Core Viewpoint - The investment director of DBS Group, Hou Weifu, suggests that China has significant fiscal stimulus capacity, which could provide unexpected upward momentum for economic growth if such measures are implemented [1] Group 1: Economic Context - The market has underestimated the impact of tariff escalations by the US on economic growth and inflation [1] - Countries capable of implementing fiscal stimulus measures, including China and Europe, are in a favorable position amid global demand slowdown [1] Group 2: Fiscal Stimulus Potential - China's central government has a leverage ratio of only 25% of GDP, indicating substantial room for fiscal stimulus [1] - This fiscal flexibility allows the government to introduce stimulus measures aimed at boosting domestic consumption [1] Group 3: Investment Strategy - In light of the rapid rise of technology in China, the company maintains an overweight position in Asian markets (excluding Japan) while continuing to invest in US tech stocks to capture long-term growth opportunities [1]

Core Viewpoint - The article compares Canadian Imperial Bank (CM) and DBS Group Holdings Ltd (DBSDY) to determine which is the better undervalued stock option for investors [1]. Group 1: Zacks Rank and Earnings Outlook - Canadian Imperial Bank has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision activity compared to DBS Group Holdings Ltd, which has a Zacks Rank of 3 (Hold) [3]. - The improving earnings outlook for CM makes it a more attractive option in the Zacks Rank model [7]. Group 2: Valuation Metrics - CM has a forward P/E ratio of 10.58, while DBSDY has a forward P/E of 11.63, suggesting CM is more undervalued [5]. - The PEG ratio for CM is 1.31, compared to DBSDY's PEG ratio of 3.49, indicating CM's expected EPS growth is more favorable [5]. - CM's P/B ratio is 1.42, while DBSDY's P/B ratio is 2, further supporting CM's valuation as more attractive [6]. - Based on these metrics, CM holds a Value grade of B, whereas DBSDY has a Value grade of D [6].

Group 1 - DBS Group is currently facing a dilemma regarding the management of its capital, as its balance sheet is already well-capitalized [1] - A logical solution for the company is to adopt a long-term, buy-and-hold investment strategy, focusing on stocks that can sustainably generate high-quality earnings [1]

Group 1 - The previous analysis on DBS Group Holdings maintained a neutral stance due to an increase in share price [1] - The company has a beneficial long position in its shares, indicating confidence in its future performance [1] Group 2 - The article does not provide specific investment recommendations or advice regarding DBS Group Holdings [2] - It emphasizes that past performance is not indicative of future results, highlighting the inherent uncertainties in investment [2]

Core Viewpoint - DBS Group Holdings Ltd has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Impact - The Zacks rating system highlights the importance of changing earnings estimates in determining near-term stock price movements, making it a valuable tool for investors [2][3]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in stock price movements due to their large transactions [3]. Business Improvement Indicators - The upgrade in rating for DBS Group reflects an improvement in the company's underlying business, which is expected to drive the stock price higher as investors recognize this trend [4]. Earnings Estimate Revisions - For the fiscal year ending December 2025, DBS Group is projected to earn $11.84 per share, representing a 10.3% increase from the previous year [7]. - Over the past three months, the Zacks Consensus Estimate for DBS Group has risen by 3.2%, indicating a positive outlook from analysts [7]. Zacks Rank System Overview - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks which have averaged a +25% annual return since 1988 [6]. - The upgrade of DBS Group to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [9].

Group 1: Industry Overview - Victory Capital Holdings operates within the Financial - Investment Management industry, which consists of 37 stocks and is currently ranked 59. The industry has experienced a growth of +38.6% year-to-date [1] - DBS Group Holdings Ltd (DBSDY) is part of the Banks - Foreign industry, which includes 66 stocks and is currently ranked 74 in the Zacks Industry Rank. This group has seen an average gain of 11% so far this year, indicating that DBSDY is outperforming its peers [5] Group 2: Company Performance - DBS Group Holdings Ltd has achieved a return of 39.1% year-to-date, significantly higher than the average return of 21.6% for Finance companies [7] - The Zacks Consensus Estimate for DBSDY's full-year earnings has increased by 1.5% over the past quarter, reflecting improved analyst sentiment and a stronger earnings outlook [2] - Victory Capital Holdings has also shown strong performance, with a year-to-date return of 93.5% and a consensus EPS estimate increase of 1.1% over the past three months, currently holding a Zacks Rank of 1 (Strong Buy) [5][8] Group 3: Investment Sentiment - The Zacks Rank system, which focuses on earnings estimates and revisions, currently ranks DBS Group Holdings Ltd at 2 (Buy), suggesting a positive outlook for the stock [4] - Both DBS Group Holdings Ltd and Victory Capital Holdings are highlighted as stocks to watch for investors interested in the Finance sector due to their solid performance [9]

