Of the $1.3 billion, $1 billion relates to cement company acquisition which is debt-free and cash-generating and another $0.3 billion to various operating companies at the project level.
Citi Research analyst Tan Yong Hong remains “neutral” on DBS Group Holdings with a target price of $40.10, given DBS’s exposure to the Adani Group following reports that Gautam Adani has been charged with bribery and fraud in the US.
At DBS’s 4QFY2022 ended Dec 31 briefing held in February 2023, the bank said it has a $1.3 billion exposure to Adani Group.
