$Goldman Sachs(GS)$ $DBS(D05.S

Goldman Sachs (GS) typically provides insights on major banks like DBS (D05), OCBC (O39), and UOB (U11) during earnings season; while all three face a down-rate cycle headwind, their defenses diverge

D05 benefits from digital growth and regional reach but faces investment banking challenges; O39 has upside through wealth management despite geopolitical risks; U11 is pressured by loan growth and credit costs but may see long-term upside if its valuation reflects these risks, while peers show near-term resilience through wealth and insurance

The "landmine" this quarter could be D05, with earnings volatility from investment banking; O39 may surprise with fluctuations in insurance and market returns; and U11 depends on exceeding expectations in loan growth and credit quality

By past trends, SG bank stocks are pricey now; no positions are held as monitoring continues, with the intention to initiate a modest position upon SGX (S68) launching the 10-unit board lot size in mid-2026。。。

@Tiger_SG：SG Bank Earnings Season | Goldman’s View: Which One Looks Promising?

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while all three face a down-rate cycle headwind, their defenses diverge\nD05 benefits from digital growth and regional reach but faces investment banking challenges; O39 has upside through wealth management despite geopolitical risks; U11 is pressured by loan growth and credit costs but may see long-term upside if its valuation reflects these risks, while peers show near-term resilience through wealth and insurance\nThe \"landmine\" this quarter could be D05, with earnings volatility from investment banking; O39 may surprise with fluctuations in insurance and market returns; and U11 depends on exceeding expectations in loan growth and credit quality\nBy past trends, SG bank stocks are pricey now; no positions are held as monitoring continues, with the intention to initiate a modest position upon SGX (S68) launching the 10-unit board lot size in mid-2026。。。<t-t type=\"img\" src=\"https://community-static.tradeup.com/news/49d09d2bf367d83c70195f8b6c564f58\"></t-t></body></html>","htmlText":"<html><head></head><body><a href=\"https://ttm.financial/S/GS\">$Goldman Sachs(GS)$&nbsp;</a>&nbsp;<a href=\"https://ttm.financial/S/D05.SI\">$DBS(D05.SI)$&nbsp;</a>&nbsp;<a href=\"https://ttm.financial/S/O39.SI\">$ocbc bank(O39.SI)$&nbsp;</a>&nbsp;<a href=\"https://ttm.financial/S/U11.SI\">$UOB(U11.SI)$&nbsp;</a>&nbsp;<a href=\"https://ttm.financial/S/S68.SI\">$SGX(S68.SI)$&nbsp;</a>&nbsp;\nGoldman Sachs (GS) typically provides insights on major banks like DBS (D05), OCBC (O39), and UOB (U11) during earnings season; while all three face a down-rate cycle headwind, their defenses diverge\nD05 benefits from digital growth and regional reach but faces investment banking challenges; O39 has upside through wealth management despite geopolitical risks; U11 is pressured by loan growth and credit costs but may see long-term upside if its valuation reflects these risks, while peers show near-term resilience through wealth and insurance\nThe \"landmine\" this quarter could be D05, with earnings volatility from investment banking; O39 may surprise with fluctuations in insurance and market returns; and U11 depends on exceeding expectations in loan growth and credit quality\nBy past trends, SG bank stocks are pricey now; no positions are held as monitoring continues, with the intention to initiate a modest position upon SGX (S68) launching the 10-unit board lot size in mid-2026。。。<t-t type=\"img\" src=\"https://community-static.tradeup.com/news/49d09d2bf367d83c70195f8b6c564f58\"></t-t></body></html>","text":"$Goldman Sachs(GS)$ $DBS(D05.SI)$ $ocbc bank(O39.SI)$ $UOB(U11.SI)$ $SGX(S68.SI)$ Goldman Sachs (GS) typically provides insights on major banks like DBS (D05), OCBC (O39), and UOB (U11) during earnings season; while all three face a down-rate cycle headwind, their defenses diverge D05 benefits from digital growth and regional reach but faces investment banking challenges; O39 has upside through wealth management despite geopolitical risks; U11 is pressured by loan growth and credit costs but may see long-term upside if its valuation reflects these risks, while peers show near-term resilience through wealth and insurance The \"landmine\" this quarter could be D05, with earnings volatility from investment banking; O39 may surprise with fluctuations in insurance and market returns; and U11 depends on exceeding expectations in loan growth and credit quality By past trends, SG bank stocks are pricey now; no positions are held as monitoring continues, with the intention to initiate a modest