DBS Bank - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
05/01/20	DMG & Partners	DBS	19.2	18.7	Neutral	GGM, PB0.96x FY20
05/04/20	phillip	DBS	19.96	20.59	Accumulate	GGM, PB1.09x
05/04/20	UOB Kay Hian	DBS	19.96	22.3	Buy
05/04/20	Jefferies	DBS	19.96	22.5	Buy
05/11/20	Kim Eng	DBS	19.7	22.1	Buy
05/11/20	Citibank	DBS	19.7	19.65	Hold
06/08/20	phillip	DBS	22.28	20.6	Neutral
06/08/20	Citibank	DBS	22.28	25.5	Buy
06/10/20	Lim & Tan	DBS	22.95	0	Hold
06/11/20	Macquarie	DBS	23.01	26	outperform	PB
06/18/20	DMG & Partners	DBS	21.57	18.7	Neutral
06/18/20	JP Morgan	DBS	21.57	19.5	Underweight
06/24/20	Kim Eng	DBS	21.13	22.1	Buy
07/01/20	CIMB	DBS	20.85	18.8	Hold
07/03/20	phillip	DBS	21.28	20.6	Neutral
07/06/20	UOB Kay Hian	DBS	21.57	26.22	Buy
07/14/20	Macquarie	DBS	21.54	26	outperform	PB
07/20/20	UOB Kay Hian	DBS	21.38	24.8	Buy
07/21/20	Jefferies	DBS	21.29	24.5	Buy
07/21/20	Kim Eng	DBS	21.29	22.1	Buy
07/30/20	Macquarie	DBS	20.4	25.5	outperform	PB
07/30/20	OCBC	DBS	20.4	20	Hold
07/30/20	UOB Kay Hian	DBS	20.4	23.12	Buy
07/30/20	JP Morgan	DBS	20.4	19	Underweight
07/30/20	Jefferies	DBS	20.4	20	Hold
08/04/20	Macquarie	DBS	19.45	24.25	outperform	PB
08/06/20	Lim & Tan	DBS	19.83	0	Accumulate
08/06/20	Citi Research	DBS	19.83	23.5	Buy
08/07/20	Kim Eng	DBS	20.4	22.9	Buy	DDM
08/07/20	DMG & Partners	DBS	20.4	18.5	Neutral	GGM, PB0.94x FY20
08/07/20	UOB Kay Hian	DBS	20.4	22.9	Buy	GGM, PB01.07x FY21
08/07/20	CIMB	DBS	20.4	18.8	Hold
08/11/20	phillip	DBS	20.6	21	Accumulate	GGM, PB1.18x
08/11/20	CIMB	DBS	20.6	20.46	Hold
08/12/20	Macquarie	DBS	20.85	24.1	outperform	PB
08/12/20	JP Morgan	DBS	20.85	20	Neutral
09/02/20	Macquarie	DBS	20.87	24.1	outperform
09/07/20	phillip	DBS	20.68	21	Accumulate
09/14/20	Kim Eng	DBS	20.51	22.9	Buy
09/25/20	Lim & Tan	DBS	19.8	0	Accumulate
09/30/20	UOB Kay Hian	DBS	19.98	23.5	Buy
09/30/20	JP Morgan	DBS	19.98	22	Overweight
10/01/20	CIMB	DBS	19.91	20.46	Hold
10/07/20	UOB Kay Hian	DBS	20.71	23.5	Buy
10/07/20	OCBC	DBS	20.71	22.5	Hold
10/07/20	JP Morgan	DBS	20.71	24.5	Overweight
10/12/20	phillip	DBS	21.05	21	Neutral
10/21/20	Kim Eng	DBS	21.3	22.9	Buy
10/21/20	JP Morgan	DBS	21.3	26.5	Overweight
11/04/20	phillip	DBS	21.43	21	Neutral
11/05/20	Lim & Tan	DBS	21.55	0	Accumulate
11/05/20	Citi Research	DBS	21.55	25	Buy
11/06/20	Macquarie	DBS	22.43	24.1	outperform
11/06/20	Kim Eng	DBS	22.43	24.63	Buy	DDM
11/06/20	UOB Kay Hian	DBS	22.43	26.75	Buy	GGM, PB1.27x FY21
11/06/20	CIMB	DBS	22.43	20.46	Hold
11/06/20	DMG & Partners	DBS	22.43	25.2	Buy	GGM
11/06/20	OCBC	DBS	22.43	24.5	Buy
11/09/20	phillip	DBS	22.49	22.6	Neutral	GGM, PB1.26x FY21
11/09/20	Jefferies	DBS	22.49	26	Buy
