Phillip Securities analyst Glenn Thum has maintained their bullish stance on DBSDF stock, giving a Buy rating on May 9.
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Glenn Thum has given his Buy rating due to a combination of factors influencing DBS Group Holdings. The company’s adjusted earnings for the first quarter of 2025 were strong, aligning with expectations and showing a significant dividend increase. Despite a slight dip in net interest margin, net interest income rose due to loan growth, indicating a resilient performance in core banking activities.
Furthermore, non-interest income saw substantial growth, driven by wealth management fees and trading income, which benefited from market volatility. The strategic capital return initiatives, including share buybacks and increased dividends, also enhance shareholder value. These positive financial metrics and strategic moves underpin Thum’s optimistic outlook on DBS, justifying the Buy rating.
In another report released on May 9, CGS-CIMB also upgraded the stock to a Buy with a S$47.90 price target.