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DBS Group Holdings (DBSDY)
OTHER OTC:DBSDY
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DBS Group
(OTC:DBSDY)
Rating:77Outperform
Price Target:―
DBS Group (DBSDY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$106.53B
Dividend Yield3.69%
Average Volume (3M)3.52K
Price to Earnings (P/E)12.8
Beta (1Y)0.39
Revenue Growth13.61%
EPS Growth12.53%
CountryUS
Employees41,000
SectorFinancial
Sector Strength72
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.18
Shares Outstanding709,505,400
10 Day Avg. Volume3,563
30 Day Avg. Volume3,517
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)1.92
Price to Sales (P/S)0.00
P/FCF Ratio8.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
DBS Group Business Overview & Revenue Model
Company DescriptionDBS Group Holdings Ltd is a leading financial services group headquartered in Singapore, with a significant presence in Asia. As one of the largest banks in Southeast Asia, DBS Group operates in the banking and financial services sector, offering a comprehensive range of products and services. These include consumer banking, wealth management, institutional banking, and treasury services, catering to individuals, small and medium-sized enterprises, and corporations.
How the Company Makes MoneyDBS Group makes money primarily through its diverse banking operations. The company's key revenue streams include interest income from loans and advances to customers, fees and commissions from wealth management and investment services, and trading income from treasury and market activities. DBS also generates revenue through its extensive network of branches and digital platforms, which facilitate transactions and offer financial products. Significant contributions to its earnings come from its operations in Singapore, Hong Kong, and other key Asian markets. Additionally, strategic partnerships and investments in technology enhance its service offerings and operational efficiency, further bolstering its revenue generation capabilities.
DBS Group Earnings Call Summary
Earnings Call Date:May 07, 2025
(Q4-2024)
| % Change Since: 13.26%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a balanced outlook with strong investment returns and effective risk management, but also highlights challenges in Hong Kong and seasonal declines in wealth management.Q4-2024 Updates
Positive Updates
Strong Dividend Yield and TSR Growth
DBS continues to offer a 6-7% dividend yield with a track record of 14% TSR growth over 15 years, highlighting its strong investment appeal.
Fixed Rate Book Expansion
DBS increased its fixed rate book to $200 billion, exceeding the planned $190 billion, indicating strong asset management in response to market conditions.
Resilient Wealth Management Growth
Net new money in Wealth Management reached $21 billion for the year, with a $6 billion contribution in Q3, reflecting strong client acquisition and retention.
Effective Risk Management
DBS has retained a $2.4 billion GP overlay through COVID, showcasing prudent risk management in preparation for potential economic stress.
Mid-Teens Growth Forecast in Wealth Management
DBS has budgeted for mid-teens growth in its wealth management business, driven by disciplined client engagement and strategic initiatives.
Negative Updates
Hong Kong Asset Quality Concerns
The Hong Kong NPL book increased due to exchange rate impacts and credit concerns in the real estate sector, despite some successful loan recoveries.
SME Stress in Hong Kong
High interest rates have put stress on Hong Kong's SME sector, prompting DBS to reduce asset exposure in this segment.
Seasonal Decline in Wealth Management
Wealth Management saw a 15% drop in Q4 due to seasonal factors, despite a strong year overall.
Company Guidance
In the DBS Fourth Quarter Analyst Briefing for fiscal year 2024, the company provided comprehensive guidance on several key metrics. Piyush Gupta highlighted the bank's strong performance, noting a 6-7% dividend yield and a TSR growth of 14% over 15 years. The bank expanded its fixed rate book to $200 billion, with $50-55 billion expected to roll off this year, affecting net interest income (NII) slightly upward from stable in the previous quarter. Sensitivity to interest rate changes was discussed, with a potential $6-7 million impact by year-end. The bank's net profit before tax (PBT) guidance remains stable, with a forecasted $50-100 million upside. Non-performing loans (NPLs) showed an increase, notably in Hong Kong due to exchange rate and idiosyncratic issues, but the bank remains optimistic about recovery. Wealth management saw a 40% year-on-year increase, with $21 billion net new money for the year. The bank aims for mid-teens growth in the wealth business despite market volatility. Additionally, the potential impact of transformative technologies like GenAI on cost optimization and client engagement was noted. Overall, DBS demonstrated a resilient financial outlook while navigating interest rate sensitivities and regional market challenges.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 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 38.72B | 19.55B | 16.49B | 14.17B | 14.58B |
| Gross Profit | 22.30B | 20.18B | 16.49B | 14.17B | 14.58B |
| EBITDA | 13.71B | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | 11.29B | 10.06B | 8.19B | 6.80B | 4.72B |
Balance Sheet | |||||
| Total Assets | 827.22B | 739.30B | 743.37B | 686.07B | 649.94B |
| Cash, Cash Equivalents and Short-Term Investments | 139.06B | 117.67B | 114.30B | 108.34B | 101.48B |
| Total Debt | 64.90B | 44.83B | 47.08B | 53.86B | 45.21B |
| Total Liabilities | 758.39B | 677.05B | 686.30B | 628.36B | 595.29B |
| Stockholders Equity | 68.79B | 62.06B | 56.89B | 57.53B | 54.63B |
Cash Flow | |||||
| Free Cash Flow | 14.43B | 4.45B | 2.10B | 7.16B | 24.33B |
| Operating Cash Flow | 15.34B | 5.17B | 2.77B | 7.73B | 24.88B |
| Investing Cash Flow | -1.24B | 727.00M | -694.00M | -1.60B | -415.00M |
| Financing Cash Flow | -6.60B | -9.19B | -3.89B | -2.58B | -2.37B |
DBS Group Technical Analysis
Positive
147.72
Price Trends
141.89
Positive
134.99
Positive
129.36
Positive
Market Momentum
3.09
Negative
62.03
Neutral
58.14
Neutral
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 147.72 is above the 20-day moving average (MA) of 146.24, above the 50-day MA of 141.89, and above the 200-day MA of 129.36, indicating a bullish trend. The MACD of 3.09 indicates Negative momentum. The RSI at 62.03 is Neutral, neither overbought nor oversold. The STOCH value of 58.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DBSDY.
DBS Group Peers Comparison
Overall Rating
UnderperformOutperform
Sector (67)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $76.49B | 13.21 | 11.19% | 3.38% | 3.83% | 22.68% | |
78 Outperform | $176.99B | 23.79 | 13.78% | 0.86% | 2.48% | 0.36% | |
77 Outperform | $106.53B | 12.79 | 17.99% | 3.69% | 13.61% | 12.53% | |
69 Neutral | $120.99B | 19.23 | 17.47% | 0.71% | 17.32% | 12.99% | |
69 Neutral | $63.27B | 8.89 | 20.65% | 6.81% | -6.74% | 5.13% | |
67 Neutral | $17.06B | 11.24 | 9.31% | 3.84% | 11.08% | -3.39% | |
65 Neutral | $73.62B | 12.84 | 8.69% | 2.66% | 13.63% | 27.77% |
* Financial Sector Average
Performance Comparison
DBSDY
DBS Group
147.72
46.11
45.38%
HDB
Hdfc Bank
76.46
16.54
27.60%
IBN
Icici Bank
33.70
5.12
17.91%
ITUB
Itau Unibanco
6.27
1.36
27.70%
MFG
Mizuho Financial
5.89
1.38
30.60%
PNC
PNC Financial
190.27
20.43
12.03%
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.