DBS Hits New Highs! JPMorgan Releases 2026 SG Top Picks: Do You Agree?
$DBS(D05.SI)$ has recently continued to set new highs, with its share price up 36% year to date. As both DBS and OCBC delivered exceptional performance in 2025, can investors continue to hold these names into 2026?
Some institutions expect the financial sector to remain a key beneficiary under Trump-era policies. During Trump’s previous presidency, deregulation in the financial sector helped drive a sharp rally in major bank stocks.
JPMorgan believes there is significant upside potential for Singapore equities in 2026.
According to JPMorgan analysts, ASEAN equity markets are approaching a turning point in 2026. After years of underperformance, corporate earnings and valuations are expected to recover simultaneously.
The Monetary Authority of Singapore (MAS) has also introduced supportive policy measures. JPMorgan argues that the current market rally “still has a long way to go.” With new initiatives such as the SGD 5 billion Equity Market Development Programme and the SGX–Nasdaq dual-listing connectivity framework, the return on equity (ROE) of Singapore-listed companies could rise to a historical high of 12%, up from around 10% currently.
At the same time, global fund allocation to Singapore equities remains relatively low. Meanwhile, as much as SGD 70 billion in excess cash is gradually rotating from bank deposits into equities, providing strong structural support for the stock market.
JPMorgan has named DBS, $Keppel(BN4.SI)$ , $CityDev(C09.SI)$ , $CapLand IntCom T(C38U.SI)$ , $ST Engineering(S63.SI)$ , $Sea Ltd(SE)$ , and $Singtel(Z74.SI)$ as its top Singapore stock picks for 2026.
By contrast, $UOB(U11.SI)$ and $YZJ Shipbldg SGD(BS6.SI)$ were placed on its less-favored list.
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Do you think DBS will continue to shine in 2026?
How do you view JPMorgan’s Singapore top picks?
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I’m aligned with JPMorgan’s constructive view on Singapore equities. Supportive MAS policies, market development initiatives, and low global allocations suggest the market rerating still has room to run into 2026.
JPMorgan’s top picks look balanced, with Keppel $Keppel(BN4.SI)$ , CapitaLand Integrated Commercial Trust $CapLand IntCom T(C38U.SI)$ , ST Engineering $ST Engineering(S63.SI)$ , and Singtel $Singtel 10(Z77.SI)$ offering stability, while Sea adds growth. For 2026, I would stay overweight quality banks like DBS and selectively add defensives and regional growth names.
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