Brokers' take

DBS Group Holdings | Neutral Target price: S$23.33 Nov 20 close: S$23.86 RHB Research, Nov 20

WE are excited about DBS' digital implementation. Besides working to pre-empt disruptors in Singapore and Hong Kong, DBS launched new digital distribution models in India and Indonesia. These two growth markets are likely to record 20 per cent CAGR (compounded annual growth rate) in income in the future.

DBS is working on cloud architecture which makes it inexpensive to scale the platform software; hardware is also inexpensive as there are many suppliers.