OCBC,DBS & UOB

Bank counter

The three local bank counters looks rather bearish from TA point of view.
It is experiencing a heavy selling down as can be witnessed from the chart with the current price hovering below the 20MA.
The current price is also fluctuating near the lower Bollinger Bands which could be an indication of a further breaking down at current level.

I think it is good to be extra cautious as today is also the last trading day for the month of March 2018 which could be a window dressing effect .

For DBS, we will need to watch-out the recent low price level of  $26.86. Breaking down of this level would be super bearish and may see further selling down pressure for price to go lower towards $26.00 with extension to $25.00.

DBS - NAV $17.80.
P/B - 1.61
PE of 17.23


As for UOB, we will need to look out for the recent low of  $27.09 price level. Breaking down of this level would likely see the price slide down towards $26.50 with extension to $25.70.

UOB - NAV $20.376
P/B - 1.336
PE of 13.74 times

Last but not least, for OCBC we will need to monitor that the price does not scale below its recent low of $12.57 level. Breaking down could see it $12.00 with extension to $11.50.

OCBC - NAV $8.96 .
P/B is 1.43 .
PE of 13.14 times


Not a call to sell or buy.
dyodd.

DBS Group Holdings Ltd provides various commercial banking and financial services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. It operates through Consumer Banking/Wealth Management, Institutional Banking, Treasury Markets, and Others segments. The Consumer Banking/Wealth Management segment offers banking and related financial services, including current and savings accounts, fixed deposits, loans and home finance, cards, payments, investment, and insurance products. The Institutional Banking segment provides financial services and products, such as short-term working capital financing and specialized lending; cash management, trade finance, and securities and fiduciary services; treasury and markets products; and corporate finance and advisory banking, as well as capital markets solutions. This segment serves institutional clients comprising bank and non-bank financial institutions, government-linked companies, large corporates, and small and medium-sized businesses. The Treasury Markets segment is involved in structuring, market-making, and trading across a range of treasury products. The Others segment offers Islamic banking services. The company operates approximately 280 branches across 18 markets. DBS Group Holdings Ltd was incorporated in 1968 and is headquartered in Singapore.

United Overseas Bank Limited provides financial products and services. The company’s Group Retail segment provides deposits, insurance, card, wealth management, investment, and loan and trade financing products for personal and small enterprise customers. Its Group Wholesale Banking segment provides financing, trade, cash management, capital markets solutions, and advisory and treasury products and services. The company’s Global Markets segment offers foreign exchange, interest rate, credit, commodities, equities, and structured investment products; and manages funds and liquidity. Its Other segment provides investment management, property, and insurance services. The company has a network of approximately 500 offices in 19 countries and territories in the Asia Pacific, Europe, and North America. The company was formerly known as United Chinese Bank and changed its name to United Overseas Bank Limited in 1965. United Overseas Bank Limited was founded in 1935 and is headquartered in Singapore.


Oversea-Chinese Banking Corporation Limited provides financial services in Singapore, Malaysia, Indonesia, Greater China, other parts of the Asia Pacific, and internationally. The company's Global Consumer/Private Banking segment provides a range of products and services to individuals, including checking accounts, and savings and fixed deposits; consumer loans, such as housing and other personal loans; credit cards; wealth management products consisting of unit trusts, bancassurance products, and structured deposits; and brokerage services. This segment also offers private banking services, including investment advice and portfolio management, estate and trust planning, and wealth structuring services. Its Global Corporate/Investment Banking segment provides project financing, overdrafts, trade financing, and deposit accounts; fee-based services, such as cash management and custodian services; and investment banking services, including syndicated loans and advisory services, corporate finance services for initial public offerings, secondary fund-raising, and takeovers and mergers, as well as customized and structured equity-linked financing to institutional customers, such as corporates, public sector, and small and medium enterprises. The company's Global Treasury and Markets segment is involved in the foreign exchange activities, money market operations, and fixed income and derivatives trading, as well as provision of structured treasury products and financial solutions. Its OCBC Wing Hang segment offers commercial banking, consumer financing, share brokerage, and insurance services. The company’s Insurance segment provides fund management services, and life and general insurance products. Its Others segment is involved in property and investment holding activities. It operates a network of approximately 600 branches and representative offices in 18 countries and regions. Oversea-Chinese Banking Corporation Limited was founded in 1912 and is based in Singapore.

