DBS should remain a strong core holding, supported by solid capital buffers, disciplined management, and an attractive dividend. However, upside is likely to be gradual rather than explosive, with returns driven more by income, wealth management, and asset quality than by further rate tailwinds.
JPMorgan’s Singapore picks
JPMorgan’s picks lean towards stability over speculation. DBS anchors the list, while names like ST Engineering, Keppel, and Singtel add exposure to defence, energy transition, and restructuring themes.
Bottom line
DBS continues to shine as a dependable anchor, not a breakout play. JPMorgan’s strategy suits a steadier, lower-volatility 2026.
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