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For the benefit of those who does not have access to financial analysis reports please do add if you do have any thank you 2nd May 2011 Produced by: The Royal Bank of Scotland Asia Securities (Singapore) Pte Limited DBS Group Holdings Raising estimates post strong 1Q We raise our FY11-13F earnings by 9.4% and our target price to S$18 after the group's solid 1Q11 results. In particular, we highlight a continuation of the solid core revenue trends of the previous quarter, and improved guidance on margins and expense growth. DBS is our top pick of the Singapore banks we cover. Valuation and risks to target price DBS Group Holdings (RIC: DBSM.SI, Rec: Buy, CP: S$14.98, TP: S$18.00): Key downside risks to our GGM-based target price: 1) Key to our case is that Sibor rises. If this does not happen, net interest margins and earnings are likely to disappoint. 2) DBS has embarked on a comprehensive restructuring programme. As with all restructuring programmes, the risk is that the plans fail, thereby damaging the bank's franchise; and 3) DBS could make a large acquisition, prompting a right issue, which could be dilutive for existing shareholders and ultimately value destructive.

Harry Redknapp has revealed that Tottenham chairman Daniel Levy has been urging him to splash the cash in the January transfer window. It was widely thought Spurs needed to sell before they could buy when the window opens on Saturday, but it now appears Levy is ready to bankroll the club's push for a second straight Champions League campaign and even a tilt at the Premier League title. Manager Redknapp is eager to reinforce his squad but is reluctant to make signings just for the sake of it, admitting finding the right players was proving difficult. "The owner would like me in all honesty to go and spend his money and buy somebody who could make the difference," he said. "But I don't know where that player is. "I know where they are but they're not for sale - we can't go and buy the people that you'd put your life on. "Anybody whose got anybody who's real top class, they don't want to sell them at this stage of the season. "We're not in the situation where we need to panic buy. "Unless it's somebody who's going to make a difference to the team then we really wouldn't bother." Redknapp's problem is improving a squad that is already one of the strongest in the country. He added: "We've got good players. We've got players that are getting better, which is great. "(Gareth) Bale, what a year he's had. Luka Modric, he's just been incredible. "You've got (Rafael) van der Vaart here now who's come in and, when he's been fit and playing, has just been fantastic." Several players have been linked with loan or permanent moves away from White Hart Lane during the window, including Robbie Keane, David Bentley, Luka Modric, Giovani dos Santos, Niko Kranjcar and the injury-blighted Jonathan Woodgate. Redknapp insisted no agreements had been reached with any club and reiterated Keane was available for permanent transfer only. "He still could play a big part for us, I think," said Redknapp on the prospect of no suitable bid being forthcoming. Tottenham host Fulham on Saturday in their first match of 2011 and Redknapp believes the final games of 2010 have proven decisive in the Premier League season, with the Spurs boss declaring the battle for Champions League qualification a five-horse race. "Not being disrespectful to the other teams but, the position we're in, it really is beginning to look like it could be the five teams pushing for the Champions League places," said Redknapp, whose side will go fourth if they win tomorrow. "Who are you going to knock out? You're not going to knock Man United out, Chelsea, Arsenal, Man City. "It looks like we're going to finish fifth, having said all that!" He added: "We want to be right up there challenging to get into the Champions League next year and even higher if we can." Fulham are fighting for their lives at the other end of the table, with Tuesday night's 2-0 win at Stoke easing the pressure on manager Mark Hughes. Redknapp said: "It's just a case of people - owners - holding their nerve when you have a bad run. "You have to look at all the circumstances - injuries. "Fulham lost Bobby Zamora - that was a massive loss. "For them, he was different class. "Everything revolved around Bobby Zamora." Hughes was subjected to chants of "Hughes out" and "You don't know what you're doing" during Sunday's 3-1 defeat to West Ham. Redknapp said: "No disrespect, what are Fulham supposed to do? "If they finish halfway, it's a fantastic achievement, in my opinion. "He's spent no money, Mark. He's gone in there, worked with what he's had. "I don't know what else people can expect. "They used to be in the old Fourth Division."

