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DBS Group Holdings (DBSDY)
OTHER OTC:DBSDY
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DBS Group
(OTC:DBSDY)
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Rating:83Outperform
Price Target:
$213.00
â–²(18.22% Upside)
DBS Group's overall stock score is driven by its strong financial performance and positive earnings call results. The company's robust revenue growth, effective leverage management, and solid asset quality are significant strengths. Technical indicators and valuation metrics also support a positive outlook, although interest margin compression and increased tax expenses present some challenges.
Positive Factors
Strong Financial Performance
DBS's robust revenue and net income growth indicate a solid financial foundation, enhancing its ability to invest in strategic initiatives and withstand economic fluctuations.
Wealth Management Growth
The significant growth in wealth management reflects DBS's effective client acquisition and retention strategies, contributing to long-term revenue stability and diversification.
Effective Risk Management
Prudent risk management with a substantial GP overlay positions DBS to handle potential economic stress, ensuring resilience and stability in uncertain environments.
Negative Factors
Hong Kong Asset Quality Concerns
Rising non-performing loans in Hong Kong indicate asset quality issues, potentially impacting profitability and requiring increased provisions, which could strain resources.
SME Stress in Hong Kong
Stress in Hong Kong's SME sector due to high interest rates may lead to reduced lending opportunities and increased credit risk, affecting DBS's regional performance.
Seasonal Decline in Wealth Management
A seasonal decline in wealth management could signal volatility in this revenue stream, necessitating strategies to mitigate such fluctuations and stabilize earnings.
DBS Group (DBSDY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$130.11B
Dividend Yield4.56%
Average Volume (3M)4.11K
Price to Earnings (P/E)15.3
Beta (1Y)0.42
Revenue Growth4.50%
EPS Growth8.21%
CountryUS
Employees41,000
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.20
Shares Outstanding709,505,400
10 Day Avg. Volume10,522
30 Day Avg. Volume4,106
Financial Highlights & Ratios
PEG Ratio0.92
Price to Book (P/B)1.81
Price to Sales (P/S)3.21
P/FCF Ratio8.61
Enterprise Value/Market Cap0.00
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
DBS Group Business Overview & Revenue Model
Company DescriptionDBS Group Holdings Ltd provides financial products and services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. It operates through Consumer Banking/Wealth Management, Institutional Banking, Treasury Markets, and Others segments. The Consumer Banking/Wealth Management segment offers banking and related financial services, including current and savings accounts, fixed deposits, loans and home finance, cards, payments, investment, and insurance products for individual customers. The Institutional Banking segment provides financial services and products for bank and non-bank financial institutions, government-linked companies, large corporates, and small and medium sized businesses. Its products and services comprise short-term working capital financing and specialized lending; cash management, trade finance, and securities and fiduciary services; treasury and markets products; and corporate finance and advisory banking, as well as capital markets solutions. The Treasury Markets segment is involved in the structuring, market-making, and trading in a range of treasury products. The Others segment offers Islamic banking services. The company was founded in 1968 and is headquartered in Singapore.
How the Company Makes MoneyDBS Group generates revenue through multiple key streams, primarily from interest income and non-interest income. Interest income is derived from lending activities, including personal loans, mortgages, and business loans, where the bank earns interest on the funds it lends out. Non-interest income comes from fees and commissions related to banking services, such as transaction fees, advisory fees for mergers and acquisitions, investment management fees, and wealth management services. Additionally, DBS benefits from treasury and market activities, including foreign exchange trading and derivatives. Strategic partnerships with fintech companies and a strong focus on digital banking initiatives have also enhanced its ability to attract customers and increase transaction volumes, contributing positively to its overall earnings.
DBS Group Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 09, 2026
Earnings Call Sentiment Positive
The earnings call presented a strong performance with record-breaking revenue and robust growth in fee income and wealth management segments. Despite challenges like increased tax expenses and interest margin compression, the bank's asset quality remained resilient, and it achieved significant deposit growth.Q3-2025 Updates
Positive Updates
Record-Breaking Revenue and Profit
Third quarter pretax profit rose 1% to a record $3.48 billion with a ROE of 17.1%. Total income grew 3% to a new high of $5.93 billion.
Strong Fee Income Growth
Fee income rose 22% year-on-year to a record $1.36 billion, led by wealth management, and treasury customer sales reached a new high.
Resilient Asset Quality
Asset quality remained resilient with an NPL ratio stable at 1.0% and specific allowances at 15 basis points of loans.
Significant Deposit Growth
Total deposits rose 3% or $19 billion during the quarter, with a CASA ratio rising to 53%.
Wealth Management Segment Surge
Wealth management segment income grew 13% year-on-year to $1.54 billion, with assets under management growing 18% year-on-year to $474 billion.
Negative Updates
Increased Tax Expenses Impacting Net Profit
Net profit for the third quarter declined 2% or $73 million to $2.95 billion due to higher tax expenses from the global minimum tax.
Interest Margin Compression
Net interest margin declined 9 basis points quarter-on-quarter and 15 basis points year-on-year to 1.96% due to lower interest rates.
