- 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.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Glenn Thum Phillip Securities Research | https://www.stocksbnb.com/ 2024-08-08
Previous report by Phillip:
2024-05-03 DBS Group - NII & Fee Income Boost Earnings.
Price targets by 3 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
