“The key highlight was management providing clarity on the quantum of excess capital ($8 billion) and reaffirming its commitment to return this to shareholders over the next three years – starting with the announcement of a capital return DPS [dividend per share] of 15 cents [per] quarter for FY2025 totalling $1.7 billion,” the RHB team writes in its Feb 11 report. “This is above its earlier share buyback programme and 24 cents increase in ordinary DPS this year.”
Analysts from Maybank Securities and RHB Bank Singapore have increased their target price estimates for DBS Group Research to above $51 after the bank posted record earnings for the 4QFY2024 ended Dec 31, 2024, on Feb 10. Fellow analyst Carmen Lee from OCBC Investment Research (OIR) increased her estimate to $50 from $43.60 just hours after the bank's results release.
RHB’s Singapore research team kept its “buy” call with a higher target price of $51.20 from $44.70 previously after DBS’s 4QFY2024 results stood in line with the team’s expectations. DBS’s FY2024 patmi of $11.3 billion stood at 102% of RHB’s full-year estimates while the final dividend of 60 cents was also “expected”.
