0223 GMT - DBS Group Holdings' share price is likely to be supported by its S$3 billion buyback program and attractive dividend yields, OCBC Investment Research's Carmen Lee writes in a report. The bank, which commenced the buyback late last month, has accumulated a total of 4.05 million shares at an average price of S$43.56. Quarterly dividend of S$0.54 or S$2.16 per year will provide another key price support, the strategist says. While policy changes and tariff threats post the U.S. election could result in higher market volatility, these would favor defensive and good dividend yielding stocks, Lee says. Accordingly, Lee raises DBS's fair value estimate to S$45.20 from S$43.60, giving an undemanding price-to-book ratio of 1.8x. Shares last at S$44.22.(amanda.lee@wsj.com)
(END) Dow Jones Newswires
December 16, 2024 21:23 ET (02:23 GMT)
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