Share drubbing reflects DBS's vulnerabilities
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DBS Group Holdings, Singapore's largest bank and South-east Asia's biggest (by assets), is feeling rather unloved as investors desert it in droves.
Often cited as the region's behemoth, it was deposed ignominiously last week by Bank Central Asia (BCA), owned by Indonesia's second-richest person, Budi Hartono. According to Bloomberg, BCA is the region's largest lender by market capitalisation of US$24.5 billion. Many DBS shareholders will be asking "BCA who?", even as they glumly contemplate DBS's market cap of US$23.3 billion based on last Friday's price of S$13.02. It recovered somewhat on Monday to close at S$13.41.
The Jakarta-based bank's shares have continued to rise this year as its Indonesia focus shields it from slowing growth in Greater China, said Bloomberg.
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