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RHB sees DBS as ‘core holding’ for investors despite premium valuation, ups TP to $75.70

Felicia Tan
Felicia Tan • 3 min read
RHB sees DBS as ‘core holding’ for investors despite premium valuation, ups TP to $75.70
RHB estimates DBS's 2QFY2026 patmi to increase by a low-single digit on a y-o-y basis. Photo: Bloomberg
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The Singapore research team at RHB Bank Singapore sees further upside to DBS Group Holdings’ share price as it expects to see “resiliency” for the bank’s upcoming 2QFY2026 results. The bank is slated to announce its results for the quarter and six months ended June on Aug 6.

For the quarter, RHB expects patmi to increase by a low-single digit on a y-o-y basis due to non-interest income-led growth but offset by pressure in net interest income (NII). The team also foresees earnings to be “flattish” q-o-q given the higher non-interest income base in the previous quarter.

DBS’s 2QFY2026 earnings should brings its 1HFY2026 bottom line to around 52% of RHB’s estimated FY2026 patmi of $11.21 billlion.

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