DBS - Maybank Research 2025-05-08: Downside Supported. Low Visibility Upside.

• DBS' 1Q25 core-earnings were in-line with Street. Their strong platform is resilient despite volatile operating conditions.
• While Management is sticking to similar guidance as was issued pre-Liberation Day, we are more cautious. DBS’ commitment to capital returns and its ‘safe haven’ status provides a cushion for downside balance sheet risks. However, the potential for sizable earnings upgrades amidst poor macro visibility is also limited, in our view.

Strong platform delivering operational resilience.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• While NIMs fell, NII held up as excess liquidity is deployed to high quality, low yield instruments and loan substitutes. Management claims 50% of the S$ book is hedged and 1/3 of the loan book is on fixed rates. This should moderate DBS' NIM decline.

Guidance confident. We are more cautious.

• 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/.

Previous report by Maybank:
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