DBSDF - DBS Group Q1 Was Another Home Run

2024-05-12 23:46:25 ET

Summary

• DBS Group Holdings delivered strong financial results with a 15% increase in net profit and a 8% growth in net interest income.
• The bank's fee income also performed well, with net fee income growing by 23% and card fees increasing by 33%.
• The share price of DBS has reached new highs, leading to a reconsideration of the Buy stance and a downgrade to a Hold level.

Investment Thesis

It was roughly one year ago that we upgraded DBS Group Holdings Ltd. ( OTCPK:DBSDY ) ( OTCPK:DBSDF ) from a Hold to a Buy. We concluded then that the pullback in share price from S$35 to $28 made DBS shares attractive enough to Buy.

Please do bear in mind that our stance for DBS Group Ltd. of Singapore is the same whether it is for the ordinary shares trading on the Singapore Stock Exchange, or as an American Depositary Receipt trading in the U.S....

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