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Special bonus will be issued again like last year?
JurongW ( Date: 13-Jan-2026 23:45) Posted:
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DBS will announce its full year results on Mon 9 Feb before market opens.
Maybank Lifts STI Target to 5,600
🔑 Main Points
&bull New Target: Maybank Securities raised its Straits Times Index (STI) target to 5,600 points.
&bull Valuation Basis: The target is pegged to +2 standard deviations above the STI&rsquo s five-year mean P/E ratio of 17.1x.
&bull Analyst View: Thilan Wickramasinghe, Maybank&rsquo s Singapore research head, said Singapore offers a &ldquo certainty premium&rdquo due to macro resilience, reforms, and valuation support.
&bull Macro Drivers:
&bull Falling interest rates expected to boost equity valuations.
&bull IPO momentum and liquidity reforms could attract more capital inflows.
&bull Singapore&rsquo s relative stability compared to global volatility is seen as a premium factor.
📊 Comparisons
&bull Developed markets at advanced reform stages trade at ~21x P/E, suggesting Singapore equities have room to rerate higher.
&bull Maybank believes Singapore&rsquo s reforms (liquidity, governance, market structure) will narrow this gap.
🏦 Sector Implications
&bull Banks (DBS, OCBC, UOB): Likely beneficiaries from falling rates and stronger liquidity.
&bull REITs: Could see valuation uplift as borrowing costs ease.
&bull Blue Chips (Singtel, Keppel, SIA): Stability and dividend yields remain attractive under the &ldquo certainty premium&rdquo thesis.
Every year.
The best is yet to be
The best is yet to be
Newcomer19707016 ( Date: 12-Jan-2026 15:37) Posted:
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Mr Bear, I am still holding Dbs and Singtel. Look forward for a better year.
DBS and OCBC break new records, SGX rises amid volatility in Venezuela
SINGAPORE - Singapore&rsquo s stock market got off to a brisk start in its first week of trading in 2026 amid heightened geopolitical tensions after the US captured Venezuelan president Nicolas Maduro on Jan 3.
Banking stocks led the gains. Shares of DBS Group rose by more than $2 to hit an all-time high above $58 on Jan 7, before ending the week at $57.60. OCBC Bank also crossed the $20 mark for the first time on Jan 7, before closing the week at $19.80.
With interest rates expected to ease further in 2026, Singapore&rsquo s banking stocks are becoming more appealing to income-focused investors, supported by dividend yields of above 5 per cent. These payouts could rise further if earnings remain resilient, analysts said.
At current valuations, though, UOB stands out as the most attractive pick, with its dividend yield projected at 5.8 per cent based on its Jan 5 closing price of $35.50, said Ms Lorraine Tan, director of Asia equity research at Morningstar.
UOB, which has lagged behind DBS and OCBC in share price gains, closed this week at $36.02.
The banks, which are heavyweights on Singapore&rsquo s benchmark Straits Times Index (STI), helped propel the index to fresh highs above 4,700 points this week, with analysts now eyeing the 5,000 level within the year.
The other notable movers on the STI were the property developers, including City Developments, which rose more than 10 per cent through the week to close at $8.87 Hongkong Land, which rose around 9.3 per cent to close at US$7.73 and UOL, which was up by around 7 per cent, closed the week at $9.35.
Singapore Exchange (SGX) rose over 2 per cent to close the week at $17.51 after an eventful start to the year, which saw it celebrating the STI&rsquo s 60th anniversary and rebranding its equities business.
The group&rsquo s equities business is now known as the SGX Stock Exchange, a move that &ldquo reinforces equities as a core pillar of SGX Group&rsquo s multi-asset ambitions, while highlighting their importance to Singapore as an international financial centre&rdquo , SGX chief executive Loh Boon Chye noted.
The rebranding from SGX Securities follows the completion of the Equities Market Review Group&rsquo s work in November 2025 after a year-long effort by the SGX and the central bank to implement measures aimed at reviving investor interest in the local stock market.
