Brokers' take

DBS Group Holdings | Buy Fair value: S$29.50 Feb 1 close: S$ 26.61 OCBC Investment Research, Feb 1

DBS recently touched a new historical high of S$27.40 on Jan 25, up 51 per cent from the 52-week low of S$18.12 in Feb 2017. The bulk of the price gains came about in the last three months, when the re-rating of Asian banks lifted banks' valuations from the trough in 2016.

With healthy economic growth in the Asia-Pacific, we expect DBS to be in a good position to enjoy another year of broad-based fee income growth. Its wealth business is likely to enjoy another good year with an increase in AUM and earnings. We also expect treasury income to pick up in 2018.