0651 GMT - Singapore banks' return on equity outlook appears optimistic in the long term, Jefferies analysts write in a note. Incremental returns are likely tied to longer-term growth, making it more exciting than near-term capital return upside, analysts Sam Wong and Shujin Chen say, noting the capital return dividend DBS Group announced for 2025. However, this reflects DBS's commitment to shareholder return, while also focusing on long-term growth, they add. This is expected to boost its share price. Wong and Chen describe DBS's 2024 earnings as "another rabbit out of the hat," demonstrating "strong underlying business performance... even in areas that were slightly softer." Jefferies retains a buy rating on DBS with a target price of S$49.00. The stock is 2.5% higher at S$45.78. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
February 10, 2025 01:51 ET (06:51 GMT)
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