DBS Hits New Highs! JPMorgan Releases 2026 SG Top Picks: Do You Agree?
$DBS(D05.SI)$ has recently continued to set new highs, with its share price up 36% year to date. As both DBS and OCBC delivered exceptional performance in 2025, can investors continue to hold these names into 2026?
Some institutions expect the financial sector to remain a key beneficiary under Trump-era policies. During Trump’s previous presidency, deregulation in the financial sector helped drive a sharp rally in major bank stocks.
JPMorgan believes there is significant upside potential for Singapore equities in 2026.
According to JPMorgan analysts, ASEAN equity markets are approaching a turning point in 2026. After years of underperformance, corporate earnings and valuations are expected to recover simultaneously.
The Monetary Authority of Singapore (MAS) has also introduced supportive policy measures. JPMorgan argues that the current market rally “still has a long way to go.” With new initiatives such as the SGD 5 billion Equity Market Development Programme and the SGX–Nasdaq dual-listing connectivity framework, the return on equity (ROE) of Singapore-listed companies could rise to a historical high of 12%, up from around 10% currently.
At the same time, global fund allocation to Singapore equities remains relatively low. Meanwhile, as much as SGD 70 billion in excess cash is gradually rotating from bank deposits into equities, providing strong structural support for the stock market.
JPMorgan has named DBS, $Keppel(BN4.SI)$ , $CityDev(C09.SI)$ , $CapLand IntCom T(C38U.SI)$ , $ST Engineering(S63.SI)$ , $Sea Ltd(SE)$ , and $Singtel(Z74.SI)$ as its top Singapore stock picks for 2026.
By contrast, $UOB(U11.SI)$ and $YZJ Shipbldg SGD(BS6.SI)$ were placed on its less-favored list.
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Do you think DBS will continue to shine in 2026?
How do you view JPMorgan’s Singapore top picks?
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For new investors, do you know that apart from $Sea Ltd(SE)$ the other 6 stocks are listed in STI ETF?
SEA is the only stock that is listed in NYSE. SEA offers explosive growth potential through its ECommerce (Shopee), digital entertainment (Garena) and fintech (SEA Money) segments. SEA is suitable for those investors willing to take in more volatility and forex risk.
$STI ETF(ES3.SI)$ had an amazing year & has delivered a staggering 27% return year todate.
For years the Singapore market was often overlooked in favour of flashier US tech growth but not any longer.
I am happy that 2025 is a great year for the Singapore market. May 2026 be another phenomenal year for Singapore.🌈🌈💰💰
@Tiger_comments @Tiger_SG @TigerStars @TigerClub @CaptainTiger
I’m aligned with JPMorgan’s constructive view on Singapore equities. Supportive MAS policies, market development initiatives, and low global allocations suggest the market rerating still has room to run into 2026.
JPMorgan’s top picks look balanced, with Keppel $Keppel(BN4.SI)$ , CapitaLand Integrated Commercial Trust $CapLand IntCom T(C38U.SI)$ , ST Engineering $ST Engineering(S63.SI)$ , and Singtel $Singtel 10(Z77.SI)$ offering stability, while Sea adds growth. For 2026, I would stay overweight quality banks like DBS and selectively add defensives and regional growth names.
@Tiger_comments @TigerStars @Tiger_SG
JPM is confident in DBS (D05) due to its robust wealth management growth, leading to expectations of continued share buybacks or special dividends in 2026
The selection by JPM focuses on a mix of defensive income, with DBS (D05) for growth, Keppel (BN4) for sustainability, CityDev (C09) for real estate, CapLand IntCom T (C38U) for REITs, ST Engineering (S63) for diversification, SEA Ltd (SE) for e-commerce, Singtel (Z74) for telecom, while UOB (U11) and YZJ Shipbldg SGD (BS6) are placed on the less-favored list due to competition and volatility, respectively。。。
The top picks for 2026 highlight companies positioned to capitalize on key growth sectors such as digital finance, green energy, and real estate
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@Huat99
@Snowwhite
JPMorgan should have pick Frasers Ctr Pt Trust as well in view that it is the biggest suburban retail mall owner in SG. Just go to mall like North point or Nex. They are like full of crowd everyday. Cheers. [Smile] [Shy] [Tongue]
DBS should remain a strong core holding, supported by solid capital buffers, disciplined management, and an attractive dividend. However, upside is likely to be gradual rather than explosive, with returns driven more by income, wealth management, and asset quality than by further rate tailwinds.
JPMorgan’s Singapore picks
JPMorgan’s picks lean towards stability over speculation. DBS anchors the list, while names like ST Engineering, Keppel, and Singtel add exposure to defence, energy transition, and restructuring themes.
Bottom line
DBS continues to shine as a dependable anchor, not a breakout play. JPMorgan’s strategy suits a steadier, lower-volatility 2026.