Raffles Medical & Sheng Siong

Dow and STI Market may be experiencing a volatile situation now. For these 2 defensive counters , I think price might not be affected much with its nature of business. Good or bad time, I think people will still needs to see Doctor /hospital or buy their daily groceries stuff.

Raffles Medical Group Ltd engages in the medical clinics operation and other general medical service businesses primarily in Singapore. The company operates through three segments: Healthcare Services, Hospital Services, and Investment Holdings. Its flagship hospital is Raffles Hospital, a tertiary care hospital that offers services, including emergency, cancer, children and women care, traditional Chinese medicine, counselling, dental, diabetes and endocrinology, dialysis, ear nose and throat, eye, family medicine, fertility, health screening, heart, internal medicine, international patients services, neuroscience, pain management, rehabilitation, radiology, Japanese clinic, orthopaedic, skin and aesthetics, surgery, urology, and nuclear medicine services for inpatients and outpatients. The company also operates 100 medical clinics that provide various services, such as general practice/family medicine, emergency, health check, health screening, immunization, travel health, specialty, minor surgery, X-ray, pre-marital screening, and corporate programs; provides health and related insurance; trades in pharmaceutical and nutraceutical products, and diagnostic equipment; and provides healthcare management and consultancy services, as well as specialized medical, medical laboratory, imaging center, dental, and clinical services. In addition, it owns properties; develops IT solutions; provides advisory and medical emergency assistance services; and sells medical kits. The company was founded in 1976 and is based in Singapore.

Total Revenue has been consistently increasing from $340.99m in 2013 to $477.58m in 2017.The Total Revenue is growing at a CAGR of 8.1%. A single digits high ,of which I think is quite good already. 

Total annual dividend has been quite encouraging as the paying out rate has been increasing from 1.7 cents to 2.2 cents .I thibt share holder would be happy to receive higher

 dividend 

Operation cash flow has been quite healthy as they are able to generate $71.19m in 2013 to $82 .69m in 2017. 

Net income Margin has been generally declining from 24.89% to 14.82% in 2017.
It might be due to higher material /operation costs.

NAV of 40.01 cents.
EPS of 4 cents.
PE of 27.64 times

For RMG, I have two possible fair values depending on how well it can execute it's new expansion and growth of it's Bugis hospital extension and also it's two China hospitals to grow it's EPS.

For the conservative fair value, it is $1.14 assuming a CAGR of 10% on it's EPS for next 7 years. For the more aggressive fair value, it is $1.46 assuming a CAGR of 14% on it's EPS for next 7 years. Thus, any price $1.14 and below is a bargain to me to accumulate shares of RMG.

not a call to buy or sell.
dyodd.

Sheng Siong Group Ltd., an investment holding company, operates supermarkets in Singapore. The company’s stores offer an assortment of live, fresh, and chilled produce, such as seafood, meat, and vegetables; and packaged, processed, frozen, and/or preserved food products, as well as general merchandise, including toiletries and essential household products. It is also involved in general trading, and wholesale import and export businesses. The company operates approximately 43 supermarkets/grocery stores under the Sheng Siong brand name. Sheng Siong Group Ltd. was founded in 1985 and is headquartered in Singapore.

For Sheng Siong, I have two possible fair values depending on how well it can continue to grow it's supermarket business both locally and in China it is now entering.

For the conservative fair value, if we assume Sheng Siong slows down it's business growth at CAGR of 6% on it's EPS, then fair share price is $0.95 which happens to be around the price it is currently traded at.

For the aggressive fair value, if we assume Sheng Siong can continue to grow it's EPS same as past 5 years CAGR of 9.06% without any slowing down in the growth of it's local and China supermarket businesses, it's fair share price is $1.24.

Thus, any price at $0.95 and below to me is ok to accumulate Sheng Siong.

