STI Falls 0.57% to 5,721.33 as All Three Banks Retreat Despite DBS's Record Profit

Wednesday, 12 August 2026 · Longbridge Singapore

The Straits Times Index closed at 5,721.33 on Wednesday, down 32.84 points, or 0.57%, after trading between an intraday low of 5,707.01 and a high of 5,755.84. Declines were broad-based: 16 of the benchmark's 30 constituents closed lower against 10 advancers and four unchanged, with all three local banks among the session's laggards even as several property, shipbuilding and gaming counters advanced.

The session's weight was tilted by the banks. DBS fell 1.48% despite reporting record second-quarter net profit of S$3.08 billion and drawing higher price targets from RHB Group and UOB Kay Hian, while OCBC and UOB slipped 0.54% and 0.50% respectively. One report on the results noted analysts have grown split on the sector's outlook — more upbeat on DBS and OCBC's wealth-management momentum than on UOB, which faces questions over strategy execution and asset quality — a divergence that did not stop all three from closing lower in tandem. Outside the banks, gains in developers, shipbuilders and gaming names kept the index's decline in check.

Session Movers

UOL Group (U14.SG, +2.42%) was the session's best performer, extending a move that began August 6, when DBS Group Research named it one of seven Singapore "deep-value" picks tied to the S$5 billion Equity Development Market Programme, citing scope for asset monetisation and capital recycling under a Buy rating. The counter is also advancing plans to redevelop Marina Square, with tenants DP Architects and PSB Academy set to vacate by the first half of 2027 ahead of a partial revamp with co-owner SingLand. UOL trades at 0.71 times book, within its one-year range of 0.59–0.75 times, with a consensus Buy target of S$12.08 implying about 19% upside as of August 7.

Yangzijiang Shipbuilding (BS6.SG, +1.29%) added to Tuesday's near-11% surge, continuing its rally after first-half net profit rose 28.4% year-on-year to 5.4 billion yuan on higher contract prices and a more favourable product mix. Citi and CGS International both raised target prices and forecasts this week, citing strong order visibility, though analysts have cautioned that sustaining the momentum depends on securing fresh orders. The stock now trades at 2.9 times book, above its own one-year high of 2.77 times and the richest multiple among shipbuilding peers, whose industry median is 1.29 times.

DBS (D05.SG, -1.48%) was the session's sharpest decliner even after reporting record second-quarter net profit of S$3.08 billion, with wealth-management fees surging on stronger investment-product sales and bancassurance income. RHB Group and UOB Kay Hian responded by raising their target prices to S$81.20 and S$80 respectively, both above Wednesday's S$75.85 close. The retreat came as the stock already traded at 3.12 times book, above its own five-year high of 2.06 times and richer than at any point in the past five years.

Jardine Cycle & Carriage (C07.SG, -1.9%) was the session's weakest constituent, giving back some of the gains from its early-August rally, when the stock jumped 7.6% on a proposed special dividend of US$1.01 a share combining cash and an in-specie distribution of Toyota Motor shares. That announcement came alongside a 2% decline in first-half net profit to S$464 million and a proposed renaming to Jardine Matheson Southeast Asia. The stock trades at 8.8 times earnings, below the industry median of 16.55 times, with a consensus Hold rating and an S$28.59 target set August 5.

One point worth noting

Wednesday marked just the second session since August 5 in which all three local banks closed lower together — DBS down 1.48%, OCBC down 0.54% and UOB down 0.50% — reversing Tuesday's aligned gains. Record earnings and fresh target-price increases did not prevent the pullback, a pattern that echoes August 5's synchronised decline, which also followed a run of strong sector headlines — suggesting Wednesday's move reflects profit-taking rather than a shift in the earnings narrative.

This recap is for informational purposes only and does not constitute investment advice.

