- Upgrade DBS (SGX:D05) to BUY with an unchanged DBS target price of S$38.50 as we account for recent performance of DBS share price. Our FY24e estimates remain unchanged.
- - Read this at SGinvestors.io -
- DBS maintained its FY24e guidance of double-digit fee income growth (from wealth management and credit card fees) and credit cost of 17-20bps but increased its guidance for FY24e NII and PATMI to be above FY23 levels.
The Positives
NII rises from loan & deposit growth.
- - Read this at SGinvestors.io -
- Management said that loan growth was broad-based but was seen more in Singapore and India, offset by Hong Kong loans shifting to mainland China.
Wealth management leads fee income growth.
- Read more at SGinvestors.io.