Tan’s “sell” call comes on the back of risks to the bank’s net interest income (NII) as its average interest earning assets (AIEA) could fall below the consensus estimate of $653 billion for FY2023, which is up by 5% y-o-y.
Citi Research analyst Tan Yong Hong has resumed coverage on DBS Group Bank (SGX:D05
) after a period of restriction since January.
In his report dated June 10, Tan rated DBS with a “sell” call and a target price of $26.60. His target price is based on his FY2023 – FY2024 P/B of 1.12x.