Not a call to buy or sell.
dyodd

HrNet Group

HrNet Group - HRnetGroup Limited, an investment holding company, engages in the recruitment agency business in Asia. The company operates in two segments, Professional Recruitment and Flexible Staffing. It offers permanent recruitment, and temporary and contracted staffing services for financial institution, retail and consumer, information technology and telecommunication, manufacturing, healthcare life science, insurance, and logistic industries, as well as functions, such as human resource, finance and accounting, and legal and compliance industries. The company also provides other services comprising payroll processing, human resources consulting, and corporate training services. In addition, it offers management consulting and advisory services. HRnetGroup Limited provides its services under the HRnet One, Recruit Express, PeopleSearch, SearchAsia, RecruitFirst, PeopleFirst, RecruitLegal, YesPay!, HRnet Performance Consulting, and Young Talent brand names. The company was founded in 1992 and is headquartered in Singapore. HRnetGroup Limited is a subsidiary of SIMCO Ltd.

NAV of $0.309.
Rolling EPS of 4.1 cents.
PE 18.22 times.

Dir has been recently buying back some of the share . You may refer to sgx/announcement.

Total revenue has been generally increasing for the past 3 years from $324m in 2014 to $391m in 2017. This is quite positive.

Strong Balance sheet with Net Net position as can be seen from the financial nos, Total Current Assets of $373m is more than 6 times of the Total Liabilities of $54.69m.
The cash flow has been generally quite healthy.

The Return of Assets is maintaining above 12.8% which is rather impressive.
Similarly, Net Income margin has been constantly achieving above 10% which is rather positive.

I have attached below a write-up from HRnetGroup's corporate website about Heliconia's investment in it. Heliconia is a wholly owned subsidiary of Temasek Holdings. I also took a look at their corporate information on HRnetGroup's website about them. It seems that they have grown much over the past 25 years to become a leading player in the Asian regional recruitment industry.

As EDMW_Capital pointed out, there were the various plans under the 123GROW plan where new shares were issued upon IPO listing. I looked up the IPO prospectus that the aggregate total amount of all the shares that will be issued under the 123GROW plan represents about 1.99% of the enlarged issued share capital immediately following the IPO Offering and the issue of the Cornerstone Shares, assuming that the Over-allotment Option is exercised and maximum number of shares issued under the various plans. Thus, whatever dilution effect from these plans would have already been completed by now after the IPO since this exercise was undertaken upon IPO.

However, there is another plan under 123GROW plan which is HRnet GROW Plan which will be ongoing always which is a share reward scheme to reward good performance and encourage loyalty of employees of HRnetGroup. This may from time to time create minor dilution of shares for shareholders of HRnetGroup. The idea of this is to sort of make employees like a co-owner of the company whereby they can receive shares of the company to reward them for their performance and encourage their loyalty towards the company. Many companies also award such share reward or performance scheme. As long it is not too aggressively done without good basis, I feel such share reward scheme can be virtuous for the company to spur more ownership and performance in the employees of a company. For example, Raffles Medical Group, ST Engineering and Nestle Malaysia Berhad also offer similar share option or share reward scheme to their employees.

Therefore, I think the dilution effect to shareholdings of shareholders for most part of the 123GROW plan has already been factored into the trading of the shares after 9 months since they have been public listed around middle of last year without much unpleasant surprises going ahead.

I did a rough calculation of the diluted earnings yield (inverse of P/E ratio) an investor would be getting from HRnetGroup based on investing at current share price of $0.74. The current earnings yield an investor would be getting is about 5.5%. This is better than parking money in special account of CPF which only gives 4.5% interest yield. The P/B ratio at current share price is about 2.4. At such traded P/B ratios of above 2, investors are expecting the company should be a moderate to high growth company. Based on their IPO prospectus, HRnetGroup has grown at impressive CAGRs over past decades but their CAGR has slowed down in recent few years. If I assume they may still grow conservatively at their recent CAGR of 10% in their diluted EPS attributable to shareholders over the next 7 years, using my method of estimation, their fair share price would be around $1.16.

