Broker: CGS International
Date of Report: April 14, 2026

Excerpt from CGS International report.

Report Summary

• Stock: DBS Group (DBS SP)
• Action/Rating: Hold (no change)
• Target Price: S\$60.00 (Current Price: S\$57.60)
• Key Insight: DBS is expected to report flat earnings year-on-year for FY26, with 1Q26 forecasted PATMI of S\$2.8bn (-4% yoy, +24% qoq). Lower net interest income (NII) from NIM compression is expected, but higher non-interest income (Non-II) is likely due to record wealth management fees and seasonality.
• Dividend Yield: Attractive projected yield of 5.7-6.2% for FY26-27, supported by ongoing share buybacks and special dividends.
• Risk Factors: Limited earnings growth due to lower NIMs, but strong capital inflows and AUM growth could be upside risks; downside risks include pre-emptive provisioning and weaker markets trading income.
• ESG: DBS holds a strong ESG rating (B by LSEG, improved from B-) and is among the best in Singapore, with a commitment to zero thermal coal exposure by 2039.

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