I think
$DBS(D05.SI)$ will deliver a decent set of Q1 results, even if it’s not a blowout quarter. The bar has clearly been reset lower after the FY25 miss & with NIM compression already well flagged, lot of downside feels priced in. What matters is whether wealth management & trading income can provide some upside surprise, especially with safe-haven flows coming into Singapore.
From a positioning standpoint, I don’t expect the stock to break out aggressively. Rate cuts & softer SORA will likely keep a lid on sentiment & I don’t think this is the kind of quarter that drives a sharp re-rating. That said, as long as guidance remains stable and management doesn’t sound overly cautious on macro risks, the market should react positively.
So my call: I think DBS will beat the Q1 net profit estimate — Yes. But in terms of price action, I don’t see it closing above 60 this week. My prediction is that DBS will close at SGD 58 on Friday.
@Tiger_SG @TigerStars @Tiger_comments @TigerClub
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