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NRA Capital Pte Ltd

Written by: Lynn Look

Tuesday 16 Feb 2016

Singapore banks - trading at or below their book values

Is it time to buy?

DBS’ share price dipped below its 30 September 2015 NAV of S$15.42 on 13 January 2016. It lost a further 15% in just one month. Has market over-reacted? Do DBS shares deserve to trade at a 15% discount to its NAV as of yesterday’s close? The last time Singapore banks traded to as low as 0.7 to 0.8X their book NAV was during the 1997/8 Asian Financial Crisis, triggered by a series of regional currency devaluation.

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