Brokers' take

DBS Group Holdings | Accumulate Target price: S$21.45 Sept 18 close: S$20.49 Phillip Securities Research, Sept 18

We had initially thought the positive sentiments and low volatility post-Trump election will be temporary but as it appears, a sustained synchronous global recovery is gaining momentum. Therefore, we could continue to see positive loan rate and volume dynamics in H2 2017 and early 2018 that will drive net interest income higher... Even though DBS has the highest loan-to-deposit ratio which gives it the least headroom to grow loans faster than deposits, DBS is our top pick because it has the highest Singapore curre…