position upon SGX (S68) launching the 10-unit board lot size in mid-2026。。。","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/555092174918832","repostId":554346181145120,"repostType":1,"repost":{"magic":2,"id":554346181145120,"tweetId":"554346181145120","gmtCreate":1776344626474,"gmtModify":1776381600554,"author":{"id":4106547232749330,"idStr":"4106547232749330","authorId":4106547232749330,"authorIdStr":"4106547232749330","name":"Tiger_SG","avatar":"https://community-static.tradeup.com/news/9eb57a835b72d997d1941fb6605d80a4","vip":4,"userType":4,"introduction":"[Tiger Broker Singapore Official] ","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":6260,"starInvestorFlag":false},"themes":[{"themeId":"578f5b29dba5411b9fbd556a5fff8e75","categoryId":"7cf744760f454845a1870a05ea4e151d","name":"SG Bank Earnings Season | Goldman’s View: Which One Looks Promising?","type":0,"rnLink":"https://laohu8.com/RN?name=RNTheme&page=/theme/detail&rndata={\"themeId\":578f5b29dba5411b9fbd556a5fff8e75}&rnconfig={\"headerBarHidden\": true}","description":"DBS will fire the first shot on April 30, followed by $UOB(U11.SI)$ (May 7) and $OCBC Bank(O39.SI)$ (May 8). \nGoldman’s latest report gives a clear verdict: overall earnings should be “decent enough,” but the divergence among the three banks is becoming more obvious — net interest margin pressure, wealth management as a bright spot, and credit costs as the biggest hidden risk. Which one are you betting on?","image":"https://community-static.tradeup.com/news/19f0ec82c5735e7e7940bee488a73a13"}],"images":[{"img":"https://community-static.tradeup.com/news/19f0ec82c5735e7e7940bee488a73a13","width":"1024","height":"1024"}],"coverImages":[{"img":"https://community-static.tradeup.com/news/19f0ec82c5735e7e7940bee488a73a13"}],"title":"SG Bank Earnings Season | Goldman’s View: Which One Looks Promising?","html":"<html><head></head><body><a data-mention-id=\"D05.SI\" class=\"teditor-mention\" data-mention-name=\"DBS\" href=\"https://ttm.financial/S/D05.SI\">$DBS(D05.SI)$</a> will fire the first shot on April 30, followed by <a data-mention-id=\"U11.SI\" class=\"teditor-mention\" data-mention-name=\"UOB\" href=\"https://ttm.financial/S/U11.SI\">$UOB(U11.SI)$</a> (May 7) and <a data-mention-id=\"O39.SI\" class=\"teditor-mention\" data-mention-name=\"OCBC Bank\" href=\"https://ttm.financial/S/O39.SI\">$OCBC Bank(O39.SI)$</a> (May 8).\nGoldman’s latest report gives a clear verdict: overall earnings should be “decent enough,” but the divergence among the three banks is becoming more obvious — net interest margin pressure, wealth management as a bright spot, and credit costs as the biggest hidden risk. Which one are you betting on?\n<h2 id=\"id_384460549\">Goldman Takeaway: What’s the Core Logic This Quarter?</h2>\nGoldman’s overall forecast for 1Q26 is: quarter-on-quarter recovery, but mild year-on-year pressure.\nThree numbers will determine the direction of share prices on earnings day: the actual decline in net interest income (NII), the resilience of wealth management fees and cost of credit (CoC)\nThe main drag is structural net interest margin (NIM) compression. Both SORA (Singapore Overnight Rate Average) and HIBOR (Hong Kong Interbank Offered Rate) have moved lower, putting unavoidable pressure on the big three banks’ NII.\nNow that global rates have peaked and begun to ease, NIM has entered a structural downtrend. The market debate is whether this decline will be a mild adjustment (soft landing) or whether profits will quickly revert(hard landing).\nGoldman leans toward the former — it believes loan growth, wealth management, and cost control can offset most of the margin pressure, meaning profitability should not collapse off a cliff. But whether that view holds true will be tested in this earnings season.\n\n<img src=\"https://community-static.tradeup.com/news/19f0ec82c5735e7e7940bee488a73a13\" tg-width=\"1024\" tg-height=\"1024\">\n<h2 id=\"id_2060309566\">How Will DBS, OCBC, and UOB Diverge?</h2>\n<h3 id=\"id_205473966\"><a data-mention-id=\"O39.SI\" class=\"teditor-mention\" data-mention-name=\"OCBC Bank\" href=\"https://ttm.financial/S/O39.SI\">$OCBC Bank(O39.SI)$</a>: The Defensive Favorite, Smallest Year-on-Year Compression</h3>\nGoldman expects OCBC’s earnings to decline just 0.3% YoY, making it the most resilient of the three.\nIts wealth management business, through Bank of Singapore, has built a deep moat among Asia’s high-net-worth clients, giving it more stable fee income. In addition, OCBC’s balance sheet structure is relatively conservative, so its margin compression tends to be slower than peers in a falling-rate environment.