Broker Name: DBS Bank Ltd
Date of Report: 2 Oct 2025
Excerpt from DBS Bank Ltd report.
Report Summary
- DBS maintains a positive outlook for Singapore equities, forecasting a year-end Straits Times Index (STI) target of 4,430, supported by MAS market support measures, attractive dividend yields, and seasonal strength.
- Small-mid-cap stocks (SMCs) are expected to benefit from the ongoing EQDP program, enhanced GEMS scheme, new iEdge SG Next 50 Indices, and the forthcoming “Value Unlock” package, making them attractive for value and growth investors.
- Key recommended stocks include SIA Engineering, iFAST, UMS Integration, Frencken, ComfortDelGro, NetLink NBN, Yangzijiang Shipbuilding, SATS, Seatrium, Raffles Medical, and several REITs such as MPACT, MLT, ESR REIT, Suntec REIT, and LendLease REIT.
- Value plays identified include stocks with potential corporate actions (e.g., SingLand, UOL, CityDev, F&N), undervalued quality stocks, and those able to improve shareholder returns via capital management.
- The report highlights opportunities for investors to buy on pullbacks, especially in SMCs and REITs, while banks are projected to remain range-bound.
- The launch of new indices and potential ETFs is expected to further enhance liquidity and visibility for SMCs, supporting robust earnings growth and resilient yields.
- Macroeconomic events such as US-China trade talks and MAS policy decisions may serve as additional catalysts for market rallies.
Above is an excerpt from a report by DBS Bank Ltd. Clients of DBS Bank Ltd can be the first to access the full report from the DBS website:
https://www.dbs.com.sg
