Gupta’s experience in the South East Asia-Pacific markets will be a major asset to DBS. Gupta is currently Citi’s CEO for South East Asia-Pacific, covering ASEAN (Singapore, Malaysia, Philippines, Indonesia, Thailand, Vietnam and Brunei), Australia, New Zealand and Guam. In this role, his responsibilities encompass all of Citi’s businesses including Financial Markets, Corporate and Investment Banking, Transaction Services, Credit Cards, Retail Banking and Wealth Management.
DBS valuation pegged to 1.1x 2010 book. The potential benefit from Gupta’s appointment will take time to flow through. In the meantime, we continue to be concerned with DBS’ asset quality, following its strong loan expansion over the past few years. DBS remains a SELL with a S$11.80 target price, which is pegged to 1.1x 2010 book. For investors who want to be exposed to Singapore banks, UOB (NEUTRAL) is our best pick.
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