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CIMB-GK EXPECTS DBS' LOAN GROWTH TO EASE
CIMB-GK says it can sense that DBS is becoming increasingly cautious about lending, during a recent visit to the bank.
"Although management expects loan growth to ease later this year, we estimate that system loan growth will slip below 20 per cent by the fourth quarter," it added.
But it feels that DBS' business will be less affected by sharp rises in food and energy prices, compared with other local banks.
CIMB-GK, June 5
Rating: NEUTRAL
UOB REMAINS POSITIVE ON REITS
UOB Kay Hian advises investors to stick to real estate investment trusts (Reits) that can achieve economies of scale, such as CapitaCommercial Trust, CapitaMall Trust and Ascendas Reit.
Reits provide a "fairly attractive yield" of 5.5 per cent, it added.
UOB KAY HIAN, June 3
Rating: BUY
GALLANT VENTURE'S VALUATION 'ATTRACTIVE'
OCBC Investment Research says that Gallant Ventures is trading at a 21 per cent discount to the value of its land bank.
It noted that the industrial park developer recently gave an update that showed rapid growth in its order book for land sales.
"We view Gallant's fast-growing order book as an achievement brought about by the successful launch of its Bintan's Lagoi Bay project, and this could signal growing momentum in land sales from here on," it added.
OCBC, June 4
Rating: BUY