I also looked at the cashflows of HRnetGroup, their capex requirement is very small as compared to net cash generated from operations. This results in abundance of free cashflows that can be generated every year from their business model which does not require high capex to maintain and grow. As always, if I am keen to invest in any new businesses I discovered, I prefer to invest slowly in stages as I continue to monitor their progress especially for such new IPOs even if it may seem to be a good investment. This is because I may not have a lot of information about newly IPOed companies available to know them very well unlike companies which already have been public listed for a good number of years which I can dig out so much information about them from their long history of being public listed.

HRnetGroup: Announcement of Heliconia Investment : https://www.hrnetgroup.com/newsroom.php?id=announcement-of-heliconia-investment

quote : You may want to look carefully at their IPO prospectus, such as their 123GROW plan, which will result in dilution over the next few years from multiple arrows such as the Opp 1 Investment Shares, Opp 1 Loyalty Shares, Opp 1 Bonus Shares, GLOW Initial Shares, Opp 1 Investment Shares, Opp 2 Investment Shares, the Opp 2 Buy-in Shares, Top-up Issuance Shares and more Bonus Shares, etc...

I think the company is on the hunt of for acquisitions to grow recruitment business regionally.
Fundamentally I think it’s good but market doesn’t agree.

From TA point of view, it is now on a downtrend mode and may likely move down to revisit the all time low of 72 cents.

Looks rather bearish! I think IPO price is about 90 cents. Seems like a interesting price level to take a second look.

I think it may bounce-off from 72 cents and rise up again in time to come.

Not a call to buy or sell.

dyodd.

Riverstone

Riverstone - Riverstone Holdings Limited, an investment holding company, manufactures and distributes cleanroom and healthcare gloves under the RS brand. It also produces cleanroom finger cots, packaging bags, face masks, and wipers; and other consumables, such as hair nets, static dissipative shoes, safety booties, shoe covers, ESD rubber bands, sticky mats and rollers, swab-polyester and microfibers, antistatic gloves, static dissipative shoes, cleanroom coveralls, and cleanroom papers. In addition, the company trades in latex products; and distributes cleanroom products. Further, Riverstone Holdings Limited offers healthcare products comprising white, blue, black, and accelerator nitrile exam gloves. Its products are used in the hard disk drive, semiconductor, and healthcare industries. The company exports its products primarily to the Americas, Asia, and Europe. Riverstone Holdings Limited was founded in 1989 and is based in Singapore.

looking through their financial nos for the past few years. They are expanding and doing very well in terms of overall Total Revenue has been consistently increasing at a Compounded Annual Growth Rate of 13.96% a double digits grow of Gross revenue which is considered very good.

Gross Profit has been constantly increasing at a Compounded Annual Growth Rate(CAGR) of 20.4% from RM97.8m to RM197.8m. Gross profit margin has been maintaining above 20% at 24.2%. This is rather healthy and superb for a growing company.

Net Profit amount has been generating a high end double digits percentage of Average 18.6%.
What a spectacular achievement. The Net profit amount has seen a great improvement of RM58m from 2013 to RM 129.3m in 2017. It is growing at a CAGR of 24.58%. I would say is an outstanding achievement.

Super Healthy Cash flow generation for the past few years as can be seen from the financial results the Ops cash flow activities has been increasing from RM80.2m to RM145.7m. 

The company has a robust balance sheet of which the total borrowing is about RM25M, Cash on hand is RM114.25m, a net net position company with net cash position of RM89.25m.

Next on to their efficiency. Riverstone's return on assets (ROA) and return on equity (ROE) have maintained well from 2013 to 2017. In fact, I looked at their past trend these two return Metrics and they have maintained well at current levels of ROA (above 13%) and ROE (above 20%). We must realise that it is not easy to maintain the ROA and ROE in any business while it is growing it's assets and shareholders' equity through time. To be able to maintain the same level or even increase the level of ROA and ROE would mean the business has high efficiency. Riverstone just demonstrated their high efficiency in their businesses. If they can continue to maintain these same levels of returns, I will be even much more impressed with them.

