SG Morning Call | Singapore Stocks Open Higher on Monday; DBS Drops Over 1% After Earnings

Market Snapshot

Singapore stocks opened higher on Monday. STI rose 0.02%; DBS fell 1.4% after earnings; NIO rose 3%; Yangzijiang Shipbuilding, iFast, and Keppel rose 2%; SIA rose 0.8%; Sembcorp rose 0.7%; UOB rose 0.4%.

Stocks in Focus

$DBS(D05.SI)$: The bank posted a net profit of S$2.26 billion for its fourth quarter ended Dec 31, 2025, down 10 per cent from S$2.52 billion in the year-ago period. Excluding the S$100 million set aside for corporate social responsibility commitments, net profit would have been S$2.36 billion. The bank said on Monday that stronger fee income and treasury customer sales were more than offset by rate headwinds, higher tax expenses and the absence of non-recurring gains recorded a year ago. Its shares closed 0.6 per cent or S$0.36 lower at S$59.30 on Friday.

$Frasers Property(TQ5.SI)$: The developer logged S$1.4 billion in pre-sold residential revenue across Singapore, Australia, Thailand and China for its first quarter ended Dec 31, 2025, it said on Friday. China accounted for S$500 million of the pre-sold revenue, up from S$400 million as at Sep 30. The improvement follows Frasers Property’s launch of the first phase of unit sales at the Fang Song Community high-end residential project in Shanghai. The counter ended Friday S$0.02 or 1.8 per cent lower at S$1.08, before the news.

Elite UK Real Estate Investment Trust (Reit) : 0%: The manager of the Reit on Monday posted a distribution per unit of £0.0149 for the second half ended Dec 31, for the second half of the 2025 financial year ended Dec 31, representing a payout ratio of 95 per cent. The manager noted that the mitigation of risk factors enabled the Reit to maintain this higher distribution payout ratio. Revenue for the half-year grew 1.1 per cent year on year to £18.6 million (S$32.2 million) from £18.4 million. Units of Elite UK Reit closed flat at £0.355 on Friday.

$Creative Technology(MXNU.SI)$: The group’s chief executive Sim Li Ern – a nephew of its late founder Sim Wong Hoo – became the company’s chairman on Friday. The group also appointed Chew Kian Giap, another nephew of the late Sim, as a non-executive, non-independent director effective from Friday. The company’s shares ended Friday at S$0.715, up S$0.01 or 1.4 per cent.

$Casa Holdings(C04.SI)$: Casa Holdings on Monday requested for a trading halt with immediate effect pending the release of an announcement; the counter closed Friday 17.9 per cent or S$0.02 higher at S$0.132.

SG Local News

Singapore Bank DBS Q4 Net Profit Misses Forecasts, Flags Rate Headwinds in 2026

Singapore's biggest bank DBS Group on Monday maintained expectation that net profit this year will dip slightly from 2025's, after posting a 10% drop in fourth-quarter earnings that was weighed down by a lower net interest margin.

DBS, which is also Southeast Asia's largest bank by assets, said October-December net profit dropped to S$2.26 billion ($1.78 billion) from S$2.52 billion a year earlier.

That missed the mean estimate of nearly S$2.55 billion from two analysts, according to LSEG data.

Singapore’s Investment Commitments Rise 5.3% to S$14.2 Billion in 2025

The Republic anchored some S$14.2 billion in fixed asset investment (FAI) commitments in 2025, more than a third of which were in electronics, the Economic Development Board (EDB) said in its annual year-in-review on Monday (Feb 9).

This was 5.3 per cent higher than the S$13.5 billion secured in 2024. FAI refers to a company’s incremental capital investment in facilities, equipment and machinery.

Total business expenditure commitments rose 6 per cent to S$8.9 billion, from S$8.4 billion in 2024, with the majority coming from investments in headquarters, professional services, and research and development (R&D).

Singapore’s Strong GDP Growth Will Drive Operating Revenue Outperformance, Higher Fiscal Surplus: Economists

After the first nine months of Singapore’s 2025 fiscal year, the government’s operating revenue looks set to surpass the full-year estimate, with private-sector economists pencilling in a larger-than-expected surplus.

While this will boost the Republic’s fiscal firepower for addressing future needs, economists believe Budget 2026 support measures will be targeted. 

Operating revenue was S$98.5 billion for the nine months ended Dec 31, 2025, data from the Accountant-General’s Department showed, or 80.2 per cent of the full-year forecast of S$122.8 billion.