JPMorgan’s Latest PT For Banks! Would You Adjust Portfolio by Year-End?

Tiger_SG
2025-12-04
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$JPMorgan Chase(JPM)$ recently upgraded its ratings on Singapore’s three major banks and SGX, sending new signals to investors! It also forecasts $Straits Times Index(STI.SI)$ to reach 6,000 points over the next 12 months (previously 5,000 points). While DBS is highly valued, the trend is still upward; OCBC shows stable growth; UOB is better suited for patient investors.

Let’s check how JPMorgan expects for major banks and SGX!

1. $DBS(D05.SI)$ DBS: PT raised to $70, and expected to reach “overvalued” by December 2026.

  • Quarterly cash dividend commitment: SGD 0.66 per quarter in FY2025, SGD 0.72 per quarter in FY2026 (accounting for 82% of FY2027 EPS).

  • Expected CET-1 growth: 207bps/year in FY2025–FY2027, ROE 16.1%, RWA 4%.

  • Wealth management fee growth forecast: 13% in FY2026, 9% in FY2027, with a five-year CAGR of 13%.

  • Total return forecast: ~7.2% in FY2026, ~7.5% in FY2027 (in SGD terms).

2. $OCBC Bank(O39.SI)$: Rating upgraded to Overweight.

  • Multi-brand financial group (Wing Hang, Bank of Singapore, Great Eastern, Bank of Ningbo), capital likely used for buybacks rather than large dividend increases.

  • FY2025 ROA 1.13%, leverage 11x, ROE below DBS but above UOB.

  • Suitable for investors seeking a reasonably priced growth (GARP) option.

3. $UOB(U11.SI)$: Rating upgraded to Neutral.

  • Risks: Asset quality issues, high non-performing loans (NPLs), increased credit risk.

  • FY2026 P/E 10.4x, P/B 1.13x, ROE 11.6%, short-term share price may be volatile.

4. $SGX(S68.SI)$: Rating upgraded to Overweight, target price $18.50.

  • Benefits from government efforts to develop the equity market, higher IPO activity, regulatory adjustments, and crypto perpetual product innovations.

  • Expected average daily trading volume (ADV) FY2026–FY2028: $1.6B–$1.8B, three-year EPS CAGR ~8%.

  • Current dividend payout ratio below 70%, leaving room for further upside.

As 2025 comes to a close, are you ready to adjust your positions?

Will you continue holding the three major banks?

Is SGX a good choice for you?

Do you expect the STI to reach 6,000 points?

Leave your comments to win tiger coins!

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JPMorgan’s Latest PT For Banks! Would You Adjust Portfolio by Year-End?
JPMorgan Chase recently upgraded its ratings on Singapore’s three major banks and SGX, sending new signals to investors! It also forecasts $Straits Times Index(STI.SI)$ to reach 6,000 points over the next 12 months (previously 5,000 points). While DBS is highly valued, the trend is still upward; OCBC shows stable growth; UOB is better suited for patient investors. As 2025 comes to a close, are you ready to adjust your positions? Will you continue holding the three major banks? Is SGX a good choice for you? Do you expect the STI to reach 6,000 points?
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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Comments

  • Shyon
    2025-12-04
    Shyon
    From my perspective, JPMorgan’s $JPMorgan Chase(JPM)$ upgrades confirm that Singapore’s financial sector remains healthy, and the STI still has room to climb. DBS $DBS Group Holdings(D05.SI)$ continues to lead with strong dividends and capital strength, OCBC $ocbc bank(O39.SI)$ looks increasingly attractive as a balanced GARP choice, while UOB $UOB(U11.SI)$ may stay volatile but remains reasonable for patient holders.

    SGX $SGX(S68.SI)$ being raised to Overweight stands out to me. With government support, improving IPO activity, and product innovation, its growth outlook looks more solid, and the potential for higher dividends makes it a useful addition to a diversified portfolio.

    Whether STI can reach 6,000 will hinge on global rate trends, but the revised target strengthens the bullish view. For now, I’d hold the major banks and consider adding SGX as we head into 2026.

    @Tiger_SG @Tiger_comments @TigerStars

  • koolgal
    2025-12-05
    koolgal
    🌟🌟🌟It is so amazing to know that a major global financial institution like $JPMorgan Chase(JPM)$ express strong confidence in the stability and growth prospects of Singapore's key financial players including the 3 major banks and SGX.

    JPMorgan's upgrades are a powerful affirmation of the conviction I held in these 4 stocks all along.

    Can the STI Index reach 6000?

    I believe that it is possible due to the expected increase in liquidity driven by the anticipated rate cuts by the Feds, which could push more funds into Singapore.

    Seeing Singapore's banks and SGX grow and thrive fills me with a special pride , knowing that I have been part of their journey as an investor.

    @Tiger_SG @TigerStars @Tiger_comments @TigerClub @CaptainTiger

  • Tiger_SG
    2025-12-12
    Tiger_SG
    Thanks for participating in my discussion. Your coins have been sent through the tiger coin center!
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  • BTS
    2025-12-06
    BTS
    摩根大通对星展银行(D05)、华侨银行(O39)和大华银行(U11)的最新目标价是行业方向的关键指标，使其成为2025年接近尾声时调整投资组合的理想时机

    持有新加坡三大银行的增长或股息是有意义的，但评估其增长前景并监测行业趋势以发现潜在变化至关重要，特别是在利率保持有利的情况下

    投资新交所(S68)可以实现东南亚多元化，特别是在房地产投资信托基金和金融等稳定行业，但应密切监控区域经济状况以进行战略定位

    如果全球经济增长支持新加坡的关键行业，达到6000点是可以实现的，海指需要房地产、金融和科技的强劲表现，尽管这需要时间...

    总体而言，评估行业趋势、利率和地区状况是2025年底做出明智调整的关键
    标签：
    @Huat99
    @Snowwhite

  • 北极篂
    2025-12-05
    北极篂
    As for whether STI can reach 6000? I don't think it's impossible, but it depends on two things: whether the path of U.S. interest rates is clearly downward, and whether regional funds continue to flow into Singapore. As long as there are no major problems with these two items, I will maintain an optimistic attitude, but I will not blindly All-in. I will be more inclined to do "structural fine-tuning" when adjusting positions at the end of the year.
  • 北极篂
    2025-12-05
    北极篂
    反倒是新交所，我觉得未来两三年有机会“补涨”。政府推动市场活跃度、加密产品创新、IPO回暖，这些都不是短期噪音，是趋势。
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