Singapore Banks - RHB Invest 2024-09-20: And So It Begins…

• Amid a scenario of flattish earnings – as the interest rate cycle turns – we think the focus should be on dividend yields and DPS growth. Our preferred pick is DBS for capital management. Still NEUTRAL on Singapore banking sector.

Kicked off the rates downcycle

• - Read this at SGinvestors.io -
• DBS share price, OCBC share price and UOB share price have held up well since, which suggests the cuts may have been already priced in.

100bps rate cut now expected.

• - Read this at SGinvestors.io -
• More importantly, RHB GEMS highlights that the change does not represent an alteration in global growth assumptions nor made in anticipation of a recessionary backdrop.
• Closer to home, RHB GEMS thinks the Monetary Authority of Singapore will likely keep policy parameters unchanged for 2024.

SG Banks have taken steps to mitigate impact from rate cuts...

• Read more at SGinvestors.io.

Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-09-20 SGinvestors.io

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