Singapore's DBS Group Holdings reported a first-quarter net profit of S$2.93 billion, up 1% from a year earlier and exceeding Bloomberg analysts' estimates, the bank said on April 30 [1]. The stronger results prompted CGS International to upgrade DBS to "add" from "hold" after an analyst briefing the same day. CGS analyst Tay Wee Kuang said they "turn more constructive on DBS after its analyst briefing on Apr 30, due to its resilient net interest income (NII) and stronger growth in its wealth management fees" [1].
Macquarie also raised its rating to "neutral" from "underperform," along with a higher target price of S$52.38, up from S$48.56 [1]. Macquarie analyst Jayden Vantarakis described DBS's guidance for 2026 as "slightly more upbeat" and said the bank’s full-year earnings have "a good shot at coming in flat year on year for FY2026" despite some near-term risks [1].
OCBC Group Research raised its fair value estimate to S$60.93 and assigned DBS a "hold" rating on May 1. It noted DBS may benefit from increased inflows into Singapore resulting from stronger demand for safe-haven assets and a robust Singapore dollar [1]. PhillipCapital followed by lifting its target price to S$61 and maintaining an "accumulate" call on May 4 [1].
CGS International also increased its target price to S$63.80 from S$60, citing resilient core earnings drivers [1]. The bank itself stated it "may benefit from long-term opportunities, even as it faces near-term risks" [1].
DBS’s net interest income and wealth management fees showed notable growth, supporting the optimistic forecasts. Market watchers will closely watch the bank’s next earnings updates and broader industry trends for further signals.
The upgrades and revised targets followed the April 30 earnings release and analyst briefing. The market is now awaiting DBS's next scheduled financial disclosures and any updates on its 2026 outlook [1].