In 2025, the average value of securities traded daily on SGX rose 21 per cent to nearly $1.5 billion &ndash the highest level since 2010 &ndash while retail participation rose to a four-year high, data released on Jan 9 showed.
Mr Loh said recovery in initial public offerings (IPOs) in 2025 helped drive interest, with more than $2.4 billion in total funds raised during the year, the highest since 2019.
The exchange chalked up its first listing of the year on Jan 6 with Concord New Energy, whose shares closed the week at 6.3 cents, up 12.5 per cent since debuting on the SGX Mainboard by way of introduction.
Mr Liu Shunxing, chairman of the Singapore-headquartered renewable energy company, said its secondary listing on the SGX marks an important step in advancing its global business strategy.
&ldquo By listing here, we are aligning our company with a market that will allow us to capture a generational growth opportunity at the convergence of AI and sustainable energy.&rdquo
Concord New Energy first listed in Hong Kong in 2007 and has a current market value of HK$2.6 billion (S$429 million). The group manages 83 wind and solar power plants globally, with a presence in North America, Europe and Asia.
A second company, UI Boustead real estate investment trust (REIT), is also gearing up for a listing in Singapore as early as March, Bloomberg reported, quoting people familiar with the matter.
The REIT unit of Boustead Singapore is aiming to raise as much as $900 million, making it one of the largest offerings in Singapore in recent years. It will begin taking investor orders as soon as February.
The REIT&rsquo s IPO portfolio will include more than 20 leasehold properties in Singapore and two freehold properties in Japan, for a total agreed property value of $1.9 billion, Bloomberg reported.
REITs back in vogue
Digital Core REIT, which manages data centres globally, said on Jan 5 it has secured a 10-year lease with an investment-grade global cloud service provider for its vacant Linton Hall data centre in Northern Virginia.
The deal will raise the proportion of space that is rented out across the portfolio to 98 per cent, from 81 per cent, and is expected to bring in about US$14.8 million (S$19 million) a year in rental income. Based on the REIT&rsquo s 90 per cent ownership of the property, this works out to about US$13.3 million &ndash around 35 per cent more than what the site was previously earning.
The lease will begin on Dec 1. It will increase the share of rental income to 82 per cent and lengthen the average remaining lease term across the portfolio to nearly six years, chief executive John Stewart said.
He added that the deal marks a &ldquo strategic reset&rdquo for the REIT and that the new property will make up about 10 per cent of revenue.
Following the announcement, DBS Group Research, UOB Kay Hian, Bank of America and Citi reiterated their buy calls on Digital Core REIT, citing expectations of higher distributions to unitholders and more attractive valuations.
The REIT closed Jan 9 at 54 cents, up nearly 1 per cent through the week.
With real estate transaction activity and yields expected to stabilise as interest rates ease in 2026, analysts said the Singapore REIT sector continues to offer opportunities for gains, even after its strong performance in 2025.
Beyond data centre REITs, analysts have also flagged those with high-quality office and retail assets in Singapore as potential outperformers in 2026.
Other market movers
Shares of Nam Cheong, which builds and charters offshore support vessels for the oil and gas industry, rose by more than 8 per cent this week, closing Jan 9 at $1.06.
No announcements were made, although the jump came as oil prices turned more volatile in the wake of the US capture of Maduro, the seizure of several Venezuelan tankers in the Caribbean by the US in attempts to control Venezuela&rsquo s oil exports, and escalating protests in Iran.
Other offshore-related stocks fell, though. ASL Marine dropped by more than 10 per cent, finishing the week at 26 cents, while Marco Polo Marine fell 6.6 per cent, closing at 16 cents.
Shares of Wee Hur rose by more than 8 per cent this week, closing Jan 9 at 80 cents apiece.
The property group on Jan 6 commenced development of Wycombe Abbey School (Singapore) in Hougang Avenue 3. The project is part of Wycombe Abbey International Schools&rsquo broader expansion in Asia, with campuses in mainland China and Hong Kong.
What to look out for next week
Markets will continue to be volatile next week as more developments on Venezuela emerge, and also depending on what US President Donald Trump decides to say or do.
