DBS Group - RHB Research 2025-10-09: Outlook & Dividend Commitment In Focus

• Keep BUY, new DBS's target price of S$57.10 (from S$52.80), 5% upside from the current DBS's share price with ~6% FY25F yield. DBS is expected to report its 3Q25 results in early November (see Earnings Calendar).
• - Read this at SGinvestors.io -

RHB Economics stay cautious on trade outlook...

• - Read this at SGinvestors.io -
• It is also cautious on the trade outlook due to:
  1. the unresolved US-China tariff dispute;
  2. uncertainty over US trade policies, especially sector-specific tariffs; and
  3. risk of drag from front-loaded exports in 1H25.
• Lastly, it expects Monetary Authority of Singapore policy settings to be unchanged through the year-end, with risks tilted towards a flatter S$NEER slope.

… in line with our expectation of weaker 2H25 earnings vs 1H25.

• 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/.

Previous report by RHB:
2025-08-08 DBS - Solid Earnings Delivery; Stay 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