DBS Group - Maybank Research 2024-05-03: Strong Execution; Strong Results

DBS Group - Strong Execution; Strong Results

DBS (SGX:D05) | SGinvestors.ioDBS (SGX:D05)
  • DBS (SGX:D05) delivered 1Q24 earnings well ahead of MIBG and Street expectations. Trading was a key driver. This may not repeat in the same magnitude going forward given a more bearish interest rate cut environment vs the start of 2024E.
  • - Read this at SGinvestors.io -

Wealth momentum rising.

  • Fees came in stronger than expected with weath management expanding +47% y-o-y. Some is from integrating Citi Taiwan. Even excluding this the segment grew +35% y-o-y, according to DBS's management. To us, this indicates customers are taking higher risks.
  • DBS has enjoyed ~S$24bn of AUM inflows per year in the past 2-years and the run-rate in 1Q24 is consistent. This gives significant dry-powder for further wealth growth.

Trading sustainable?

  • - Read this at SGinvestors.io -
  • We raise 2024-26E non-interest income assumptions for DBS by 3-7%.

NII support from higher rates.

  • Read more at SGinvestors.io.

Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.

Thilan Wickramasinghe Maybank Research | https://www.maybank-ke.com.sg/ 2024-05-03

Previous report by Maybank:
2024-02-07 DBS Group - Earnings Growth Peaked, Not So For Yields.

Price targets by 4 other brokers at DBS Target Prices.

Listing of research reports at DBS Analyst Reports.

Relevant links:
DBS Share Price History,
DBS Announcements,
DBS Dividends & Corporate Actions,
DBS News Articles


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