Investors warned: DBS lacks a near-term positive catalyst

Snap up UOB instead.

"We struggle to find a near-term positive catalyst, while a rise in benchmark interest rates in the medium term would greatly benefit DBS," said Barclays Research following the release of DBS's 3Q13 results.

DBS reported 3Q13 net profit of S$862m, -3% q/q and +1% y/y and in line with Bloomberg consensus and DBS's estimate.

"As we anticipated, trading and markets-related income (stockbrokerage, investment banking) was affected by market volatility in 3Q. Trading income fell 44% q/q as treasury positions were reduced and customer flows declined," notes DBS.

The anticipated near-term weakness helped prompt the research firm to anoint UOB as its top pick for investors in the banking sector, "given its high fee income generation, sound risk management track record and strong core capital position relative to peers."

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