DBS - RHB Research 2025-02-11: Dishing Out Even More Dividends, Stay BUY

• Maintain BUY, with the new target price for DBS at S$51.20 (up from S$44.70), representing a 13% upside from the current DBS share price and ~7% yield. DBS’ 4Q24 results were in line and management reiterated its 2025 guidance and outlook.
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Results highlights.

• - Read this at SGinvestors.io -
• DBS’ net profit q-o-q drop was from:
  1. lower non-II with fee (-13% q-o-q) and non-fee (-23% q-o-q) down, partly due to seasonality;
  2. higher opex (+11% q-o-q) – also seasonal and impact from special one-time staff bonus; and
  3. higher specific provisions (SP) of 20bps (3Q24: 14bps) due to lower recoveries.
• NIM rose 4bps q-o-q as lower funding cost for markets trading more than offset the squeeze in the commercial book. Else, a weaker S$ saw loan and deposit growth momentum pick up and an uptick in NPLs. NPLs were also higher q-o-q on lower recoveries and writeoffs.

FY24 dividends of S$2.22.

• Read more at SGinvestors.io.

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

Read also RHB's most recent report:
2025-11-07 DBS - Dividend & Capital Return Thesis Intact; Stay BUY.

Previous report by RHB:
2025-10-09 DBS Group - Outlook & Dividend Commitment In Focus.

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