STI收跌0.57%报5,721.33点，三大银行同步下挫，星展创纪录利润未能提振股价

2026年8月12日星期三 · 长桥新加坡

海峡时报指数周三收报5,721.33点，跌32.84点，跌幅0.57%，全天在5,707.01至5,755.84点之间震荡。跌势较为普遍：30只成分股中16只下跌、10只上涨、4只持平，本地三大银行股均位列跌幅榜，尽管地产、造船与博彩类股逆势上涨。

本次下跌的主要拖累来自银行股。星展集团（DBS）股价下跌1.48%，尽管公司公布第二季度净利润创纪录达30.8亿新元，并获RHB集团与大华继显（UOB Kay Hian）上调目标价，华侨银行（OCBC）、大华银行（UOB）也分别下跌0.54%与0.50%。有报道指出，分析师对银行板块前景看法出现分化——对星展与华侨银行的财富管理业务动能更为乐观，对大华银行的策略执行与资产质量仍存疑虑——但这一分化并未阻止三大银行股当天同步下跌。银行股之外，地产、造船与博彩类股的涨势缓解了指数跌幅。

个股焦点

UOL集团（UOL Group，U14.SG，+2.42%）是当天个股焦点中表现最佳的一只，延续了8月6日以来的涨势——星展银行研究部当时将其列为受新加坡「股权发展市场计划」（Equity Development Market Programme，规模50亿新元）带动的七只「深度价值」股之一，看好其资产变现与资本回收空间，并维持「买入」评级。公司同时推进滨海广场（Marina Square）部分改造计划，主要租户DP Architects与PSB Academy将于2027年上半年前迁出，为与联营方新加坡置地（SingLand）的改造让路。该股市净率0.71倍，处于过去一年0.59至0.75倍区间内，8月7日设定的共识「买入」目标价12.08新元，较现价约有19%上行空间。

扬子江船业（Yangzijiang Shipbuilding，BS6.SG，+1.29%）在周二大涨近11%后再度上涨，延续了此前上半年净利润同比增长28.4%至53.68亿元人民币的涨势，主要受合同价格上升及产品结构改善带动。花旗与中信建投国际（CGS International）本周均上调目标价及盈利预测，称订单能见度强劲，但也提醒涨势能否持续仍取决于能否尽快获得新订单。该股目前市净率达2.9倍，高于其自身近一年2.77倍的高点，也是造船同业中估值最高的一只，行业中位数仅1.29倍。

星展集团（DBS，D05.SG，-1.48%）是当天跌幅最深的一只，尽管公司公布第二季度净利润创纪录达30.8亿新元，财富管理手续费收入在投资产品销售与保险代理业务带动下大幅增长，RHB集团与大华继显分别将目标价上调至81.20新元与80新元，均高于周三75.85新元的收盘价。该股当前市净率3.12倍，已高于其自身近五年高点2.06倍，为近五年来估值最贵的时点，这一背景下的回调值得留意。

怡和合发（Jardine Cycle & Carriage，C07.SG，-1.9%）是当天表现最差的成分股，回吐了8月初的部分涨幅——当时该股因宣布每股1.01美元的特别股息（现金与丰田汽车实物股票分派相结合）而单日大涨7.6%，同期公司上半年净利润同比下滑2%至4.64亿新元，并提议更名为怡和东南亚有限公司（Jardine Matheson Southeast Asia）。该股目前市盈率8.8倍，低于行业中位数16.55倍，共识评级为「持有」，8月5日设定的目标价为28.59新元。

一个值得注意的点

周三是8月5日以来第二次出现三大银行股同步下跌——星展跌1.48%、华侨银行跌0.54%、大华银行跌0.50%——扭转了周二三行同步上涨的局面。创纪录的业绩与随之而来的目标价上调并未阻止此次回调，这一模式与8月5日的情形相似——彼时同样是在一连串利好消息后出现同步下跌——似乎更多反映获利了结，而非银行股基本面叙事出现转变。

