DBS Group Holdings (DBSDY)
OTHER OTC:DBSDY
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DBS Group
(OTC:DBSDY)
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Rating:77Outperform
Price Target:
$209.00
â–²(16.00% Upside)
Action:ReiteratedDate:02/10/26
The score is driven primarily by strong profitability and improving revenue trajectory, supported by constructive (but not aggressive) technical trends. Valuation is reasonable with an attractive dividend yield, while the earnings call adds confidence via strong deposits/wealth growth and shareholder returns; the main constraints are rising leverage, cash-flow volatility, and guidance pointing to mild profit pressure from rate headwinds, tax, and credit costs.
Positive Factors
Balance Sheet Strength
Zero reported debt and a substantial equity base give DBS durable financial flexibility. Low leverage supports regulatory capital ratios, funds lending and capital returns, and reduces solvency risk, enabling resilience through economic cycles and optionality for strategic moves.
Negative Factors
Net Interest Margin Pressure
NIM compression directly reduces core banking revenue, a key profitability driver. If prolonged by a low-rate backdrop or competitive loan pricing, it pressures net income and ROE, forcing management to seek higher-yield loans or non-interest income to sustain returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Zero reported debt and a substantial equity base give DBS durable financial flexibility. Low leverage supports regulatory capital ratios, funds lending and capital returns, and reduces solvency risk, enabling resilience through economic cycles and optionality for strategic moves.
Read all positive factors
DBS Group (DBSDY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$127.91B
Dividend Yield4.56%
Average Volume (3M)10.04K
Price to Earnings (P/E)17.7
Beta (1Y)0.44
Revenue Growth4.50%
EPS Growth8.21%
CountryUS
Employees41,000
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.63
Shares Outstanding710,961,100
10 Day Avg. Volume25,871
30 Day Avg. Volume10,045
Financial Highlights & Ratios
PEG Ratio-5.77
Price to Book (P/B)2.33
Price to Sales (P/S)4.37
P/FCF Ratio13.39
Enterprise Value/Market Cap0.72
Enterprise Value/Revenue3.07
Enterprise Value/Gross Profit3.07
Enterprise Value/Ebitda9.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)12.44
Revenue Forecast (FY)$18.50B
DBS Group Business Overview & Revenue Model
Company Description
DBS 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 ...
How the Company Makes Money
DBS 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 int...
DBS Group Earnings Call Summary
Earnings Call Date:Feb 08, 2026
(Q4-2025)
| Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: record full-year pre-tax profit, record total income, robust deposit growth, strong Wealth Management and fee income gains, solid capital and liquidity metrics, and increased shareholder returns. Key near-term challenges were highlighted — notably the impact of a new global minimum tax (SGD 400 million), rate headwinds compressing margins, a Q4 reclassified real estate exposure that increased specific allowances, and seasonal volatility that reduced quarter-on-quarter income. Management signaled disciplined cost and credit management, a constructive but cautious outlook for 2026, and continued investment in AI and structural growth areas, indicating confidence in the franchise’s resilience despite macro and geopolitical headwinds.Positive Updates
Record Full-Year Pre-Tax Profit and Strong Returns
Pre-tax profit rose to a record SGD 13.1 billion for FY2025; full-year net profit was SGD 11.0 billion. Return on equity was 16.2% and return on tangible equity was 17.8%.
Negative Updates
Net Profit and Quarterly Earnings Pressures
Full-year net profit was down 3% YoY to SGD 11.0 billion. Q4 pre-tax profit was SGD 2.8 billion, down 6% YoY, and Q4 net profit declined 20% quarter-on-quarter from the prior quarter.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Pre-Tax Profit and Strong Returns
Pre-tax profit rose to a record SGD 13.1 billion for FY2025; full-year net profit was SGD 11.0 billion. Return on equity was 16.2% and return on tangible equity was 17.8%.
Read all positive updates
Company Guidance
Management guided that 2026 total income should be around 2025 levels (2025 total income SGD22.9bn) assuming SORA of ~1.25 and two further rate cuts, with net profit expected to be slightly below 2025’s SGD11.0bn; they see continued strong deposit and net-new-money momentum after 2025’s SGD64bn (12%) deposit increase and record SGD39bn net inflows. Operational guidance includes commercial-book non‑interest income growth in the high single digits, Wealth Management income growth in the mid‑teens, mid‑single‑digit expense growth (~4%), and specific provisions (SP) comfortably around 17–20bps with potential room for general-allowance write‑backs. Capital and capital return guidance: the Board plans to maintain a SGD0.15 per‑share quarterly capital return through 2026–27 and assumed quarterly dividends of SGD0.81 (annualized SGD3.24 per share, ~5.5% yield on the recent share price).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 | 30.11B | 36.67B | 38.72B | 34.35B | 21.48B | 15.92B |
| Gross Profit | 30.11B | 22.90B | 22.22B | 20.13B | 16.49B | 14.17B |
| EBITDA | 10.28B | 13.38B | 13.71B | 12.23B | 10.08B | 8.45B |
| Net Income | 11.25B | 10.93B | 11.29B | 10.06B | 8.19B | 6.80B |
Balance Sheet | ||||||
| Total Assets | 841.90B | 897.49B | 827.22B | 739.30B | 743.37B | 686.07B |
| Cash, Cash Equivalents and Short-Term Investments | 141.23B | 149.72B | 140.17B | 118.88B | 115.01B | 107.75B |
| Total Debt | 76.30B | 79.55B | 64.90B | 44.83B | 47.08B | 53.86B |
| Total Liabilities | 773.29B | 828.57B | 758.39B | 677.05B | 686.30B | 628.36B |
| Stockholders Equity | 68.56B | 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
180.17
Price Trends
177.25
Positive
173.94
Positive
162.58
Positive
Market Momentum
0.58
Negative
61.09
Neutral
40.37
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 180.17 is above the 20-day moving average (MA) of 175.48, above the 50-day MA of 177.25, and above the 200-day MA of 162.58, indicating a bullish trend. The MACD of 0.58 indicates Negative momentum. The RSI at 61.09 is Neutral, neither overbought nor oversold. The STOCH value of 40.37 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $127.91B | 17.74 | 15.25% | 4.56% | 4.50% | 8.21% | |
74 Outperform | $100.60B | 9.08 | 21.64% | 9.77% | 11.82% | 3.41% | |
69 Neutral | $98.51B | 18.92 | 15.95% | 0.85% | 10.85% | 7.98% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $133.98B | 21.06 | 13.09% | 3.03% | -1.78% | 0.65% | |
64 Neutral | $79.39B | 12.62 | 9.93% | 3.19% | -20.94% | -18.71% | |
57 Neutral | $105.91B | 10.79 | 9.73% | 2.31% | -2.84% | 25.48% |
* Financial Sector Average
DBSDY
DBS Group
180.25
71.30
65.45%
HDB
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26.73
-6.66
-19.94%
IBN
Icici Bank
27.73
-3.40
-10.92%
ITUB
Itau Unibanco
9.16
4.23
85.84%
LYG
Lloyds Banking
5.49
2.04
58.99%
MFG
Mizuho Financial
8.63
3.98
85.59%
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.