DBS Group - Maybank Research 2024-11-07: Hitting The Right Notes

• DBS's 9M24 earnings were strongly ahead of MIBG/Street supported by buoyant trading and fees. These trends are likely to continue in the near term.

Strong base for growth, plus capital returns. BUY

• - Read this at SGinvestors.io -

Recovering NoII trajectory.

• Non-interest income (NoII) was better than expected. This was helped by 3Q24 market trading income on DBS’ own books jumping +53% y-o-y in given FX, rate and equity derivative volatility. While unpredictable, given volatility is continuing in 4Q, we expect an elevated contribution.
• - Read this at SGinvestors.io -
• We raise 2024-26E NoII forecasts for DBS by 3-8%.

NIM falling, but slow. NII could hold up

• Read more at SGinvestors.io.

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

Read also Maybank's most recent report:
2025-02-10 DBS Group - Capital Returns Justify A Higher Valuation. BUY..

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 Dividend Payout Dates & Corporate Actions,
DBS News