11/09/20	CIMB	DBS	22.49	25.51	Add	GGM
11/16/20	OCBC	DBS	23.98	27	Buy
11/18/20	Jefferies	DBS	24.65	22	Hold
11/18/20	JP Morgan	DBS	24.65	24.5	Overweight
11/19/20	Macquarie	DBS	24.63	24.1	Neutral
11/19/20	Lim & Tan	DBS	24.63	0	Hold
11/20/20	DMG & Partners	DBS	24.42	25.2	Buy	GGM
11/25/20	Kim Eng	DBS	25.6	24.63	Sell
11/30/20	CIMB	DBS	25.68	28.35	Add	GGM, PB1.3x FY21
12/01/20	UOB Kay Hian	DBS	25.2	26.75	Buy
12/01/20	Citi Research	DBS	25.2	27.75	Buy
12/07/20	phillip	DBS	25.66	22.6	Neutral
12/07/20	Kim Eng	DBS	25.66	24.63	Sell
12/08/20	Macquarie	DBS	25.26	24.1	Neutral
12/10/20	DMG & Partners	DBS	25.45	30	Buy	GGM
12/11/20	Lim & Tan	DBS	25.05	0	Hold
12/16/20	DMG & Partners	DBS	25.46	30	Buy
12/16/20	JP Morgan	DBS	25.46	30	Overweight
01/04/21	CIMB	DBS	25.04	28.35	Add
01/06/21	phillip	DBS	25.35	22.6	Neutral
01/06/21	Jefferies	DBS	25.35	23.5	Hold
01/12/21	UOB Kay Hian	DBS	26.92	31.48	Buy
01/25/21	OCBC	DBS	26.17	29.45	Hold	GGM, PB1.35x FY22
01/25/21	UOB Kay Hian	DBS	26.17	29.45	Hold
01/27/21	Kim Eng	DBS	25.7	29.78	Buy
02/02/21	Macquarie	DBS	25.24	25.8	Neutral
02/04/21	phillip	DBS	25.2	22.6	Neutral
02/10/21	Lim & Tan	DBS	25.93	0	Hold
02/10/21	CIMB	DBS	25.93	28.35	Add	GGM
02/11/21	UOB Kay Hian	DBS	26	29.3	Hold
02/11/21	DMG & Partners	DBS	26	30	Buy
02/11/21	Kim Eng	DBS	26	29.64	Buy	DDM
02/15/21	phillip	DBS	26.07	29.5	Accumulate	GGM, PB1.31x FY21
02/15/21	OCBC	DBS	26.07	29.5	Buy	PB1.47x & PER12.9x FY21
02/15/21	Jefferies	DBS	26.07	29	Buy
02/19/21	UOB Kay Hian	DBS	25.76	29.2	Hold	Buy @ $25.2
02/19/21	Citi Research	DBS	25.76	29.5	Buy
02/19/21	JP Morgan	DBS	25.76	33	Overweight
03/03/21	DMG & Partners	DBS	26.94	30	Buy
03/17/21	OCBC	DBS	27.9	29.5	Buy
03/17/21	UOB Kay Hian	DBS	27.9	30.3	Buy
03/31/21	DMG & Partners	DBS	29	33	Buy
04/01/31	CIMB	DBS	28.79	28.35	Add
04/05/21	phillip	DBS	29	29.5	Accumulate	GGM, PB1.31x FY21
04/05/21	UOB Kay Hian	DBS	29	32.95	Buy	GGM, PB1.48x FY22
04/05/21	Jefferies	DBS	29	33	Buy
04/21/21	Lim & Tan	DBS	29.02	0	Accumulate
04/21/21	Citi Research	DBS	29.02	32.2	Buy
04/21/21	DMG & Partners	DBS	29.02	33	Buy
04/22/21	Macquarie	DBS	28.4	30	Neutral	PB
04/30/21	Morgan Stanley	DBS	29.39	28.4	Overweight
04/30/21	Citi Research	DBS	29.39	33.5	Buy
04/30/21	JP Morgan	DBS	29.39	33	Overweight
05/03/21	phillip	DBS	29.91	31.4	Accumulate	GGM, PB1.36x FY21
05/03/21	UOB Kay Hian	DBS	29.91	35.45	Buy	GGM, PB1.56x FY22
05/03/21	DMG & Partners	DBS	29.91	34	Buy
05/03/21	Jefferies	DBS	29.91	33.5	Buy
05/12/21	Macquarie	DBS	29.44	31	Neutral
05/18/21	Kim Eng	DBS	29.2	33.71	Buy
06/04/21	UOB Kay Hian	DBS	29.82	35.45	Buy	GGM
06/07/21	phillip	DBS	29.71	31.4	Accumulate