Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

DBS Group Holdings (DBS SP): Accounting Forensics Affirms Quality, Not the Overlay Direction

Equity Bottom-Up

<ul>
<li>DBS posted a record S$3.08bn 2Q26 net profit, +9% YoY, beating consensus by ~7% as wealth fees, treasury sales and trading offset an 18bp NIM decline.</li>
<li>Management raised FY26 guidance on every income line and crossed S$500bn wealth AUM, but CET1 slipped 30bp QoQ as capital return outpaced retained capital generation.</li>
<li>We believe DBS is already near fair value of S$75.00 (3.0x BVPS) — GGM fair value of ~S$53 confirms the stock is priced for flawless execution, not further re-rating.</li>
</ul>


DBS posted a record S$3.08bn 2Q26 net profit, +9% YoY, beating consensus by ~7% as wealth fees, treasury sales and trading offset an 18bp NIM decline.
Management raised FY26 guidance on every income line and crossed S$500bn wealth AUM, but CET1 slipped 30bp QoQ as capital return outpaced retained capital generation.
We believe DBS is already near fair value of S$75.00 (3.0x BVPS) — GGM fair value of ~S$53 confirms the stock is priced for flawless execution, not further re-rating.


(DBS SP) 2Q26: Record Profit Confirms Quality, But the Premium Already Prices Perfection