DBS Group - OCBC Investment Research 2025-10-13: Strong Share Price Gains

• Recently, DBS's share price climbed to a new high of S$54.80 (on 7 Oct 2025). At this level, it is up 25.3% for the year with a market capitalisation of S$155.5b. This puts DBS amongst the top 200 companies globally and just slightly below UBS (with market capitalisation of US$134.0b versus DBS’s market capitalisation of US$117.8b as of 12 Oct 2025).
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What has changed?

• The global outlook has changed since the last US Federal Reserve (Fed) meeting on 18 Sep 2025 when the Fed cut rate by 25bps to 4.00-4.25%. Consensus is expecting another two cuts in 2025 with another two in 2026.
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Rates have been declining.

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

Previous report by OCBC:
2025-08-08 DBS Group - Better 2Q25; Raising Fair Value To S$54.

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