DBS is down 0.7% at $13.81 despite reporting 3Q12 net profit rose 12% on-year to $856 million, beating the $793.8 million average forecast from a Dow Jones poll.
The stock’s decline is just tracking broader market falls, says Kenneth Ng, an analyst at CIMB. “We like the results. We like the fact they were a beat on investment banking fees,” he says. “We think this result will be a bit more of a differentiator” compared with peers.
Orderbook quotes suggest the stock, which remains up nearly 25% year-to-date, won’t retest its $13.78 intraday low.
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