Analyst Glenn Thum of Phillip Securities maintained a Buy rating on DBS Group Holdings, boosting the price target to S$58.00.
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Glenn Thum has given his Buy rating due to a combination of factors including DBS Group Holdings’ strong financial performance and strategic capital return plans. The company’s earnings for the third quarter of 2025 slightly exceeded expectations, with a notable increase in dividends, reflecting its robust financial health. Additionally, DBS has committed to a substantial capital return plan until 2027, which includes a fixed dividend per share policy, providing stability and predictability for investors.
Furthermore, the bank’s fee income has shown significant growth, driven by wealth management and investment banking activities, which have been bolstered by increased market activity and investor sentiment. Despite a slight decline in net interest income due to lower net interest margins, the overall growth in non-interest income and strategic financial management, including a reduction in allowances, positions DBS favorably among its peers. These factors, combined with a higher target price and increased earnings estimates, underpin Thum’s positive outlook on DBS Group Holdings.
In another report released today, CGS-CIMB also reiterated a Buy rating on the stock with a S$60.50 price target.