• DBS’ 1Q26 earnings of S$2.9bn were within our estimates, at 26% of our FY26e forecast. 1Q26 DPS increased 8% YoY to 81 cents (comprising 66 cents ordinary dividend and 15 cents capital return dividend); we estimate total FY26e DPS of S$3.30 (+8% YoY).
• NII fell 5% YoY as NIM compressed 23bps YoY to 1.89% but only 4bps QoQ (flat day-adjusted) as deposit growth and hedging offset lower rates. Fee income rose 16% YoY on record WM fees of S$907mn (+25% YoY), and SP normalised to 14bps (vs 36bps in 4Q25). Management subtly upgraded FY26 guidance, with total income now expected around 2025 levels (vs prior implied PATMI decline), despite assuming no further US rate cuts and a lower SORA assumption of 1%.
• Maintain ACCUMULATE with a higher target price of S$61.00 (prev. S$60.00) as we nudge up our FY26e earnings by 1% from higher wealth management estimates. We assume a 2.51x FY26e P/BV and a 16.6% ROE estimate in our GGM valuation. We expect non-interest income to remain the primary growth driver, with bancassurance providing counter-cyclical diversification to investment-linked WM fees, while improving HK CRE conditions offer optionality on GP writebacks. We continue to prefer DBS among the Singapore banks given its capital return plans (until FY27), fixed DPS policy, and high dividend payout ratio (dividend yield FY26e: 5.6%, FY27e: 6.1%), which offer greater stability compared to its peers, which follow a floating payout ratio tied to earnings performance.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Company Profile Geely is one of the leading enterprises in China's self-brand passenger vehicles manufacturers. The Company's products include six major brands: Geely, Lynk, Zeekr, covering the A0 to C-class passenger vehicles market. Investment Summary 26Q1 Sales Remained Largely Flat, with Premiumisation Strategy Showing Bright Spots In the first quarter of 2026, Geely Auto delivered a cumulative 709.4 thousand vehicles, up 0.8% yoy, setting a new record high for the same period in history and regaining the top position among...
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