Hello all MCF! Welcome December! Any bros out there know any petrol stations in Singapore giving $$ vouchers? SPC vouchers last day was yesterday! Then Citibank additional discount also over! Now petrol prices increased since! Sianz Anyone knows kindly post here! Thanks so much for sharing!

Samsung Galaxy S getting Android 2.2 Froyo update now Posted by Affan on October 15, 2010 Samsung has started rolling out Android 2.2 Froyo update for Samsung Galaxy S worldwide. Some of Galaxy S users in Norway, Denmark and Sweden reported that they have already received the update. Previously Samsung announced that it will be available from mid of October, hitting first European users, followed by Southeast Asia, the Middle East Asia, North America, Africa and rest of the world. All you have to do is wait for it, as Samsung has sold more than 5 million of these devices, so it will take a little time. The Samsung Galaxy S already got hotspot capabilities and 720p video recording, so the key enhancements that it will bring to the device will be improved performance levels on Galaxy S, JIT (Just in Time) compiler and Adobe Flash Player 10.1. The other enhancements include Google Maps with Navigation meaning GPS navigation system with voice guidance, New Android Market with auto-updating, Pinch-to-zoom home screen flyover, improved default keyboard, Video records in MP4 format, New Search widget, Gmail application and Colored icons in settings. The Android 2.2 update is available via Kies (link below), which is Samsung

i just bought a new 2010 gps map to update my gps. but it seems that it got no update, and actually now my gps is left with basic road only any expert care to advice mine is a gammin gps, but dont know the model because there put mini logo instead

seems that there is an update to columbus RNS510 check it for owners having this http://briskoda.net/ice-security-insurance...-2664-a/155343/ http://vwnavi.com/forums/showthread.php?t=11333&page=2 maybe it does fix the NAVI issue?

They quoted me ......................................S$1105 for just 4 tyres of V12 Evo on my 15inch rims!!!!! Best Price!!!! Where do i look like a carrot head???

for the benefit of those who are still confused... and also those who are wondering...'what petrol cap?'.... below is the sequence of events... We are quite tired of all the last minute change in decision by the Malaysian Government on this topic. Will they ever make up their mind? Sequence of Events: 9th Dec 2009

heard bukit timah quite bad.

Former Ren Ci head, ex-aide Raymond Yeung found guilty of forging payment slips SINGAPORE: A district court has found the former head of Ren Ci Hospital, Ming Yi and his former aide Raymond Yeung, guilty of falsifying Ren Ci payment vouchers. District Court judge Toh Yung Cheong also convicted them for giving false information to the Commissoner of Charities. The pair will be sentenced on November 11. For offences under the Penal code and Charities Act, they could be fined and jailed. For the more serious charge of falsifying accounts, they could have been jailed up to seven years. http://www.channelnewsasia.com/stori...009828/1/.html

okok... splitting water to get hydrogen in your car to aid in combustion of petrol to DOUBLE your milage... is way to far stretched to work logically... 1) too dangerous... risk explosion (as per myth busters) 2) too much battery power needed to split the water.... 3) car not designed for this in the 1st place, (unlike Diesel engines were made for bio-fuel initially) So comfirm the market has devices that claim to work on SO CALLED Hydrogen for your car.... 1) US... claims can work... must pay $ to view the instructions... 2) Malaysia... boleh!!! RM$3xx can install in selangor... its call HY-DROGEN or smthing... claims that 30,000 cars have installed... uses this "water" as the additive... 3) TWO PLACES IN SINGAPORE YOU CAN INSTALL... ONE OF WHICH IS SUNG BENG AUTO... COST IS ABOUT $450-$500.... can install in your engine or boot... uses this special 'water' which they claim is NOT distilled water... cost $19 for a small bottle claimed to last 6months (if you use sparingly, open nozzle small) the claims are less ridiculous... smthing like 20% better mileage... cleaner engines all... hmmmmm... some of you might also have been to the corner polish shop at turf city... they had this product that injects smthing into your engine to aid combustion and improve your mileage drastically... its some metal oxide... anyone can elaborate on this? thanks...

