DBS rally still has legs; it could scale new heights of over S$57 on robust dividend moves

It’s committed to S$0.24 annual core dividend step-up; while OCBC, UOB remain on payout ratios pegged to earnings, which could fluctuate

There is more room for DBS’ share price to continue rising in the months ahead given the bank’s strong dividend outlook, analysts said.

Market watchers noted that DBS’ capital return plans are the strongest among the three local banks, and that investors also appear to remain confident in the bank’s fundamentals.

“The bank has outlined its intended step-up in dividends for the next three years,” said Jayden Vantarakis, head of Asean equity research at Macquarie Capital.