| DBS VICKERS | MAYBANK KIM ENG |
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DBS Group Transforming into Digital Bank of Singapore
■ DBS is ambitious in its digitalisation journey. It wants to be the ‘D’ in the GANDALF stocks – an acronym for the world’s largest tech stocks. ■ From digitalisation, we believe that DBS would be able to achieve ROE of c.13-14% in the next 3-5 years. ■ Add maintained. We believe DBS should be in your Singapore core holdings.
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Singapore Economics NODX Rebound Reaffirms Trade Momentum NODX Surges After Dip in September
Non-oil domestic exports (NODX) showed a strong rebound in October as the decline recorded in the previous month proved to be a temporary blip. NODX surged by +20.9% in Oct-17 from a year ago to reverse the -1.1% decline in Sep, boosted by both electronics (+4.5% vs. -8% in Sep) and non-electronics (+28.5% vs. +1.9% in Sep). On the other hand, non-oil re-exports, a proxy for wholesale trade services, fell for the first time in 11 months by -0.9% (vs. +0.6% in Sep) as the decline in non-electronics (-2.1%) offset the small increase in electronics (+0.3%).
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| OCBC | |
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Keppel DC REIT: Reaffirming our positive view
Looking ahead to 2018, we believe outlook for the data centre industry remains largely sanguine, especially for the APAC region. Keppel DC REIT (KDCREIT) is poised to be a beneficiary of this trend, in our view. According to Frost & Sullivan, revenue for the APAC data centre market is projected to double from US$16b this year to US$32b by
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