Slower Loan Growth
Gross loans were little changed in constant currency terms, while surplus deposits were mostly deployed into liquid assets.
Company Guidance
In the third quarter of 2025, DBS reported a record profit before tax of $3.48 billion, marking a 1% increase year-on-year, and maintained a strong return on equity (ROE) of 17.1% and return on tangible equity (ROTE) of 18.9%. Total income rose by 3% to a new high of $5.93 billion, driven by broad-based growth, particularly in wealth management and treasury customer sales. Despite a 1% decline in net profit to $2.95 billion due to the implementation of a 15% minimum tax, asset quality remained resilient with a stable non-performing loan (NPL) ratio of 1.0% and specific allowances at 15 basis points for the quarter. The common equity tier 1 (CET1) ratio stood strong at 16.9% on a transitional basis. The board declared a total dividend of $0.75 per share, comprising a $0.60 ordinary dividend and a $0.15 capital return dividend.DBS Group Financial Statement Overview
Summary
DBS Group exhibits a strong financial position with impressive revenue and net income growth, excellent leverage management, and robust cash flow generation. The company's financial health appears solid with consistent improvements in profitability and equity returns. Minor areas of concern include limited data on EBIT/EBITDA margins and variability in cash flow growth, though these are outweighed by overall strong performance.Income Statement
DBS Group shows strong performance with a noticeable revenue growth rate from 2023 to 2024. The gross profit margin is high as total revenue equals gross profit, indicating no cost of goods sold, typical for banking. Net profit margin has also improved, reflecting efficient cost management. However, the absence of EBIT and EBITDA figures in recent periods limits a comprehensive profitability assessment.85
Very Positive
Balance Sheet
The balance sheet is robust with zero reported debt in 2024, indicating excellent leverage management. The equity ratio is solid due to a significant stockholder equity base, suggesting financial stability. Return on equity has improved over time, demonstrating effective utilization of equity capital.90
Very Positive
Cash Flow
Operating cash flow has significantly increased, reflecting strong cash generation capability. The free cash flow to net income ratio is positive and increasing, indicating strong cash conversion. However, fluctuations in free cash flow growth rates suggest some variability in capital expenditures or operational efficiency.80
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 30.11B | 38.72B | 34.35B | 21.48B | 15.92B | 11.53B |
| Gross Profit | 30.11B | 22.22B | 20.13B | 16.49B | 14.17B | 11.53B |
| EBITDA | 10.28B | 13.71B | 12.23B | 10.08B | 8.45B | 0.00 |
| Net Income | 11.25B | 11.29B | 10.06B | 8.19B | 6.80B | 4.72B |
Balance Sheet | ||||||
| Total Assets | 841.90B | 827.22B | 739.30B | 743.37B | 686.07B | 649.94B |
| Cash, Cash Equivalents and Short-Term Investments | 141.23B | 140.17B | 118.88B | 115.01B | 107.75B | 102.13B |
| Total Debt | 76.30B | 64.90B | 44.83B | 47.08B | 53.86B | 45.21B |
| Total Liabilities | 773.29B | 758.39B | 677.05B | 686.30B | 628.36B | 595.29B |
| Stockholders Equity | 68.56B | 68.79B | 62.06B | 56.89B | 57.53B | 54.63B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 14.43B | 4.69B | 2.10B | 7.16B | 24.33B |
| Operating Cash Flow | 0.00 | 15.34B | 5.41B | 2.77B | 7.73B | 24.88B |
| Investing Cash Flow | 0.00 | -1.24B | 727.00M | -694.00M | -1.60B | -415.00M |
| Financing Cash Flow | 0.00 | -6.60B | -9.43B | -3.89B | -2.58B | -2.37B |
DBS Group Technical Analysis
Positive
180.17
Price Trends
171.31
Positive
166.30
Positive
151.75
Positive
Market Momentum
3.40
Negative
72.98
Negative
95.37
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DBSDY, the sentiment is Positive. The current price of 180.17 is above the 20-day moving average (MA) of 177.38, above the 50-day MA of 171.31, and above the 200-day MA of 151.75, indicating a bullish trend. The MACD of 3.40 indicates Negative momentum. The RSI at 72.98 is Negative, neither overbought nor oversold. The STOCH value of 95.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DBSDY.
DBS Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $130.11B | 15.30 | 17.10% | 4.56% | 4.50% | 8.21% | |
73 Outperform | $156.99B | 19.73 | 14.06% | 3.03% | -1.78% | 0.65% | |
71 Outperform | $80.30B | 18.26 | 8.36% | 3.19% | -20.94% | -18.71% | |
69 Neutral | $78.39B | 10.80 | 19.90% | 9.77% | 11.82% | 3.41% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $107.60B | 15.80 | 9.14% | 2.31% | -2.84% | 25.48% | |
63 Neutral | $111.09B | 18.07 | 16.66% | 0.85% | 10.85% | 7.98% |
* Financial Sector Average
DBSDY
DBS Group
183.40
60.92
49.74%
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IBN
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LYG
Lloyds Banking
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MFG
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8.59
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.