Singapore, Jan 12, 2026, 14:49 (SGT) — Regular session
- DBS shares climbed roughly 0.5% in afternoon trading, hovering close to last week’s record levels
- Investors are eyeing U.S. inflation figures due Jan 13, alongside DBS’s earnings report set for Feb 9
- A senior DBS dealmaker highlighted a more robust IPO pipeline for Singapore in 2026
Shares of DBS Group Holdings crept up Monday, keeping pace as Singapore’s major banks hovered near their recent peaks. By 2:30 p.m. local time, the stock traded around S$57.90, bouncing within a S$57.77 to S$58.28 band. OCBC added roughly 1.0%, while UOB inched up about 0.4%. (Google)
This shift is crucial since DBS and its two local rivals have shouldered much of the burden for Singapore equities, attracting income-seeking investors. Dividend yield — the yearly cash payout relative to a stock’s price — has emerged as the main draw, with yields topping 5% pulling in more income-focused capital, analysts told The Straits Times. (The Straits Times)
Rate expectations are shifting again. Goldman Sachs delayed its forecast for U.S. Federal Reserve rate cuts to June and September, both by 25 basis points (one basis point equals 0.01%). David Mericle, the bank’s chief U.S. economist, noted the Fed might “wait until mid-year to cut.” The next key moment arrives fast: the U.S. Bureau of Labor Statistics will release December CPI data on Jan. 13 at 8:30 a.m. ET. (Reuters)
Early Monday, a notable update came from DBS. Art Karoonyavanich, head of equity capital markets at the bank, said 2026 IPO volumes on the Singapore Exchange could rank among the strongest ever. DBS is already engaged with several potential issuers, The Business Times reported. The article referenced Bloomberg data showing SGX pulled in about US$4.4 billion from 36 IPOs in 2017—a decade peak not surpassed since. (The Business Times)
DBS shareholders see a busy IPO calendar as more than just market noise. It can directly boost fees in the bank’s investment banking and markets divisions—areas investors scrutinize closely when loan growth dips or interest rates drop.
The next key date is earnings. According to DBS’s investor calendar, the bank will release its fourth-quarter 2025 results on Feb. 9. Its annual general meeting is set for March 31, followed by first-quarter 2026 results due April 30. (DBS Bank)
Traders will zero in on any mention of dividends and management’s outlook on net interest income if borrowing costs ease. The net interest margin — the difference between what banks earn on loans and pay on deposits — is the key variable, capable of shrinking quickly during a rapid rate cut cycle.
Here’s the rub. The stock’s already trading close to its recent highs, and the interest rate outlook is anything but clear. A stronger-than-expected CPI reading could push bond yields higher, yet a sudden slowdown in growth would likely pressure credit costs and sap loan demand simultaneously. Either way, crowded “safe yield” positions risk taking a hit.
