0247 GMT - Maybank remains bullish on DBS after the Singapore bank's 2024 earnings beat street expectations. DBS's loan growth is expected to accelerate to 5.4% on year in FY2025 and its return on equity to average to 15.8% in 2025-2027 compared with the 12% in the past 10 years, according to Maybank's head of equity research Thilan Wickramasinghe. While net interest margin growth is unlikely to persist going in to 2025, the management claims that the credit pipeline is strong, helping offset NIM declines, Wickramasinghe notes in a report. Earnings could grow at 1% CAGR over 2025-2027, while dividends may expand at 7%, delivering more than 6.5% yields, he says. All of the factors mentioned justifies a higher valuation, he adds. Maybank raises the stock's target price to S$51.37 From S$46.91. Shares are last at S$44.93. (monica.gupta@wsj.com)
(END) Dow Jones Newswires
February 10, 2025 21:47 ET (02:47 GMT)
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