SG Morning Call | Singapore Stocks Open High; DBS Jumps 2.5% After Earning

Market Snapshot

Singapore stocks opened higher on Thursday. STI rose 0.5%; DBS rose 2.5% after earning.

Stocks in Focus

$DBS(D05.SI)$: The lender posted a net profit of S$2.93 billion for its first quarter ended Mar 31, up 1 per cent from S$2.9 billion in the year-ago period. The earnings beat the S$2.88 billion consensus forecast in a Bloomberg survey of six analysts and were due to strong wealth management performance. DBS also announced a total dividend of S$0.81 per share. The counter closed down 0.3 per cent or S$0.19 at S$56.56 on Wednesday.

$Wilmar(F34.SI)$:: The agribusiness group reported a 22.8 per cent decrease in net profit to US$265.6 million for the first quarter ended Mar 31, from US$343.9 million in the corresponding year-ago period. Revenue for the quarter grew 21.9 per cent to US$19.8 billion from US$16.2 billion in the year-ago period, it said on Wednesday. Shares of Wilmar closed up 1.3 per cent or S$0.05 at S$3.83 on Wednesday, before the results.

$Sheng Siong(OV8.SI)$: The supermarket operator recorded a 12.6 per cent increase in net profit to S$43.4 million for the first quarter ended Mar 31, from S$38.5 million the year before. Revenue grew 12.4 per cent to S$452.8 million, from S$403 million in the corresponding period last year. The counter closed at S$2.99 on Wednesday, down 0.7 per cent or S$0.02, before the results.

$Starhill Global Real Estate Investment Trust(P40U.SI)$ (Reit): The manager of the Reit posted a net property income of S$37.9 million for the third quarter ended Mar 31, unchanged from the previous corresponding period. The performance was supported by stronger contributions from Ngee Ann City in Singapore and Lot 10 in Kuala Lumpur, as well as the appreciation of the Australian dollar and Malaysian ringgit against the Singapore dollar, the manager said on Wednesday. Units of Starhill Global Reit fell 0.9 per cent to close S$0.005 lower at S$0.55 on Wednesday.

$CDL Hospitality Trust(J85.SI)$ (CDLHT): Its net property income was up 10.4 per cent at S$33.1 million for the first quarter ended Mar 31, from S$30 million in the same year-ago period. Based on a Thursday statement, revenue increased by 5.9 per cent on the year to S$67.1 million for Q1, driven by “broad-based growth” across a majority of its portfolio markets, apart from that of Japan and the Maldives. Stapled securities of CDLHT closed on Wednesday 1.2 per cent or S$0.01 lower at S$0.80.

$City Developments(C09.SI)$ (CDL): An ongoing strategic review conducted by CDL was “timely”, after the company went through “some difficulties” and internal disputes last year, said group CEO Sherman Kwek at a packed shareholders’ meeting on Wednesday. The review will be discussed at a May board strategy meeting, with the details expected to be revealed by end-June, he added. The counter ended Wednesday 1 per cent or S$0.08 higher at S$8.49, before the news.

SG Local News

Singapore's DBS Keeps 2026 Outlook Largely Unchanged, Q1 Profit Beats Forecasts

DBS Group kept its 2026 outlook largely unchanged, with rate headwinds to income expected to be largely mitigated after Singapore's biggest bank on Thursday posted a 1% rise in first-quarter net profit ​as wealth management drove earnings.

"While the Iran war and its potential second-order effects have ​added uncertainty to the outlook, our stress tests indicate that our credit portfolio ⁠remains sound," DBS CEO Tan Su Shan said in a statement.

In slides accompanying ​the results, Tan said rate headwinds to net interest income were now expected to be "largely mitigated," assuming rates stay at current levels, while non-interest income could see upside if market sentiment improves.

Wilmar's First-Quarter Profit Slides as Hedging Losses Offset Stronger Sales

Singapore-listed Wilmar International reported a 23% ​fall in first-quarter core net profit on Wednesday, as ‌the food conglomerate's higher sales volume was offset by hedging losses from commodity price volatility caused by the U.S.-Iran war.

The feed ​and industrial segment, the company's biggest revenue generator, ​sold 15.9 million tons of product during the quarter, ⁠up 11.7% over a year earlier, while sales volume ​at its food segment jumped 22.3%.

However, earnings were pressured ​by sharp swings in commodity prices as the U.S.-Iran war unsettled energy markets and disrupted global trade flows, resulting in temporary unrealised mark-to-market ​losses on the company's hedging positions.