DBS Group Holdings share price to hit $70?

After galloping to a record high of nearly $60 on 29 January 2026, it appears that the wheels came off the wagon for DBS Group Holdings share price as the counter subsequently fell to $56.90 in early February 2026. The punctured form of DBS Group Holdings share price came after the Singapore bank delivered a subpar financial result that saw net profit for 4QFY2025 decreasing 10% year-on-year to $2.36 billion. The weak result left investors wondered if the counter has peaked.

In this blog, I have always maintained that what goes up must come down. Any stocks that keep going up linearly without corrections are poised for bubble in the making. The recent crash of silver spot price is a classic example. In view of this, the recent correction of DBS Group Holdings share price should be considered healthy.

Looking back, my last article on DBS Group Holdings share price in 2024 was a tribute to former CEO Piyush Gupta. Back then, I had forecast that it would be difficult for the stock to reach $50 unless DBS listed its international transfers platform, Remit. Indeed, DBS Group Holdings share price did not reach $50 in 2024 nor did it list Remit. However, the counter exceeded my expectations when it managed to cross the magical $50 in 2025. What has exactly changed that moved the needle for DBS Group Holdings share price.

Previously, I have maintained that based on business fundamentals alone, it would be difficult for DBS Group Holdings share price to smash past $50. To unlock value, it was essential for DBS to list its digital assets. What I did not foresee was the MAS’s Equity Market Development Programme (EQDP) introduced in February 2025 as part of the Equities Market Review Group’s recommendations to revive SGX. In February 2026, MAS has expanded the EQDP from $5 billion to $6.5 billion. 

Although MAS did not disclose whether the funds released to the asset managers has been used to purchase DBS shares, the matter of fact is that DBS Group Holdings share price enjoyed a splendid rally, surging from $38.10 in April 2025 to the record high of nearly $60 in February 2026. The explosive rally of DBS Group Holdings share price was the longest in recent memory.

Of course, there are those who would argue that the rampant form of DBS Group Holdings share price in 2025 was largely attributed to the series of shares buybacks conducted by the bank. To this end, I do not disagree but it is also important to note that the last shares buybacks took place 11 July 2025. Since then, the counter kept rising till February 2026. On this note, shares buybacks should not be the only major catalyst driving DBS Group Holdings share price to record highs in 2025.

Given that MAS has only released about half the funds for EQDP, I believe there is still potential upside for DBS Group Holdings share price in 2026. Furthermore, DBS has only done about $370 million of shares buybacks out of the total $3 billion buyback programme (about 12%). So yes, I do think that the best is yet to be for DBS Group Holdings share price. In this article, I will share my insights on the outlook for DBS in 2026.

Note that this is an opinion article and not meant to be a financial advice. Please do your due diligence or engage financial advisors before investing in the stock market. Furthermore, I am not vested and have never invested in DBS Group Holdings share before. Whether DBS Group Holdings share price will surge or collapse has no impact on me. Thus, this article is not meant to induce readers to make any form of investment decisions.

DBS Group Holdings share price to scale Mount Everest!

Tan Su Shan became DBS’ first female CEO when she took over Piyush Gupta on 28 March 2025. It would be an understatement to claim that she has [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]

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