Report Summary

• DBS Group Holdings reached a new historical high in share price, outperforming both its peers and the broader Singapore market, but now trades close to fair value, leading OCBC to downgrade its rating from Buy to Hold.
• Despite global volatility and lower interest rates, DBS remains resilient due to strong balance sheets, low non-performing loans, robust wealth management, and attractive dividend yields, but faces risks from economic slowdown and margin pressures.