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DBS Group Holdings Ltd

D05: XSES (SGP)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
SGD 29.00TbvlhhCcfsgzwvv

DBS Earnings: Strong Start to 2024 With Interest Rates Higher for Longer; Valuation Increased

DBS’ first-quarter 2024 performance, like HSBC's, is at the high end of our estimate, with net interest margin and wealth management activities beating expectations. DBS management indicates that with higher interest rates for longer, total income may come in around 1%-2% over the midpoint of their current guidance. We nudge our NIM estimates higher by 2 and 4 basis points for 2024 and 2025, leading to marginally higher earnings estimates of around 1%. This mainly reflects that interest rates will stay higher for longer, with our view that US interest rates will be cut in the second half of 2024 instead of our original first-half forecast.

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