Gold prices, which are now over US$4,500 per ounce as its role as a safe haven asset class grows, could be one to watch.
The US is also set to release its December inflation data on Jan 13, a key indicator watched by the Federal Reserve that could influence the market&rsquo s expectations for future interest rate moves.
Flight to quality, dividends lift DBS and OCBC to all-time highs, but analysts warn valuations look expensive
Among Singapore banks, UOB lags peers as investors await greater earnings clarity
[SINGAPORE] Attractive dividend yields have pushed DBS : D05 -1.82% and OCBC : O39 +0.55% to fresh all-time highs, and will likely continue to support share prices going forward, even as analysts warn that valuations at the two lenders are starting to look stretched.
Both banks crossed their respective price targets following a rally earlier this week, prompting some analysts to caution that further upside may be limited.
Meanwhile, analysts are mostly neutral on UOB : U11 -0.03%, as they expect investors need more clarity following a negative earnings surprise in the third quarter.
Share prices of DBS and OCBC hit all-time highs yet again in the first few days of 2026. DBS rose to as much as S$58.80 on Wednesday (Jan 7). OCBC crossed S$20 for the first time a day earlier, reaching as high as S$20.25 on Wednesday.
On Thursday, DBS closed at S$57.34 and OCBC at S$20.17. According to a Bloomberg analyst consensus as at Jan 7, their respective 12-month price targets were S$58.13 and S$19.65.
Some 55.6 per cent of analysts had &ldquo buy&rdquo calls on DBS, while 61.1 per cent had &ldquo buy&rdquo calls on OCBC.
The story at UOB is a different one, however, with the counter having &ldquo hold&rdquo calls from 64.7 per cent of analysts in the Bloomberg consensus.
UOB took a hit after the bank took pre-emptive general allowances in its Q3 results, but has been steadily rising since.
The counter closed at S$36.01 on Wednesday, above its 12-month price target of S$35.97 but below its peak share price of S$39.20 in February 2025.
Flight to quality
Analysts noted that DBS and OCBC have benefited from the flight to quality to Singapore-dollar assets in recent months.
Jayden Vantarakis, head of Asean equity research at Macquarie Capital, said that while equity markets have generally been positive, investors view the Singapore dollar as a strong asset to hold in the current volatile environment, especially given strong macroeconomic data.
Lorraine Tan, director of Asia equity research at Morningstar, said that with interest rates expected to fall, quality companies with attractive dividend yields are being seen as a proxy to holding Singapore government bonds.
She views the current share prices of DBS and OCBC as &ldquo quite rich&rdquo on an intrinsic valuation basis. Nevertheless, their dividend yields at around 5 per cent remain attractive.
&ldquo We also think that both have room to continue share buybacks, although dividend payouts may stay at the current level,&rdquo Tan said. &ldquo This still should lead to dividend growth as long as earnings are stable.&rdquo
Thilan Wickramasinghe, head of research at Maybank Securities, said that furthermore, the market is likely factoring in the fact that earnings momentum for 2026 will not be as negative as was expected earlier.
While falling interest rates will contract margins, lower rates and a domestic construction boom should drive credit demand and support non-interest income growth, he said.
For OCBC in particular, CGS International analyst Tay Wee Kuang said investors are likely holding out for their second-half dividend.
The bank had a 50 per cent payout ratio in H1 2025, which means their committed 60 per cent payout ratio for 2025 will likely be back-loaded into the second half, Tay said.
Investors may also be optimistic about plans that OCBC&rsquo s new chief executive Tan Teck Long will bring, he added.
But Wickramasinghe said UOB is excluded from these near-term benefits due to bank-specific higher cost assumptions.
This is mainly from ongoing consumer banking investments, which dilute productivity gains and delay earnings per share upside, he noted.
Macquarie&rsquo s Vantarakis said investors are also still unsure whether UOB&rsquo s higher provision episode from its Q3 results is over.
&ldquo Earnings drive dividends, and investors are seeking yield this has created less clarity for UOB,&rdquo he said.
