DBS just delivered — and $60 may be closer than the market thinks DBS Group Holdings Ltd (SGX: D05) posted another strong set of results last week. On the surface, it was a “beat.” But stepping back, the more important takeaway is this: 👉 The earnings base is holding firm, even as rate tailwinds normalise 👉 The business mix is improving, not deteriorating 👉 And the capital return story remains highly compelling Put together, the pathway to $60/share looks increasingly achievable — potentially sooner than expected. ⸻ 📊 Not just a beat — a resilient earnings engine * Net profit: ~S$2.9B (+1% YoY) * Total income: Record levels * ROE: ~17% (still best-in-class globally) * Dividend: S$0.81/share (including capital return component) What stands out is the quality of earnings. Yes, net interest m

DBS shares are currently trading at SGD 58.50, with a consensus analyst price target of SGD 62.28 as of 4 May 2026, implying an upside potential of approximately 6.5% from current levels. [Beansprout](https://growbeansprout.com/quote/D05.SI) The $60 mark is therefore just 2.6% away — a modest but meaningful gap in the near term. DBS reported Q1 2026 net profit of SGD 2.93 billion, up 1% year-on-year and 24% quarter-on-quarter, beating expectations. Total income reached a record SGD 5.95 billion, driven by robust wealth management, strong deposit growth, and record fee and treasury customer sales. [Minichart](https://www.minichart.com.sg/2026/04/30/singapore-market-review-april-2026-dbs-q1-results-sheng-siong-growth-institutional-retail-fund-flows-dividend-dates/) Asset quality remains heal

$DBS(D05.SI)$ results reinforced my view that SG banks are shifting toward a fee-driven growth model rather than relying on interest rates. With DBS delivering record wealth management fees & strong deposit inflows, the franchise remains resilient even in a lower-rate environment. CASA strength and inverted rate sensitivity suggest earnings are increasingly driven by client flows, not just margins. The focus now shifts to whether UOB & OCBC can replicate this momentum. With NIM pressure largely priced in, wealth & fee income will be the key differentiator. If both banks show solid private banking and investment product growth, the sector still has upside. My base case is a partial match on wealth strength, supported by continued sa

🌟🌟I predict $OCBC Bank(O39.SI)$ will close at SGD 23.00 and $UOB(U11.SI)$ will close at SGD 38.00. DBS has set a high bar and while OCBC and UOB are trying their best, they have some catch up to do to beat DBS's SGD907 million in wealth management fees. OCBC has a secret weapon in $Great Eastern(G07.SI)$.  Analysts expect OCBC to show strong wealth fee momentum because of this insurance powerhouse. UOB is the most undervalued among the 3 banks.  While it may not hit DBS's record, UOB is expected to see norma

Bull case: “$60 is just a matter of time” * Earnings muscle still strong DBS has been feasting on higher interest rates. Net interest margins expanded, and profits hit record territory in recent years. * Dividend magnet Solid, rising dividends make it attractive for income investors. When yield looks juicy vs alternatives, buyers step in. * Balance sheet = tank-like Strong capital ratios and conservative lending mean resilience even if the economy wobbles. * Singapore + regional growth Exposure to ASEAN and wealth management gives it more engines than just plain lending. 👉 Bull view: If earnings stay elevated and sentiment stays warm, $60 is achievable in the medium term.

I think OCBC will close at SGD 22.34 on May 9 (Friday after earnings) I think UOB will close at SGD 35.6 on May 8 (earnings day) Will OCBC or UOB match DBS's wealth management fee surprise? No

UOB still the best

Yeah another good quarter!

I think "sell in May" is approaching, responses to earning reports are getting more indifferent, dread is increasing

Replying to @Investordude1301:I think OCBC will close at SGD 22.34 on May 9 (Friday after earnings) I think UOB will close at SGD 35.6 on May 8 (earnings day) Will OCBC or UOB match DBS's wealth management fee surprise? No//@Investordude1301:My take: 1. I think OCBC will close at S$22.50 on 9 May. 2. I think UOB will close at S$37.70 on 8 May. 3. Both UOB and OCBC will match DBS DBS’s wealth management fee surprise.

DBS’s wealth banking performance is interesting. Prioritizing client quality over asset size seems to be paying off, and if that’s the case, UOB and OCBC may follow. It’s something worth keeping a close eye on, with room for selective additions.

My take: 1. I think OCBC will close at S$22.50 on 9 May. 2. I think UOB will close at S$37.70 on 8 May. 3. Both UOB and OCBC will match DBS DBS’s wealth management fee surprise.

DBS beats expectations and can possibly hit $60 in May with bullish market sentiment. It does impress that UOB and OCBC may likely beat as well.

Guess: 1. OCBC close ~$23.80 after earnings. 2. UOB close ~$38.20 after earnings. 3. Yes

Colour me surprised, I expected good results, but the numbers are spectacular, it would indeed be nice to see if uob and ocbc would have results as impressive. Feels like the chaos in the middle east has no significant impact... [Surprised]

DBS feels like it changed the question for UOB and OCBC. It’s not just “can they beat earnings?” anymore, it’s whether fee income and wealth management can offset NIM pressure the same way DBS did. My guess: 1. OCBC close: SGD 16.20 2. UOB close: SGD 36.80 3. Yes — I think they can partly match DBS’s mealth management surprise, but guidance tone will matter more than the headline profit beat. If both banks show strong fee income and confident guidance, Singapore banks may still have room to re-rate.

Macro Theme: De-escalation and “Unstable Peace” as the Core Pricing Driver Although last weekend’s White House dinner shooting incident attracted significant attention, it did not create any material impact, and markets were not disrupted at the start of the week. Meanwhile, the ongoing “Middle East saga” continues steadily, and the U.S. decision not to arrange “in-person” negotiators suggests that the intermediary model has shifted toward “remote” communication. If no surprise attacks occur within the next one to two weeks, it can largely be concluded that this tug-of-war style “peace” will persist until around the midterm elections, when potential changes or turning points may emerge. The three potential models and scenarios of U.S.-Iran negotiations have already been discussed in previo