\nFor investors who prefer a steadier profile and do not want to make a high-beta earnings-season bet, OCBC currently offers the highest level of certainty. Goldman maintains a Buy rating.\n<h3 id=\"id_2297085966\"><a data-mention-id=\"D05.SI\" class=\"teditor-mention\" data-mention-name=\"DBS\" href=\"https://ttm.financial/S/D05.SI\">$DBS(D05.SI)$</a>: The Flagship Name, With the Strongest Wealth Management Angle</h3>\nDBS is the largest of the three by market capitalization and also the most diversified. It is Goldman’s other clear Buy-rated name.\nThe core investment case for DBS is that its fee income mix is more exposed than UOB and OCBC to wealth management and capital markets, both of which are seeing the strongest seasonal recovery this quarter.\nTwo numbers matter most for DBS this quarter: the growth rate of wealth management AUM &amp; management’s updated guidance for full-year NIM\nThe latter will directly influence how the market re-prices full-year earnings expectations\n<h3 id=\"id_3995897568\"><a data-mention-id=\"U11.SI\" class=\"teditor-mention\" data-mention-name=\"UOB\" href=\"https://ttm.financial/S/U11.SI\">$UOB(U11.SI)$</a>: Under the Most Pressure, But Has the Valuation Already Discounted It?</h3>\nGoldman expects UOB’s earnings to decline 4.4% YoY, the sharpest drop among the three, and it currently does not carry a Goldman Buy rating.\nUOB’s issue is not just a one-quarter disruption, but a more structural one: its loan book has greater exposure to ASEAN markets such as Thailand, Vietnam, and Indonesia, where credit quality pressures are more visible amid falling rates and macro uncertainty.\nOf course, bad news can also create opportunity — if UOB’s actual results come in better than the expected -4.4%, or if management offers constructive guidance, the stock could see a stronger-than-expected rebound.\n<h2 id=\"id_1651133671\">💬 Community Discussion</h2>\nWhich Singapore bank are you currently holding or watching?\nWhere do you think the biggest earnings surprise risk lies this quarter?\nAre Singapore bank stocks expensive right now?\nThe big three are currently trading at roughly 1.1x–1.6x P/B, with dividend yields around 5%–6%. Compared with global banks, the valuations are not exactly cheap, but they are supported by stable dividends, solid asset quality, and a predictable regulatory environment.\nDo you think current valuations are fair? Or is the impact of falling margins still being underestimated?\n<h3 id=\"id_3117907371\" style=\"text-align: start;\">For SG users only, welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.</h3>\n<a href=\"https://ttm.financial/post/507537437684112\" title=\"🎉Cash Boost Account Now Supports 35,000+ Stocks &amp; ETFs – Greater Flexibility Now\" class=\"\">🎉Cash Boost Account Now Supports 35,000+ Stocks &amp; ETFs – Greater Flexibility Now</a>\n<ul style=\"\">\n <li>\n Find out more here.</li>\n</ul>\n<blockquote>\n <ul style=\"\">\n <li>\n Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.</li>\n </ul>\n</blockquote></body></html>","htmlText":"<html><head></head><body><a data-mention-id=\"D05.SI\" class=\"teditor-mention\" data-mention-name=\"DBS\" href=\"https://ttm.financial/S/D05.SI\">$DBS(D05.SI)$</a> will fire the first shot on April 30, followed by <a data-mention-id=\"U11.SI\" class=\"teditor-mention\" data-mention-name=\"UOB\" href=\"https://ttm.financial/S/U11.SI\">$UOB(U11.SI)$</a> (May 7) and <a data-mention-id=\"O39.SI\" class=\"teditor-mention\" data-mention-name=\"OCBC Bank\" href=\"https://ttm.financial/S/O39.SI\">$OCBC Bank(O39.SI)$</a> (May 8).\nGoldman’s latest report gives a clear verdict: overall earnings should be “decent enough,” but the divergence among the three banks is becoming more obvious — net interest margin pressure, wealth management as a bright spot, and credit costs as the biggest hidden risk. Which one are you betting on?\n<h2 id=\"id_384460549\">Goldman Takeaway: What’s the Core Logic This Quarter?</h2>\nGoldman’s overall forecast for 1Q26 is: quarter-on-quarter recovery, but mild year-on-year pressure.\nThree numbers will determine the direction of share prices on earnings day: the actual decline in net interest income (NII), the resilience of wealth management fees and cost of credit (CoC)\nThe main drag is structural net interest margin (NIM) compression. Both SORA (Singapore Overnight Rate Average) and HIBOR (Hong Kong Interbank Offered Rate) have moved lower, putting unavoidable pressure on the big three banks’ NII.\nNow that global rates have peaked and begun to ease, NIM has entered a structural downtrend. The market debate is whether this decline will be a mild adjustment (soft landing) or whether profits will quickly revert(hard landing).