ROA - is a measure of company profitability relative to total assets. It is calculated by dividing Tax Effective EBIT ( earning before interest and tax) by average total assets over a twelve months period.


ROE - is a measure of company profitability relative to total equity. It is calculated by dividing Tax Effective EBIT ( earning before interest and tax) by average total equity over a twelve months period.

Investor would be pleased to know that they are able to constantly increasing the paying out of the dividend over the past years as reflected on the chart below. This is a plus factor and a very pleasing way of rewarding the investor.


OUTlook:

Phase 4 expansion is now completed with seven production lines fully commissioned, bringing the Group’s total annual production capacity to 7.6 billion gloves

 Phase 5 expansion is now underway with an additional 1.4 billion pieces to ramp up total annual production capacity to 9.0 billion pieces by end FY2018

 Phase 6 expansion to add another 1.4 billion pieces by end FY2019 to 10.4 billion pieces in total annual production capacity

 Non-HDD markets for cleanroom gloves as well as US and Japan markets for both cleanroom and healthcare gloves continue to gain traction

 Continue to tap on fast-growing markets for healthcare gloves

Key Challenges

Competition • Cleanroom: Continue to target new markets and customers •

Healthcare: Focus on customised and premium products Increase in costs such as raw material, labor, and fuel •

Automation • Improve productivity using Lean Six Sigma • Reduce changeover time by installing an additional line

Investment Merits:

Continues to be in expansion mode driven by growth in both clean room and healthcare gloves – 36.8% increase in production capacity by end 2019 to 10.4 billion pieces of gloves

 Resilient balance sheet with net cash position with continued ability to generate positive operating cash flow

Consistent dividend payout since listing

Committed management team


I have roughly workout the intrinsic Ops Cash flow value of $1.25 taking into consideration the CAGR of 16.14%. Discount factor of 4%.
Let factor in the further discount of 0.85 X $1.25 = $1.06.

Dividend of 2.3 cents p.a. Yield is about 2.25%( current price of S$1.02). 
NAV of S$0.282.

The current price of $1.02 is approaching the fair value of $1.06. Giving the fact that the company is growing and has been consistently increasing their total gross revenue and net profit level. looks like it may trade well above the fair value of $1.06. 
I think if there is any further weakness in price, i may consider to slowly accumulate.
Might be anything between 80-90 cents..That may provide a bigger Margin of Safety.


Is hard to debate how many discount factor percentage to use to calculate the intrinsic value. For this healthcare related company, rolling EPS of 5.7 cents, PE of 17.7 times seems quite attractive. Pls dyodd.
Let say the average PE for a healthcare related company might be trading around PE 22 times. We would have come out a Target Price of $1.25.


not a call to buy or sell.
dyodd. 

Oil & Gas counter - Sembcorp Marine and KepCorp

Oil prices rose on Friday after the Saudi energy minister said OPEC would need to keep coordinating supply cuts with non-member countries including Russia into 2019.

Oil's rise defied a slump in global stock markets, which fell in response to worries about a trade stand-off between the United States and China. Gold, seen as a safe haven, hit a two-week high.

Brent crude futures were at $70.4+ per barrel, up $1.55. U.S. West Texas Intermediate (WTI) crude futures settled at $65.88 a barrel, up 2.5 percent. Both Brent and WTI rose more than 5 percent for the week.

The weekly oil rig count rose by 4 to 804 in total, up 152 rigs from a year ago, Baker Hughes reported.

Since January 2017, the Organization of the Petroleum Exporting Countries as well as a group of non-OPEC countries led by Russia, have curbed output by 1.8 million barrels per day to counteract surging U.S. output.

Saudi Energy Minister Khalid al-Falih said OPEC members would need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply curbs in 2019 to reduce global oil inventories.

OPEC officials have also said producers could look at a longer period than five years for developed-country oil stocks averages as a reference point.

"As the Saudi guessing game for the new rebalancing target begins, Brent seems well positioned to have another crack at the $70 (a barrel) level," PVM said in a note.

Although analysts said the stand-off between the United States and China could hit oil markets, for now most said demand looked healthy.

