Broker Name: Lim & Tan Securities
Date of Report: 09 February 2026
Excerpt from Lim & Tan Securities report.
Report Summary:
- DBS Group posted record pre-tax profit of SGD 13.1 billion in 2025, with total income at a new high despite a difficult rate environment. However, net profit was 3% lower at SGD 11.0 billion, mainly due to higher tax expenses from the 15% global minimum tax. The board raised the dividend and announced plans to maintain strong capital returns, but 4Q’25 results missed expectations, and 2026 profit outlook is subdued, leading to a downgrade of DBS from BUY to HOLD.
- Keppel Ltd. continues its strategic transformation, focusing on asset monetisation and capital returns, with a new policy linking special dividends to completed asset sales. The company is confident in surpassing S\$100bn in funds under management by 2026 and remains positive on growth in infrastructure, real estate, and data centres. Keppel is rated Accumulate with further upside seen as its transformation is only halfway complete.
- Market overview: The FSSTI Index closed at 4,934.4, up 6.2% year-to-date; global markets showed generally positive momentum. Commodities like gold and crude oil gained, while institutional investors were net sellers and retail investors net buyers in the latest week.
- Luxury retail recovery in China is underway, with brands focusing on high-spending clients and unique experiences to revive sales, but a return to pandemic-era highs is not expected.
- Key upcoming dividend events and recent share transactions are highlighted for the Singapore market.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: https://www.limtan.com.sg