\nGoldman leans toward the former — it believes loan growth, wealth management, and cost control can offset most of the margin pressure, meaning profitability should not collapse off a cliff. But whether that view holds true will be tested in this earnings season.\n\n<img src=\"https://community-static.tradeup.com/news/19f0ec82c5735e7e7940bee488a73a13\" tg-width=\"1024\" tg-height=\"1024\">\n<h2 id=\"id_2060309566\">How Will DBS, OCBC, and UOB Diverge?</h2>\n<h3 id=\"id_205473966\"><a data-mention-id=\"O39.SI\" class=\"teditor-mention\" data-mention-name=\"OCBC Bank\" href=\"https://ttm.financial/S/O39.SI\">$OCBC Bank(O39.SI)$</a>: The Defensive Favorite, Smallest Year-on-Year Compression</h3>\nGoldman expects OCBC’s earnings to decline just 0.3% YoY, making it the most resilient of the three.\nIts wealth management business, through Bank of Singapore, has built a deep moat among Asia’s high-net-worth clients, giving it more stable fee income. In addition, OCBC’s balance sheet structure is relatively conservative, so its margin compression tends to be slower than peers in a falling-rate environment.\nFor investors who prefer a steadier profile and do not want to make a high-beta earnings-season bet, OCBC currently offers the highest level of certainty. Goldman maintains a Buy rating.\n<h3 id=\"id_2297085966\"><a data-mention-id=\"D05.SI\" class=\"teditor-mention\" data-mention-name=\"DBS\" href=\"https://ttm.financial/S/D05.SI\">$DBS(D05.SI)$</a>: The Flagship Name, With the Strongest Wealth Management Angle</h3>\nDBS is the largest of the three by market capitalization and also the most diversified. It is Goldman’s other clear Buy-rated name.\nThe core investment case for DBS is that its fee income mix is more exposed than UOB and OCBC to wealth management and capital markets, both of which are seeing the strongest seasonal recovery this quarter.\nTwo numbers matter most for DBS this quarter: the growth rate of wealth management AUM &amp; management’s updated guidance for full-year NIM\nThe latter will directly influence how the market re-prices full-year earnings expectations\n<h3 id=\"id_3995897568\"><a data-mention-id=\"U11.SI\" class=\"teditor-mention\" data-mention-name=\"UOB\" href=\"https://ttm.financial/S/U11.SI\">$UOB(U11.SI)$</a>: Under the Most Pressure, But Has the Valuation Already Discounted It?</h3>\nGoldman expects UOB’s earnings to decline 4.4% YoY, the sharpest drop among the three, and it currently does not carry a Goldman Buy rating.\nUOB’s issue is not just a one-quarter disruption, but a more structural one: its loan book has greater exposure to ASEAN markets such as Thailand, Vietnam, and Indonesia, where credit quality pressures are more visible amid falling rates and macro uncertainty.\nOf course, bad news can also create opportunity — if UOB’s actual results come in better than the expected -4.4%, or if management offers constructive guidance, the stock could see a stronger-than-expected rebound.\n<h2 id=\"id_1651133671\">💬 Community Discussion</h2>\nWhich Singapore bank are you currently holding or watching?\nWhere do you think the biggest earnings surprise risk lies this quarter?\nAre Singapore bank stocks expensive right now?\nThe big three are currently trading at roughly 1.1x–1.6x P/B, with dividend yields around 5%–6%. Compared with global banks, the valuations are not exactly cheap, but they are supported by stable dividends, solid asset quality, and a predictable regulatory environment.\nDo you think current valuations are fair? Or is the impact of falling margins still being underestimated?\n<h3 id=\"id_3117907371\" style=\"text-align: start;\">For SG users only, welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.</h3>\n<a href=\"https://ttm.financial/post/507537437684112\" title=\"🎉Cash Boost Account Now Supports 35,000+ Stocks &amp; ETFs – Greater Flexibility Now\" class=\"\">🎉Cash Boost Account Now Supports 35,000+ Stocks &amp; ETFs – Greater Flexibility Now</a>\n<ul style=\"\">\n <li>\n Find out more here.</li>\n</ul>\n<blockquote>\n <ul style=\"\">\n <li>\n Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.