Broker: OCBC Group Research
Date of Report: 30 April 2026
Excerpt from OCBC Group Research report.
Report Summary
- Stock: DBS Group Holdings Ltd (DBS SP EQUITY)
- Rating: HOLD
- Target Price / Fair Value: SGD 60.93
- Last Close: SGD 56.56
- Key Action: Maintain HOLD; Fair value raised from SGD 59.43 to SGD 60.93
- Key Highlights:
- DBS posted strong 1Q26 results, with net profit of SGD 2,930m (+1% YoY, +30% QoQ), beating market expectations.
- Wealth management was a major driver, with assets under management rising to SGD 492b (+14% CAGR since 2021).
- Dividend payout remains attractive: SGD 0.81/share for 1Q26, including a recurring capital return dividend of SGD 0.15 per quarter for FY26 and FY27, with an estimated dividend yield of 5.7%.
- DBS is committed to maintaining total income at around 2025 levels, despite elevated geopolitical risks and no expected Fed rate cuts this year.
- Main risks: slower loan and earnings growth, margin pressure, and asset quality deterioration.
- Actionable Insight: DBS remains a solid HOLD for investors, supported by defensive attributes, strong wealth business, and attractive dividend yield. Consider accumulating closer to SGD 56–57 with an upside target to SGD 60.93, but upside is limited versus current price.
above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can be the first to access the full report from the OCBC Group Research website : https://www.ocbc.com
