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
▲(16.00% Upside)
Action:Reiterated
Date:05/04/26
The score is driven primarily by solid fundamentals (strong profitability and revenue growth), tempered by rising leverage and cash-flow volatility. Technicals are supportive with price above major moving averages and positive momentum. Valuation is favorable with a moderate P/E and high dividend yield, while earnings-call guidance remains prudent due to NIM/NII headwinds and geopolitical uncertainty.
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
$133.69B
Dividend Yield4.56%
Average Volume (3M)80.51K
Price to Earnings (P/E)14.0
Beta (1Y)0.42
Revenue Growth-3.13%
EPS Growth-0.90%
CountryUS
Employees41,000
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)15.84
Shares Outstanding710,961,100
10 Day Avg. Volume30,928
30 Day Avg. Volume80,514
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 Cap0.79
Enterprise Value/Revenue3.51
Enterprise Value/Gross Profit3.51
Enterprise Value/Ebitda10.29
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)12.43
Revenue Forecast (FY)$18.49B
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 primarily makes money through (1) net interest income, (2) fee and commission income, and (3) trading and investment-related income, supplemented by other operating income. Net interest income is earned from the spread between interest receive...
DBS Group Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed a cautiously optimistic tone: management demonstrated strong operational execution (robust deposit growth, successful hedging, resilient NII, SGD 10bn net new money, >SGD 900m in Q1 wealth fees) and rigorous risk management (comprehensive stress testing and conservative provisioning). However, meaningful headwinds remain — notably SORA falling ~150 bps, modest NIM compression (‑4/‑5 bps), remaining hedging rollout (~SGD 60bn) and considerable geopolitical uncertainty that constrains near‑term capital actions (dividend/buyback). On balance the positives around deposit capture, wealth momentum, diversified fee streams and prudent capital posture outweigh the negatives.Positive Updates
Net Interest Income Resilience
Despite a large SORA decline (~150 basis points year‑on‑year), management reported NII remained resilient (guidance: 'slightly down' vs prior year) due to strong deposit inflows and active hedging. Group NIM declined ~4 bps while commercial book NIM declined ~5 bps, but NII and ROE are the primary focus.
Negative Updates
SORA‑Driven Margin Headwind
SORA fell ~150 basis points Y/Y, producing a material headwind to margins. Group NIM was down ~4 bps and commercial NIM down ~5 bps in the quarter. Management noted NIM dilution from deploying excess deposits into HQLA and from the margin profile of surplus balances.
Read all updates
Q1-2026 Updates
Positive
Negative
Net Interest Income Resilience
Despite a large SORA decline (~150 basis points year‑on‑year), management reported NII remained resilient (guidance: 'slightly down' vs prior year) due to strong deposit inflows and active hedging. Group NIM declined ~4 bps while commercial book NIM declined ~5 bps, but NII and ROE are the primary focus.
Read all positive updates
Company Guidance
Management emphasized prudence but cautious confidence: they left general provisions unchanged for now (no GP write‑backs) after stress tests covering oil shocks of $120–$200, currency moves of 20–30% and demand/inflation scenarios, and will reassess in subsequent quarters; NII guidance is “slightly down” for the year using a 1% SORA assumption (no US cuts), with group NIM down ~4bp (commercial book ~5bp), SORA sensitivity ~SGD11m per bp (≈+SGD1m/ bp QoQ) and SORA ~150bp lower YoY; deposit guidance was upgraded from mid‑single digit to high‑single digit growth, surplus deposits deployed to HQLA (earning ~1–1.2%) dilute NIM but support NII, and hedging progress saw Q1 over‑replacement of maturities (about SGD80bn matures this year, ~SGD60bn left to hedge, roll pricing now ~40bp below prior levels vs ~50bp earlier); wealth momentum remains strong (Q1 wealth fees >SGD900m, net new money SGD10bn: SGD6bn PB / SGD4bn Treasures, 58% of AUM in investment products, banca ≈20% of wealth fees); capital returns: SGD400m buyback executed, ~SGD2.6bn available to 2027, and a potential SGD0.06 uplift in dividends in Q4 is being considered but depends on macro/geopolitical clarity.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
177.51
Positive
176.66
Positive
166.56
Positive
Market Momentum
3.73
Negative
81.29
Negative
96.40
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 below the 20-day moving average (MA) of 182.34, above the 50-day MA of 177.51, and above the 200-day MA of 166.56, indicating a bullish trend. The MACD of 3.73 indicates Negative momentum. The RSI at 81.29 is Negative, neither overbought nor oversold. The STOCH value of 96.40 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $133.69B | 13.97 | 15.87% | 4.56% | -3.13% | -0.90% | |
73 Outperform | $92.61B | 14.67 | 15.75% | 0.85% | 1.39% | 0.34% | |
72 Outperform | $122.24B | 4.81 | 13.60% | 3.03% | 0.81% | 1.99% | |
68 Neutral | $87.81B | 10.47 | 21.64% | 9.77% | 19.64% | 12.10% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $106.02B | 16.50 | 11.34% | 2.31% | 0.35% | 46.04% | |
64 Neutral | $73.40B | 9.28 | 10.75% | 3.19% | -15.15% | 29.78% |
* Financial Sector Average
DBSDY
DBS Group
193.30
63.69
49.14%
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IBN
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ITUB
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LYG
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MFG
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8.69
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63.96%
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.