Reassuring outlook■ Improvement in loan growth (high single-digits), fee income (mid-teens) and total allowance guidance (below S$500m) are key positives for DBS.■ Strong 14.5% CET1 and lack of M&A target underpin DPS upside in FY21F.■ Reiterate Add. Reassuring outlook on asset quality and large managementoverlay buffers (c.S$1.5bn) lay the foundations for reliable business growth.

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