&ldquo We think the market will want to see proof of improving asset quality before the shares rerate and catch up to peers.&rdquo
Dividend yields
Looking ahead, the Singapore banks will continue to do well as they still provide attractive yields at current prices, analysts said.
Nevertheless, an analyst from RHB said the dividend yield spread that the sector offers over the government bond yield is approaching the long-term mean level, which may reduce the overall attractiveness of the sector.
Vantarakis said DBS appears overvalued, adding that investors may be underestimating the earnings headwinds from falling interest rates this year.
Against this backdrop, Morningstar&rsquo s Tan expects Singapore real estate investment trusts (Reits) to have better upside value than the banks at this stage in the cycle.
In particular, she pointed to Keppel Reit : K71U +1.02% as a beneficiary of tightening supply in high-quality office space in Singapore, while Mapletree Industrial Trust : ME8U +0.48% is well-placed to ride secular growth in data centres.
Dear newcomer
It was a reversal from the last few days when dbs chiong and Singtel slides. Today, dbs slides, Singtel chiong.
That is a short term pattern I have observed for many years. Stock rotation on a short term basis.
But long term, both dbs and Singtel are heading upwards as per the last two years.
Trade with DBS and Singtel. And sometimes, DBS vs Singtel
It was a reversal from the last few days when dbs chiong and Singtel slides. Today, dbs slides, Singtel chiong.
That is a short term pattern I have observed for many years. Stock rotation on a short term basis.
But long term, both dbs and Singtel are heading upwards as per the last two years.
Trade with DBS and Singtel. And sometimes, DBS vs Singtel
Newcomer19707016 ( Date: 08-Jan-2026 17:23) Posted:
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shld find support at 56.5
Today only left $57.34. Drop from $58.80. But only can sit there stare into the sky
free falling,
One month ago, it was at about 54.
Half month ago, it was about 56.
Now it is well above 58!
Testing 59 in near term.
Phenomenal!
Half month ago, it was about 56.
Now it is well above 58!
Testing 59 in near term.
Phenomenal!
😎
MrBear12 ( Date: 07-Jan-2026 10:18) Posted:
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JPmorgan earlier prediction fod DBS
https://www.businesstimes.com.sg/companies-markets/jpmorgan-sees-dbs-s70-years-time-potential-s3-30-dividend-years
https://www.businesstimes.com.sg/companies-markets/jpmorgan-sees-dbs-s70-years-time-potential-s3-30-dividend-years
Agreed, maybe i hv been too optimistic abt the earnings,
dividends wise, i m hoping for more than 81 cts, lol
dividends wise, i m hoping for more than 81 cts, lol
Echoes ( Date: 07-Jan-2026 10:14) Posted:
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Surprised on the upside?
Echoing with Echoes that ordinary dividend will be 66 cents plus the special 15 a quarter.
Huattt will be hoping for more I suppose.
Echoing with Echoes that ordinary dividend will be 66 cents plus the special 15 a quarter.
Huattt will be hoping for more I suppose.
Echoes ( Date: 07-Jan-2026 10:14) Posted:
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9 month nett profit is 8.7b , so I dont think full year profit can hit 12b , cos Q4 is traditionally the weakest quarter for all 3 banks .
But DBS has traditionally raised dividens for Q4 , so I think $0.66+$0.15 = $0.81 is more or less a given .
But DBS has traditionally raised dividens for Q4 , so I think $0.66+$0.15 = $0.81 is more or less a given .
hopefully 9th feb full yr fy 25 and 4th qtr 25 earnings will report net profit exceeding 12B
:))))
and Ms Tan, higher dividends please, haha
:))))
and Ms Tan, higher dividends please, haha
JPMorgan PB is 2.88
so dbs is relatively cheap at 2.47, lol
anyways imho, roe is a better gauge
to each his own
so dbs is relatively cheap at 2.47, lol
anyways imho, roe is a better gauge
to each his own
MrBear12 ( Date: 06-Jan-2026 21:10) Posted:
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I wish the PB is three or more.
huattuatua ( Date: 06-Jan-2026 17:13) Posted:
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