DBS Group is viewed as better positioned than peers to navigate global
uncertainties, with Macquarie citing its strong balance sheet and credit
buffers; the bank expects 2026 earnings to remain broadly flat and sees supply
chain impacts from the Middle East conflict as manageable, while anticipating
medium-term lending opportunities in infrastructure and renewables, prompting
Macquarie to upgrade the stock to neutral and raise its target price to S$52.38.