coming april Q1 results will be horrible
earnings likely to fall 10%
1) lower net interest margins
2) wealth management fees lower as asset under management decline investors de-risking on iran war
3) increase in bad loans as more small medium businesses in singapore goes in default (auto bahn cathay deliveroo all exploding already)
management will be stubborn to maintain the high dividends for 2026 but investors will see that this cannot be sustained for 2027
investors will worry of middle exposure as DBS private banking was in past years aggressively chasing high networths from middle east
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