Broker Name: CGS International Securities
Date of Report: November 7, 2025

Excerpt from CGS International Securities report.

Report Summary

• DBS Group is expected to benefit from broad-based growth across its business divisions, driven by strong non-interest income (non-II) growth and reduced credit costs, which offset pressure from lower net interest margins.
• The report raises DBS’s target price to S\$60.50 and reiterates an “Add” rating, highlighting attractive forecast dividend yields and stable earnings, while noting potential risks from macroeconomic conditions and environmental controversies related to palm oil financing.

Above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website: https://www.cgs-cimb.com