"Geopolitical tensions are coming to the front. But global balances are relatively tight at the moment. That's enough to amplify relatively small factors," said Andrew Wilson, head of energy research at BRS Brokers.

Morgan Stanley also cited an expected pick-up in seasonal demand in the coming months.

"We are only three-four weeks away from peak refinery maintenance, after which crude and product demand should accelerate ... Global inventories are already at the bottom end of the five-year range," the U.S. bank said.

"There are sufficient reasons to expect oil prices to strengthen further from here, and we stick with our (Brent) $75 per barrel call for Q3," Morgan Stanley said.

Goldman Sachs said in a note this week demand and OPEC cuts pushed their Brent spot price expectations to $82.50 a barrel by mid-year.quote : (https://www.cnbc.com/2018/03/22/oil-focus-on-saudi-arabia-comments-that-curbs-could-last-into-2019.html)

Keppel Corp - NAV of $6.311.
Rolling EPS of $0.12, PE of 69 times at current price of $7.72 per share.
dividend of 22 cents, Yield is 2.73%.
With Crude oil price estimated to go higher towards $70 per barrel.
Kepcorp may see price heading higher once the new order for building new Rigs come .
Various analyst has a Target price of bewteen $7.92 to $10.00.
Short term wise, price may fluctuate and stuck within $7.50 to $7.85.


Sembcorp Marine - NAV of $1.207.
Rolling EPS of 3.9 cents.
PE of 69 times.
dividend of 2.5 cents, yield of 0.95%.
Price has already been running up from the low of about $1.30+ to a high of $2.70 level as the future crude oil price estimated to go higher.
It seems that the price has already factor in the rise of this oil price and the possibility of securing new order for building Rigs.Like wise, for Kepcorp price may not go far with the current market sentiment gearing towards the down side. dyodd

Short term wise, I think it may not likely to go anywhere. Might be stuck within $1.90 to $2.20. We may need sometimes to see the financial results in order to re-assess the fundamental value for this counter. At this moment, price is moving ahead of fundamental of which I think is more of a speculative move. dyodd.

Sembcorp Marine - Sembcorp Marine Ltd, an investment holding company, provides marine and offshore engineering solutions worldwide. It offers turnkey solutions for projects in the areas of conversions and new builds, including floating, production, storage, and offloading units; floating, drilling, production, storage, and offloading; floating storage and offloading vessels; floating production units; floating LNG; floating, storage, and regasification units; and mobile offshore production units, as well as drill ships, semi-submersibles, jack-up rigs, and TLP and SPAR constructions. The company also provides marine repair services, such as afloat and emergency repair, underwater cleaning and repair, main engine maintenance and repair, mechanical repair, steel and pipe work, electrical and instrumentation repair, motor rewind repair, tank cleaning, sludge and oily waste disposal, staging work, hydro jetting and hydro/vacuum blasting, riding crew and voyage repair, specialized workshop repair and reconditioning, vessel towage and port clearance arrangement, and specialists service and navigation, automation, safety, and fire protection services. In addition, it offers offshore platforms, which includes engineering, construction and fabrication of offshore structures, wind-farm substations, and LNG modules; and designs and builds accommodation and crane barges, offshore support vessels, harbor and ocean-going tugs, dredgers, research/seismic/multi-purpose vessels, heavy-lift pipelay vessels, and container/heavy cargo/LPG/LNG carriers. The company was formerly known as Jurong Shipyard Ltd and changed its name to Sembcorp Marine Ltd in 2000. The company was founded in 1963 and is headquartered in Singapore. Sembcorp Marine Ltd. is a subsidiary of Sembcorp Industries Ltd.

