The key point is that banks are no longer relying purely on net interest margins. Wealth management, fees and trading income are becoming increasingly important as rates come down.
That said, after a 20%+ rally, I wouldn’t chase aggressively at current levels. The STI now needs earnings and dividends to catch up with the valuation.
My view: 5,400–5,700 could be a consolidation zone. If bank earnings remain strong and capital continues flowing into Singapore, a break above 5,700 could open the door to 6,000.
I’m choosing D — Holding Steady. I’d rather collect dividends and wait for pullbacks or sector rotation than chase the index at a record high.
Singapore’s story still looks solid — but from here, earnings matter more than momentum.
@SGX_Stars [龇牙]
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