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DBS Group
(OTC:DBSDY)
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Rating:79Outperform
Price Target:
$263.00
â–²(13.16% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by strong fundamentals (durable profitability and revenue growth) and favorable technical momentum with price above key moving averages. The latest earnings call supports the outlook via record results and solid diversification into fee/customer-driven income, though NII pressure and external uncertainties temper upside. Valuation is helped by a high dividend yield, but a mid-to-higher P/E and rising leverage/cash-flow volatility keep the overall score from being higher.
Positive Factors
Wealth management AUM growth
A 17% YoY AUM increase and record wealth income indicate durable fee revenue diversification. Larger, sticky AUM supports recurring advisory and distribution fees, improves customer stickiness and cross‑sell potential, and partially offsets structural net interest income pressure over the medium term.
Negative Factors
Persistent NII pressure
A sustained decline in net interest income amid lower SORA and a guidance outlook that expects no near-term rate hikes creates a structural earnings headwind. NII is the bank's core earnings driver; prolonged compression forces reliance on fee income and can constrain long-term margin recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Wealth management AUM growth
A 17% YoY AUM increase and record wealth income indicate durable fee revenue diversification. Larger, sticky AUM supports recurring advisory and distribution fees, improves customer stickiness and cross‑sell potential, and partially offsets structural net interest income pressure over the medium term.
Read all positive factors
DBS Group (DBSDY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$164.23B
Dividend Yield5.21%
Average Volume (3M)6.45K
Price to Earnings (P/E)19.2
Beta (1Y)0.40
Revenue Growth-3.13%
EPS Growth-0.90%
CountryUS
Employees39,721
SectorFinancial
Sector Strength70
IndustryBanks
Share Statistics
EPS (TTM)15.44
Shares Outstanding710,961,100
10 Day Avg. Volume12,968
30 Day Avg. Volume6,451
Financial Highlights & Ratios
PEG Ratio-5.79
Price to Book (P/B)2.33
Price to Sales (P/S)4.37
P/FCF Ratio13.39
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)12.4
Revenue Forecast (FY)$18.41B
DBS Group Business Overview & Revenue Model
Company Description
DBS Group Holdings Ltd. is an investment company, which engages in retail, small and medium-sized enterprise, corporate, and investment banking services. It operates through the following business segments: Consumer Banking/Wealth Management, Inst...
How the Company Makes Money
DBS primarily makes money through a mix of net interest income, fee and commission income, and trading/treasury income, alongside other operating income.
1) Net interest income (core earnings): DBS takes customer deposits and other funding and de...
DBS Group Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasizes multiple record outcomes — including record net profit, record total income and wealth AUM — and strong growth in fee income, treasury customer sales and trading income, supported by disciplined costs, resilient asset quality and solid liquidity/capital metrics. Offsetting these positives are persistent net interest income pressure from lower rates, modest expense inflation, capital ratio effects from capital returns and RWA growth, and macro/regulatory uncertainties (including China policy changes and geopolitical volatility). Overall, the results demonstrate robust franchise strength and successful diversification into fee and customer-driven income, while management remains cautious on NII and external risks.Positive Updates
Record Quarterly and Half-Year Profit
Net profit reached a record $3.08 billion in Q2, up 9% year-on-year; first-half net profit was a record $6.01 billion, up 5% year-on-year.
Negative Updates
Net Interest Income Pressure
Group net interest income declined 2% year-on-year in Q2 to $3.58 billion and fell 3% for the first half to $7.08 billion; net interest margin edged down (~2 bps QoQ to 1.87%) as SORA fell ~100 bps YoY, creating continued NII headwinds.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly and Half-Year Profit
Net profit reached a record $3.08 billion in Q2, up 9% year-on-year; first-half net profit was a record $6.01 billion, up 5% year-on-year.
Read all positive updates
Company Guidance
Management guided that 2026 total income should exceed last year’s level and that the year‑to‑date decline in group net interest income (first‑half NII was down ~3%) should narrow as rates bottom out; they do not expect further rate hikes and see SORA averaging around 1.2 for the remainder of the year. Other forward targets: deposit growth in the high single digits, commercial‑book non‑interest income growth raised to the mid‑teens, a cost‑to‑income ratio to be kept in the low‑40s (Q2 was 39%), and specific provisions assumed at 17–20 basis points with a general‑provision overlay of about SGD 2.4 billion; management will continue proactive hedging and opportunistic trading while maintaining strong capital and liquidity (CET1 ~16.6% transitional / ~14.6% fully phased‑in; LCR 142%; NSFR 113%).DBS Group Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 36.59B | 36.67B | 38.72B | 34.35B | 21.48B | 15.92B |
| Gross Profit | 36.40B | 22.90B | 22.22B | 20.13B | 16.49B | 14.17B |
| EBITDA | 13.46B | 13.38B | 13.71B | 12.23B | 10.08B | 8.45B |
| Net Income | 10.97B | 10.93B | 11.29B | 10.06B | 8.19B | 6.80B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 897.49B | 827.22B | 739.30B | 743.37B | 686.07B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 149.72B | 140.17B | 118.88B | 115.01B | 107.75B |
| Total Debt | 0.00 | 79.55B | 64.90B | 44.83B | 47.08B | 53.86B |
| Total Liabilities | -68.92B | 828.57B | 758.39B | 677.05B | 686.30B | 628.36B |
| Stockholders Equity | 68.92B | 68.87B | 68.79B | 62.06B | 56.89B | 57.53B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 11.97B | 14.43B | 4.69B | 2.10B | 7.16B |
| Operating Cash Flow | 0.00 | 12.48B | 15.34B | 5.41B | 2.77B | 7.73B |
| Investing Cash Flow | 0.00 | -708.00M | -1.24B | 727.00M | -694.00M | -1.60B |
| Financing Cash Flow | 0.00 | -11.18B | -6.60B | -9.43B | -3.89B | -2.58B |
DBS Group Technical Analysis
Positive
232.42
Price Trends
211.17
Positive
195.04
Positive
181.92
Positive
Market Momentum
6.31
Positive
65.23
Neutral
63.09
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 232.42 is above the 20-day moving average (MA) of 226.57, above the 50-day MA of 211.17, and above the 200-day MA of 181.92, indicating a bullish trend. The MACD of 6.31 indicates Positive momentum. The RSI at 65.23 is Neutral, neither overbought nor oversold. The STOCH value of 63.09 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $164.23B | 19.18 | 15.95% | 5.21% | -3.13% | -0.90% | |
75 Outperform | $108.19B | 18.31 | 15.71% | 0.84% | -1.31% | -1.68% | |
70 Outperform | $121.03B | 14.56 | 13.74% | 3.79% | -4.47% | 4.55% | |
69 Neutral | $96.01B | 11.08 | 21.64% | 7.10% | 19.64% | 12.10% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $127.22B | 14.57 | 12.28% | 1.73% | 2.65% | 54.00% | |
62 Neutral | $89.74B | 20.34 | 11.05% | 3.26% | -13.48% | 25.29% |
* Financial Sector Average
DBSDY
DBS Group
229.71
86.02
59.87%
HDB
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23.85
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IBN
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30.40
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ITUB
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8.21
2.21
36.92%
LYG
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6.25
2.02
47.82%
MFG
Mizuho Financial
10.70
4.62
75.99%
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.