PRC acquitted of trying to rob a cabby along Sims Avenue A CHINESE national charged a week ago with trying to rob a cabby was cleared on Wednesday after the charge was dropped. Mr Zhou Sunfu, 27, a real estate businessman, was initially accused of trying to rob Mr Robert Lee Khee Choon, 61, inside a cab along Sims Avenue near Lorong 29 Geylang on Oct 19. While driving, the cabby collided into a bus stop. Both Mr Zhou and the taxi driver were injured and taken to Changi General Hospital. Mr Zhou, who arrived in Singapore on Oct 9 with his girlfriend for a social visit, was given a discharge amounting to an acquittal an the application of the prosecution. When Mr Zhou later stepped into the public concourse from the basement lock-up of the Subordinate Courts, he was greeted with a hug from his mother, Madam Chen Zhuhong, 50, who had flown in from Pintan Island in Fujian on Sunday. His girlfriend and several of his friends were also in court. http://www.straitstimes.com/Breaking...ry_447435.html

I noticed quite a number of people in my Facebook friend list are updating their Facebook status soooooooo frequently. They seem to like telling the world every damn thing happening in their life. Some of the updates are really bo liao... copy and paste some for you guys to see: "dropped my ruler twice today." "had brown rice for lunch." "it's Monday." Don't you think they are super bo liao? Who wants to know all these? How about you? How regularly do you update your facebook status message?

Bros and sis, to those holding the affected models, you may want to do an update before you "lost" your way. http://garmin.blogs.com/my_weblog/2009/06/...ilable-now.html

Hi ppl I have a new toy and need to know if any of you bros have the same thing and could share with me or us who need to know.. by the way is mapking free and any pros and cons using it? Thanks in advance

Tao Li just top her heats for 100M Butterfly with new S'pore Record of 57.77. Lee Wung Yew is sitting at 17th after 1st day with 69 shots 4 shots off the leader(73).

http://new.skoda-auto.com/COM/model/newsup...epage.aspx?ff=1 Check out the quad pipes on the 3.2L version, sweet. I love the twinboot, great idea by Skoda, the tag line 'Simply Clever' fits like a glove for this design.

The minister has announced their regulations for F1 held in Singapore Orchard Road. At any one time 2 or more F1 cars found fighting for one corner, they will introduce a new ERP gantry at that corner. So all F1 cars pre entry to Singapore to have ERP unit to be installed. Non- conformed vehicles shall lose one car position and fined $500. The minister cites that this move will let drivers feel more ease on the track with lesser congestion. Express cash-card top up to be available at all pits.

Now I can't even see it! We've hit a wall of rain! Be careful driving tonight! Keep your distance!

1.6 TS(M) $71500 1.6 TS(A) $73500 1.6 TS Wagon(A) $76500 2.0 WRX (M) $98000 2.0 WRX STi(M) $121500 2.0 Legacy(A) $94000 2.0 Legacy GT(A)-$119500 3.0 Otuback(A)-$129000 1.6-$1000 service credit 2.0 & above-$2000 service credit

Any brudders out here recently got tio Charge by SAF for Failure to Update NS Portal with personal particular before or recently??????? under section 25 under the blar blah blardy act care to share their experience???

hi need to chg battery soon, looking for MF type. any bros recently chg battery? can giv some update on prices? any tried Hankook MF batteries?

Hi guys, considering getting a lower priced jap made car to get from pt A to pt B. Looking at Honda City, Toyota Vios, etc. Understand from the threads the new Vios is tomyam made a priced rather high close to the Altis. Btw, is the City still made in Jap? Or should I consider the Sunny, whose model seems quite dated and not made in Nippon oso? Any idea what are the going prices or trends in the markets for such lower end cars? ie new lower end models coming out etc? Thankks!

Just find out the new super is now at $102k for the one with electic seats!! For the basic basic one is at $98k!!! Woahla!! Now my car no longer lei long selling one lei!!! Got value one... keke.. Just talking crap. Now struck at the showroom waiting for them to diagnose my ESP lightin..

Just came across a comprehensive article on the Enzo that crashed earlier this year along PCH in Malibu Full Coverage: Ferrari Enzo Crash in Malibu AFTERMATH PHOTOS: Special thanks to the guys at Borla and Scosche for the photos