DBS	18.54	16.73	Reduce	PB0.95x FY17
02/17/17	UOB Kay Hian	DBS	18.54	21.5	Buy	GGM, PB1.19x FY17
03/03/17	CIMB	DBS	19.03	17.66	Hold
03/03/17	Jefferies	DBS	19.03	16.2	Underperform
03/06/17	Macquarie	DBS	18.97	21	Outperform
03/14/17	UOB Kay Hian	DBS	19.11	21.5	Buy	GGM, PB1.19x FY17
03/21/17	Kim Eng	DBS	19.01	18.13	Hold	PB1x
04/03/17	Kim Eng	DBS	19.4	18.13	Hold
04/18/17	DIR	DBS	18.9	22.5	Buy
04/20/17	UOB Kay Hian	DBS	18.79	21.5	Buy	GGM, PB1.19x FY17
04/25/17	CIMB	DBS	19	17.66	Hold
05/02/17	Bernstein	DBS	19.35	22	Outperform
05/03/17	CIMB	DBS	19.86	18.75	Hold	GGM, PB1.04x CY17
05/03/17	Credit Suisse	DBS	19.86	22.6	Outperform
05/03/17	DMG & Partners	DBS	19.86	20.5	Neutral
05/03/17	Kim Eng	DBS	19.86	19.18	Hold	PB1.1x FY18
05/03/17	Lim & Tan	DBS	19.86	0	Hold
05/03/17	phillip	DBS	19.86	17.24	Reduce	PB0.95x FY17
05/03/17	UOB Kay Hian	DBS	19.86	23.3	Buy	GGM, PB1.25x FY17
05/08/17	Macquarie	DBS	20.42	21	Outperform
05/18/17	DIR	DBS	20.8	23	Outperform
05/23/17	Jefferies	DBS	20.86	22.5	Buy	DDM
05/31/17	Macquarie	DBS	20.6	22	Outperform
06/08/17	UOB Kay Hian	DBS	20.43	23.3	Buy
06/09/17	Credit Suisse	DBS	20.47	22.6	Outperform
06/09/17	Deutsche	DBS	20.47	21	Buy	GGM, PB1.3x
06/14/17	Kim Eng	DBS	20.78	19.18	Hold	PB1.1x FY18
06/22/17	Macquarie	DBS	20.4	22.2	Outperform	PB1.22x
06/28/17	DMG & Partners	DBS	20.26	20.5	Neutral
07/03/17	Kim Eng	DBS	20.74	19.18	Hold
07/04/17	UOB Kay Hian	DBS	20.65	25.25	Buy	GGM, PB1.3x FY18
07/12/17	Credit Suisse	DBS	20.77	22.7	Outperform
08/02/17	Macquarie	DBS	21.95	22.2	Outperform	PB1.22x
08/04/17	Lim & Tan	DBS	22.08	0	Hold
08/04/17	DMG & Partners	DBS	22.08	20.65	Neutral	GGM, PB1.1x FY17
08/04/17	OCBC	DBS	22.08	22.5	Hold	Buy @ $21 or lower
08/07/17	CIMB	DBS	21.49	21.5	Hold	GGM
08/07/17	DIR	DBS	21.49	23	Outperform	Warranted Equity Method, PB1.24x
08/07/17	UOB Kay Hian	DBS	21.49	24.85	Buy	GGM, PB1.29x FY18
08/07/17	Kim Eng	DBS	21.49	19.18	Hold
08/07/17	phillip	DBS	21.49	17.92	Reduce	GGM, PB0.98x FY18
08/22/17	Kim Eng	DBS	20.49	21.5	Hold	GGM, PB1x FY18
08/23/17	Deutsche	DBS	20.54	22	Hold
09/05/17	OCBC	DBS	20.35	22.4	Hold
09/12/17	DMG & Partners	DBS	20.43	20.65	Neutral	PB1x FY18
09/14/17	OCBC	DBS	20.38	22.5	Buy
09/18/17	phillip	DBS	20.06	21.45	Accumulate	GGM, PB1.2x FY17
09/18/17	Kim Eng	DBS	20.06	21.5	Hold
09/21/17	DIR	DBS	20.48	23.3	Outperform	GGM, PB1.24x
10/09/17	DIR	DBS	21.5	23.3	Outperform
10/20/17	UOB Kay Hian	DBS	21.7	24.48	Buy	GGM, PB1.27x FY17
10/20/17	phillip	DBS	21.7	25.7	Buy
11/01/17	UOB Kay Hian	DBS	22.78	24.48	Buy	GGM, PB1.27x FY18
11/06/17	DMG & Partners	DBS	22.97	20.65	Neutral
11/06/17	Lim & Tan	DBS	22.97	0	Neutral
11/07/17	Kim Eng	DBS	22.79	22.75	Hold	GGM, PB1.2x FY18
11/07/17	UOB Kay Hian	DBS	22.79	24.4	Buy	GGM, PB1.3x FY18
11/07/17	Credit Suisse	DBS	22.79	25.3	Outperform
11/07/17	DMG & Partners	DBS	22.79	21.45	Neutral	GGM, PB1.08x FY18
11/08/17	phillip	DBS	23.49	26.83	Buy	GGM, PB1.39x FY18
11/20/17	CIMB	DBS	24.13	25	Add
11/20/17	UOB Kay Hian	DBS	24.13	26.1	Buy	GGM, PB1.38x FY17
11/20/17	Credit Suisse	DBS	24.13	27.4	Outperform
11/21/17	DMG & Partners	DBS	23.86	23.33	Neutral	GGM
11/27/17	phillip	DBS	25.1	29.3	Buy	GGM, PB1.51x FY18
12/01/17	UOB Kay Hian	DBS	24.43	26.1	Buy	GGM, PB1.38x FY18
12/08/17	phillip	DBS	24.24	29.3	Buy
12/13/17	OCBC	DBS	25.2	27.4	Buy	GGM, PB1.4x