DBS Valuation: Why the Math Says $50.84 (Not $56) - Weekly SGX Movers & Shakers 27 Dec 2025

DBS conquers China liquidity, UOB takes a provision hit, and S-REITs crown 2025 as the year of the comeback.

Iggy here. A massive welcome to our new members—we are now 70 strong on YouTube and 30 on Substack! Reminder: The S$9 YouTube membership bundles EVERYTHING (Videos + Substack Research), so that is your ‘Best Buy’ if you are on the fence.

Now, looking at the market this week... it’s been a tale of two cities. While the festive mood has thinned out trading volumes, the “Big Three” banks have finally decoupled in a way that’s impossible to ignore. If you’ve been holding the “STI ETF” and wondering why your portfolio feels a bit lopsided, look no further than the diverging paths of our local lenders.