Broker Name: DBS
Date of Report: Inferred to be 2024 (exact date not specified in the document)
Excerpt from DBS report.

• STI 2026 Year-End Target: DBS sets the Straits Times Index (STI) target at 4,880 for end-2026, expecting moderate gains after a strong 2025, underpinned by MAS support, Singapore’s safe-haven status, and attractive yields, but tempered by global economic uncertainties.
• Top Sector Picks: Key picks for 2026 include Trade & Connectivity (ST Engineering, SATS, Seatrium, MLT), Financial Services (OCBC, SGX), Real Estate (UOL, CLAR, CICT), and Growth (Singtel), chosen for near-term catalysts and long-term growth potential.
• SMC Outlook: DBS remains positive on small and mid-caps (SMCs) with value unlocking and earnings recovery potential, citing GuocoLand, iFAST, Nam Cheong, UMS, SIA Engineering, CAREIT, NTT DC REIT, LREIT, and NetLink as top SMC picks for resilient income and growth.
• Dividend Yield & Growth: STI’s forecasted FY26 dividend yield of 4.5% and EPS growth of 8.8% continue to attract investors, with valuation metrics now in line with developed market peers.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com.sg