From the discussions, RHB analysts understand that the positive wealth management momentum seen in 1QFY2024 appears to have been sustained, which would be an overall positive for fees.
Analysts at RHB Bank Singapore have maintained “buy” and increased their target price on DBS to $41.20 from $38.90 previously following a recent meeting with the bank’s management.
In their July 18 report, the analysts note that they expect a softer 2QFY2024 reporting quarter for DBS. This is mainly due to the high non-interest income (non-II) base previously — specifically other non-II, which jumped 43% q-o-q aided by non-recurring gains from foreign exchange hedges.