</li>\n </ul>\n</blockquote></body></html>","text":"$DBS(D05.SI)$ will fire the first shot on April 30, followed by $UOB(U11.SI)$ (May 7) and $OCBC Bank(O39.SI)$ (May 8). Goldman’s latest report gives a clear verdict: overall earnings should be “decent enough,” but the divergence among the three banks is becoming more obvious — net interest margin pressure, wealth management as a bright spot, and credit costs as the biggest hidden risk. Which one are you betting on? Goldman Takeaway: What’s the Core Logic This Quarter? Goldman’s overall forecast for 1Q26 is: quarter-on-quarter recovery, but mild year-on-year pressure. Three numbers will determine the direction of share prices on earnings day: the actual decline in net interest income (NII), the resilience of wealth management fees and cost of credit (CoC) The main drag is structural net interest margin (NIM) compression. Both SORA (Singapore Overnight Rate Average) and HIBOR (Hong Kong Interbank Offered Rate) have moved lower, putting unavoidable pressure on the big three banks’ NII. Now that global rates have peaked and begun to ease, NIM has entered a structural downtrend. The market debate is whether this decline will be a mild adjustment (soft landing) or whether profits will quickly revert(hard landing). Goldman leans toward the former — it believes loan growth, wealth management, and cost control can offset most of the margin pressure, meaning profitability should not collapse off a cliff. But whether that view holds true will be tested in this earnings season. How Will DBS, OCBC, and UOB Diverge? $OCBC Bank(O39.SI)$: The Defensive Favorite, Smallest Year-on-Year Compression Goldman expects OCBC’s earnings to decline just 0.3% YoY, making it the most resilient of the three. Its wealth management business, through Bank of Singapore, has built a deep moat among Asia’s high-net-worth clients, giving it more stable fee income. In addition, OCBC’s balance sheet structure is relatively conservative, so its margin compression tends to be slower than peers in a falling-rate environment. For investors who prefer a steadier profile and do not want to make a high-beta earnings-season bet, OCBC currently offers the highest level of certainty. Goldman maintains a Buy rating. $DBS(D05.SI)$: The Flagship Name, With the Strongest Wealth Management Angle DBS is the largest of the three by market capitalization and also the most diversified. It is Goldman’s other clear Buy-rated name. The core investment case for DBS is that its fee income mix is more exposed than UOB and OCBC to wealth management and capital markets, both of which are seeing the strongest seasonal recovery this quarter. Two numbers matter most for DBS this quarter: the growth rate of wealth management AUM & management’s updated guidance for full-year NIM The latter will directly influence how the market re-prices full-year earnings expectations $UOB(U11.SI)$: Under the Most Pressure, But Has the Valuation Already Discounted It? Goldman expects UOB’s earnings to decline 4.4% YoY, the sharpest drop among the three, and it currently does not carry a Goldman Buy rating. UOB’s issue is not just a one-quarter disruption, but a more structural one: its loan book has greater exposure to ASEAN markets such as Thailand, Vietnam, and Indonesia, where credit quality pressures are more visible amid falling rates and macro uncertainty. Of course, bad news can also create opportunity — if UOB’s actual results come in better than the expected -4.4%, or if management offers constructive guidance, the stock could see a stronger-than-expected rebound. 💬 Community Discussion Which Singapore bank are you currently holding or watching? Where do you think the biggest earnings surprise risk lies this quarter? Are Singapore bank stocks expensive right now? The big three are currently trading at roughly 1.1x–1.6x P/B, with dividend yields around 5%–6%. Compared with global banks, the valuations are not exactly cheap, but they are supported by stable dividends, solid asset quality, and a predictable regulatory environment. Do you think current valuations are fair? Or is the impact of falling margins still being underestimated? For SG users only, welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs. 🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now Find out more here. Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.","highlighted":2,"essential":2,"paper":2,"link":"https://ttm.financial/post/554346181145120","repostId":0,"isVote":1,"tweetType":1,"commentLimit":10,"symbols":["D05.SI","O39.SI","U11.SI"],"verified":2,"subType":2,"readableState":1,"subTypeObject":{"tweetId":554346181145120,"totalAmount":1000,"balance":1000,"end":false,"deadline":1777424626474,"remainingNumber":100},"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":true,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3894,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"isVote":1,"tweetType":1,"viewCount":207,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["U11.SI","S68.SI","GS","D05.SI","O39.SI"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":915,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/555092174918832"}