Country Daily
Singapore Daily
Top Stories
Company Results | DBS Group Holdings (DBS SP/BUY/S$75.08/Target: S$80.00)
DBS delivered a record net profit of S$3,079m (+9% yoy) in 2Q26 due to a surge in wealth management fees (+42% yoy), which have a knock-on effect on treasury customer income (+42% yoy). DBS provides a 2026 dividend yield of 4.4% with potential for further capital management. Maintain BUY with a target price at S$80.00.
Company Results | Singapore Exchange (SGX SP/HOLD/S$24.32/Target: S$23.40)
SGX’s FY26 core net profit of S$759.5m (+24.6% yoy) slightly beat our expectations, driven by disciplined cost control and lower associate losses. Revenue rose 13.9% yoy on broad-based strength across all business segments. We expect upbeat earnings growth in FY27, supported by stronger cash equity activity and structural growth in derivatives. However, we believe these positives are largely reflected in the current valuation. Maintain HOLD; target price: S$23.40.
Company Results | Venture Corporation (VMS SP/BUY/S$16.21/Target: S$21.10)
VMS’ 1H26 revenue rose 7.4% yoy to S$1,354.7m, while PATMI increased 5.6% yoy to S$119.3m, forming 51% and 50% of our full-year forecasts respectively. Strong AI infrastructure demand lifted Portfolio B revenue by S$102m yoy, more than offsetting a S$21m fall in Portfolio A. Maintain BUY with a 2.2% higher target price of S$21.10, pegged to 23.7x 2027F PE.
Market Spotlight
- US stocks were lower on Thursday, with all indices falling as industrials, real estate and materials sectors fell. There were more decliners than advancers on both the NYSE and NASDAQ.
- The FSSTI rose 57.62 points to 5,638.99, supported by strength in SIA and DBS. Both mid- and small-cap indices rose with a broad market advance on S$2.09b turnover.
Technical Analysis
Soon Hock Enterprise | SHOCK SP
Trading Buy Range: S$0.575-0.580
Frencken Group | FRKN SP
Trading Sell Range: S$2.56-2.57
Country Daily
Singapore Daily
Top Stories
Company Results | DBS Group Holdings (DBS SP/BUY/S$75.08/Target: S$80.00)
DBS delivered a record net profit of S$3,079m (+9% yoy) in 2Q26 due to a surge in wealth management fees (+42% yoy), which have a knock-on effect on treasury customer income (+42% yoy). DBS provides a 2026 dividend yield of 4.4% with potential for further capital management. Maintain BUY with a target price at S$80.00.
Company Results | Singapore Exchange (SGX SP/HOLD/S$24.32/Target: S$23.40)
SGX’s FY26 core net profit of S$759.5m (+24.6% yoy) slightly beat our expectations, driven by disciplined cost control and lower associate losses. Revenue rose 13.9% yoy on broad-based strength across all business segments. We expect upbeat earnings growth in FY27, supported by stronger cash equity activity and structural growth in derivatives. However, we believe these positives are largely reflected in the current valuation. Maintain HOLD; target price: S$23.40.
Company Results | Venture Corporation (VMS SP/BUY/S$16.21/Target: S$21.10)
VMS’ 1H26 revenue rose 7.4% yoy to S$1,354.7m, while PATMI increased 5.6% yoy to S$119.3m, forming 51% and 50% of our full-year forecasts respectively. Strong AI infrastructure demand lifted Portfolio B revenue by S$102m yoy, more than offsetting a S$21m fall in Portfolio A. Maintain BUY with a 2.2% higher target price of S$21.10, pegged to 23.7x 2027F PE.
Market Spotlight
- US stocks were lower on Thursday, with all indices falling as industrials, real estate and materials sectors fell. There were more decliners than advancers on both the NYSE and NASDAQ.
- The FSSTI rose 57.62 points to 5,638.99, supported by strength in SIA and DBS. Both mid- and small-cap indices rose with a broad market advance on S$2.09b turnover.
Technical Analysis
Soon Hock Enterprise | SHOCK SP
Trading Buy Range: S$0.575-0.580
Frencken Group | FRKN SP
Trading Sell Range: S$2.56-2.57
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