Core Insights - DBS Group Holdings maintains a strong capital position despite increased regulatory scrutiny following an online banking system outage [1] Group 1: Company Overview - DBS Group Holdings is recognized for its robust capital position, which has been sustained even during challenging regulatory environments [1] Group 2: Management and Strategy - The management of DBS Group has shown resilience and capability in navigating regulatory challenges while maintaining capital strength [1]

星展证券（中国）40%股权8.23亿元底价成交 星展集团CEO此前称有意接手 财联社11月25日电，上海 联合产权交易所最新信息显示，星展证券（中国）有限公司两笔股权转让项目已于11月21日成交，转让 比例合计为40%，交易价格即转让底价8.23亿元。 此前，在9月25日星展集团新闻发布会上，星展集团首席执行官高博德曾表示："我们有意将星展证券的 持股比例从51%提升至91%，这一步骤目前正等待相关监管部门的批准。 "（财联社记者 郭子硕） ...

Group 1 - Many foreign bank stocks did not experience the same positive reaction from last week's election as U.S. bank stocks did [1] - DBS Group Holdings Ltd from Singapore is noted as an exception to this trend, although the reasons are likely unrelated to the election [1] Group 2 - The investment approach favored is a long-term, buy-and-hold strategy, focusing on stocks that can sustainably generate high-quality earnings [1]

Financial Data and Key Metrics Changes - The company is planning to return an additional $3 billion to $5 billion in capital to shareholders, with a total buyback capacity of a couple of billion dollars before facing challenges from Temasek's shareholding [3][4][7] - The company reported a loan growth of approximately 2% for the year, with expectations to reach 3% to 5% next year, driven by a healthy pipeline across various sectors [17][18] Business Line Data and Key Metrics Changes - The company has seen a strong recovery in the wealth management segment, with investment assets under management (AUM) reaching a record 56%, indicating growth potential in this area [54][55] - The corporate banking segment has performed well, particularly in India, which has been identified as a strong growth market [44] Market Data and Key Metrics Changes - The company is experiencing increased demand in sectors such as renewables, infrastructure, and technology, with a notable return of leverage buyouts and organic growth in Asia [18][31] - The connectivity growth story is highlighted by a 30% increase in trade growth, particularly in the ASEAN region, driven by intra-regional trade [31][66] Company Strategy and Development Direction - The company aims to continue focusing on high-return businesses, including wealth management and FICC (fixed income, currencies, and commodities), while leveraging technology and digital transformation for productivity gains [32][30] - The management is open to exploring M&A opportunities in markets like Malaysia and Indonesia, contingent on favorable pricing and integration capabilities [33][60] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious but optimistic outlook, noting that while the current earnings capacity is elevated, future growth will depend on interest rate movements and economic conditions [10][12] - The company has conducted stress tests on various macroeconomic factors, including tariffs and oil prices, indicating preparedness for potential regulatory changes [68][69] Other Important Information - The company has maintained a general provision (GP) of $2.3 billion, with a focus on macroeconomic variables and downside scenarios influencing its assessment [48][50] - The tax rate in Singapore is expected to increase to a minimum of 15%, which will impact the company's tax expenses by approximately $400 million next year [21] Q&A Session Summary Question: On share buybacks and Temasek's shareholding - Management indicated that buybacks will be executed on weakness, with a focus on maintaining flexibility regarding Temasek's shareholding levels [3][7] Question: On asset-liability management (ALM) and loan growth - The company is managing its ALM effectively, with a focus on yield pickup and maintaining a healthy loan growth pipeline across various sectors [9][17] Question: On wealth management performance and investment ratios - The wealth management segment has seen significant growth, with a focus on increasing investment ratios and onboarding new clients [54][55] Question: On connectivity and stress testing for tariffs - Management has conducted stress tests on various macroeconomic factors and is well-positioned to assist clients in navigating regulatory changes [68][69]