Keppel Corp - Keppel Corporation Limited, an investment holding company, engages in the offshore and marine, property, infrastructure, and investments businesses in Singapore and internationally. The company engages in the construction, fabrication, and repair of offshore production facilities and drilling rigs, power barges, specialized vessels, and other offshore production facilities; research and development on deepwater engineering; the engineering, construction, and fabrication of platforms for the oil and gas sector, shipyard works, and other general business activities; the procurement of equipment and materials for the construction of offshore production facilities; and ship owning business. It is also involved in the trading and installation of hardware, industrial, marine, and building related products, as well as the provision of leasing services; production of jacking systems; sourcing, fabricating, and supply of steel components; ship repairing, shipbuilding, and conversions activities; marine contracting; painting, blasting, shot blasting, and process and sale of slag; property investment and development activities; fund management; golf course and hotel ownership and operation; development of marina lifestyle and residential properties; marketing agency business; trading of construction materials; development of district heating and cooling systems; electricity generation and supply, and general wholesale trade businesses; purchase and sale of gaseous fuels; trading of communications systems and accessories; and travel agency business. In addition, the company offers property management, engineering and procurement, towage, financial, trust management, logistics and supply chain, warehousing and distribution, data center, and co-location services; and technical consultancy for ship design and engineering works, as well as solid waste treatment solutions. Keppel Corporation Limited was incorporated in 1968 and is based in Singapore.

DBS

DBS - DBS Group Holdings Ltd provides various commercial banking and financial services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. It operates through Consumer Banking/Wealth Management, Institutional Banking, Treasury Markets, and Others segments. The Consumer Banking/Wealth Management segment offers banking and related financial services, including current and savings accounts, fixed deposits, loans and home finance, cards, payments, investment, and insurance products. The Institutional Banking segment provides financial services and products, such as short-term working capital financing and specialized lending; cash management, trade finance, and securities and fiduciary services; treasury and markets products; and corporate finance and advisory banking, as well as capital markets solutions. This segment serves institutional clients comprising bank and non-bank financial institutions, government-linked companies, large corporates, and small and medium-sized businesses. The Treasury Markets segment is involved in structuring, market-making, and trading across a range of treasury products. The Others segment offers Islamic banking services. The company operates approximately 280 branches across 18 markets. DBS Group Holdings Ltd was incorporated in 1968 and is headquartered in Singapore.

Total Revenue - is growing at a CAGR of about 5.97% for past 4 years from 2013 ( 8377m) to 10377m in 2017.

Net Income has risen from $3672m to $4371m . It is growing at a CAGR of 4.8%. 

Net Income margin is super good growing at super high double digits of 42.12%..

Return of Assets & Return of Equity has been hovering at high single digit of above 9%.

The dividend paying out has seen a vast improvement from 58 cents to 93 cents. A whopping increase of almost 60%.  

With interest rate hikes likely to go higher. Bank counter may benefit and boost their total revenue and total Net income level.

US has just increased the rate hike of 0.25% on Mar 2018. It is estimated that total about 3 hikes may happen in 2018.

With interest rate is gearing towards moving up higher, bank revenue may be further strengthen.
I think any weakness in price might be an opportunity to take  look at these bank counter.dyodd.

US has just imposed a import tariff of 60 Billion (

slaps China with tariffs on up to $60 billion in imports)

. for more details you may refer to below link:
(https://www.cnbc.com/2018/03/22/trump-moves-to-slap-china-with-50-billion-in-tariffs-over-intellectual-property-theft.html)

NAV of $17.804
Rolling EPS of 1.664
Dividend yield of 3.237%
Price / NAV is 1,61 times

So it is a good price to consider this counter which is trading at 1.61 times book value.
For a bullish market condition, it looks like it is trading at the premium / historical peak price.
i think value investor may be looking to consider adding if it is training near or below its NAV or book value of $17.804.
Not a call to sell or buy. dyodd.

From TA point of view, it is rather bearish with the Gap down being reflected on the chart today .
Volume is quite high too which is indicating Bear could be in control of this situation. It might take the next few trading days to re-assess the situation.

With this Gap down , it has broken down the lower bollinger bands and likely to see further weakness. If it is able to rise back to re-capture the immediate support at $28.00 that is becoming the current resistance level.  Failing which, we may see it slide further down towards $26.00 with extension to $25.00

I think durians is dropping! is it a good time to zoom in ! 
I would rather wait for next few days for things to settle down before making further decision/action. dyodd

( Trade/Invest base on your own decision)