Broker Name: Lim & Tan Securities
Date of Report: 30 April 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• DBS (D05):
  Net profit for 1Q2026 rose 1% year-on-year to SGD 2.93 billion, beating expectations and up 24% quarter-on-quarter. Total income reached a record SGD 5.95 billion, driven by robust wealth management, strong deposit growth, and record fee and treasury customer sales. Asset quality remains resilient (NPL ratio 1.0%, allowance coverage 131%). Return on equity is 17%. The Board declared an ordinary dividend of SGD 66 cents per share and a Capital Return dividend of SGD 15 cents per share for 1Q2026.
  Action: Accumulate
  Target Price: SGD 60
  Yield: 5.7%
  Implication: Attractive yield and valuation (13-14x PE); potential positive surprise in net interest income as rate cuts are moderated by inflationary pressures.
• Sheng Siong (OV8):
  1Q2026 revenue grew 12.4% yoy to S\$452.8 million, driven by new store openings and festive sales. Gross profit grew 15% yoy to S\$140.3 million with margin improvement. Cash and equivalents rose 5.9% yoy. Despite resilient performance and expansion plans, valuations are rich (27x forward PE, 7.7x PB, yield 2.3%).
  Action: Accumulate on weakness
  Target Price: S\$3 (no upside vs current price)
  Implication: Stellar results, but rich valuation; focus on store network growth and operational efficiency.

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