本文仅供参考，不构成任何投资建议。

STI收跌0.57%報5,721.33點，三大銀行同步下挫，星展創紀錄利潤未能提振股價

2026年8月12日星期三 · 長橋新加坡

海峽時報指數週三收報5,721.33點，跌32.84點，跌幅0.57%，全天在5,707.01至5,755.84點之間震盪。跌勢較為普遍：30檔成分股中16檔下跌、10檔上漲、4檔持平，本地三大銀行股均位列跌幅榜，儘管地產、造船與博彩類股逆勢上漲。

本次下跌的主要拖累來自銀行股。星展集團（DBS）股價下跌1.48%，儘管公司公佈第二季淨利潤創紀錄達30.8億新元，並獲RHB集團與大華繼顯（UOB Kay Hian）上調目標價，華僑銀行（OCBC）、大華銀行（UOB）也分別下跌0.54%與0.50%。有報導指出，分析師對銀行板塊前景看法出現分化——對星展與華僑銀行的財富管理業務動能更為樂觀，對大華銀行的策略執行與資產品質仍存疑慮——但這一分化並未阻止三大銀行股當天同步下跌。銀行股之外，地產、造船與博彩類股的漲勢緩解了指數跌幅。

個股焦點

UOL集團（UOL Group，U14.SG，+2.42%）是當天個股焦點中表現最佳的一檔，延續了8月6日以來的漲勢——星展銀行研究部當時將其列為受新加坡「股權發展市場計畫」（Equity Development Market Programme，規模50億新元）帶動的七檔「深度價值」股之一，看好其資產變現與資本回收空間，並維持「買進」評等。公司同時推進濱海廣場（Marina Square）部分改造計畫，主要租戶DP Architects與PSB Academy將於2027年上半年前遷出，為與聯營方新加坡置地（SingLand）的改造讓路。該股股價淨值比0.71倍，處於過去一年0.59至0.75倍區間內，8月7日設定的共識「買進」目標價12.08新元，較現價約有19%上行空間。

揚子江船業（Yangzijiang Shipbuilding，BS6.SG，+1.29%）在週二大漲近11%後再度上漲，延續了此前上半年淨利潤按年增長28.4%至53.68億元人民幣的漲勢，主要受合約價格上升及產品結構改善帶動。花旗與中信建投國際（CGS International）本週均上調目標價及盈利預測，稱訂單能見度強勁，但也提醒漲勢能否持續仍取決於能否儘快取得新訂單。該股目前股價淨值比達2.9倍，高於其自身近一年2.77倍的高點，也是造船同業中估值最高的一檔，行業中位數僅1.29倍。

星展集團（DBS，D05.SG，-1.48%）是當天跌幅最深的一檔，儘管公司公佈第二季淨利潤創紀錄達30.8億新元，財富管理手續費收入在投資產品銷售與保險代理業務帶動下大幅增長，RHB集團與大華繼顯分別將目標價上調至81.20新元與80新元，均高於週三75.85新元的收盤價。該股當前股價淨值比3.12倍，已高於其自身近五年高點2.06倍，為近五年來估值最貴的時點，這一背景下的回檔值得留意。

怡和合發（Jardine Cycle & Carriage，C07.SG，-1.9%）是當天表現最差的成分股，回吐了8月初的部分漲幅——當時該股因宣佈每股1.01美元的特別股息（現金與豐田汽車實物股票分派相結合）而單日大漲7.6%，同期公司上半年淨利潤按年下滑2%至4.64億新元，並提議更名為怡和東南亞有限公司（Jardine Matheson Southeast Asia）。該股目前本益比8.8倍，低於行業中位數16.55倍，共識評等為「持有」，8月5日設定的目標價為28.59新元。

一個值得注意的點

週三是8月5日以來第二次出現三大銀行股同步下跌——星展跌1.48%、華僑銀行跌0.54%、大華銀行跌0.50%——扭轉了週二三行同步上漲的局面。創紀錄的業績與隨之而來的目標價上調並未阻止此次回檔，這一模式與8月5日的情形相似——當時同樣是在一連串利多消息後出現同步下跌——似乎更多反映獲利了結，而非銀行股基本面敘事出現轉變。

本文僅供參考，不構成任何投資建議。