Dah Sing Banking Group Limited (HK:2356)
:2356
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Dah Sing Banking Group
(2356)
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Rating:76Outperform
Price Target:
HK$14.50
â–²(33.89% Upside)
Action:Upgraded
Date:04/30/26
The score is driven primarily by solid financial performance (improving earnings and a conservatively levered balance sheet) and an attractive valuation (low P/E and high dividend yield). Technicals add support with the stock trading above major moving averages, while the main constraint is historical cash-flow inconsistency despite a strong 2025 rebound.
Positive Factors
Conservative balance sheet
Sustained low leverage and steady equity growth strengthen capital resilience and regulatory cushions. A conservatively levered balance sheet reduces solvency risk, increases lending capacity through cycles, and supports capital returns or loss absorption over the medium term.
Negative Factors
Volatile operating cash flow
Repeated negative operating cash flows in multiple years indicate inconsistent internal funding generation, which undermines predictability for lending, provisioning and shareholder payouts. Episodic cash shortfalls can force reliance on external funding or asset sales during stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Sustained low leverage and steady equity growth strengthen capital resilience and regulatory cushions. A conservatively levered balance sheet reduces solvency risk, increases lending capacity through cycles, and supports capital returns or loss absorption over the medium term.
Read all positive factors
Dah Sing Banking Group (2356) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$18.60B
Dividend Yield6.54%
Average Volume (3M)1.39M
Price to Earnings (P/E)6.1
Beta (1Y)0.48
Revenue Growth-9.67%
EPS Growth20.16%
CountryHK
Employees2,903
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.76
Shares Outstanding1,405,752,200
10 Day Avg. Volume2,142,629
30 Day Avg. Volume1,393,234
Financial Highlights & Ratios
PEG Ratio0.31
Price to Book (P/B)0.43
Price to Sales (P/S)1.31
P/FCF Ratio2.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$14.50Price Target Upside33.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.02
Revenue Forecast (FY)HK$8.08B
Dah Sing Banking Group Business Overview & Revenue Model
Company Description
Dah Sing Banking Group Limited, an investment holding company, provides banking, financial, and other related services in Hong Kong, Macau, and the People's Republic of China. It operates through Personal Banking, Corporate Banking, Treasury and G...
How the Company Makes Money
The group primarily makes money through (1) net interest income, (2) fee and commission income, and (3) other income from financial activities.
1) Net interest income (core earnings driver): The bank takes customer deposits and other funding and ...
Dah Sing Banking Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
82
Very Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.46B | 6.82B | 4.64B | 9.59B | 6.82B |
| Gross Profit | 7.78B | 6.82B | 5.91B | 6.75B | 4.25B |
| EBITDA | 2.47B | 2.77B | 0.00 | 1.66B | 2.39B |
| Net Income | 2.48B | 2.06B | 1.86B | 1.61B | 1.66B |
Balance Sheet | |||||
| Total Assets | 257.91B | 256.34B | 260.74B | 252.09B | 248.98B |
| Cash, Cash Equivalents and Short-Term Investments | 18.68B | 14.79B | 18.96B | 19.26B | 16.04B |
| Total Debt | 4.87B | 4.15B | 5.92B | 3.80B | 4.13B |
| Total Liabilities | 222.68B | 222.52B | 227.85B | 222.17B | 219.07B |
| Stockholders Equity | 35.23B | 33.82B | 32.58B | 29.91B | 29.91B |
Cash Flow | |||||
| Free Cash Flow | 5.93B | -2.59B | 199.26M | 5.08B | 3.38B |
| Operating Cash Flow | 6.33B | -2.23B | -1.14B | 5.35B | 3.68B |
| Investing Cash Flow | -2.41B | -223.47M | -38.89M | -36.47M | -86.21M |
| Financing Cash Flow | -2.42B | -7.71B | 883.17M | 2.31B | 1.96B |
Dah Sing Banking Group Peers Comparison
UnderperformOutperform
Sector (68)
HK:2356
Dah Sing Banking Group
13.27
5.30
66.50%
BKEAF
Bank of East Asia
1.78
0.39
28.25%
DAHSF
Dah Sing Financial Holdings
5.44
1.30
31.28%
DE:4BQ
Bank of Qingdao Co., Ltd. Class H
0.51
0.09
21.10%
DE:CQN
Bank of Chongqing Co., Ltd. Class H
0.92
0.12
15.58%
Dah Sing Banking Group Corporate Events
Dah Sing Banking Group Sets June 2026 AGM With Dividend and Share Issue Mandate on Agenda
Apr 28, 2026
Dah Sing Banking Group has called its annual general meeting for 5 June 2026 at the Hong Kong Convention and Exhibition Centre, where shareholders will vote on routine corporate matters including the adoption of the 2025 audited financial statemen...
Dah Sing Banking Group Declares HKD 0.49 Final Dividend for 2025
Mar 30, 2026
Dah Sing Banking Group Limited has declared a final ordinary cash dividend of HKD 0.49 per share for the financial year ended 31 December 2025, subject to shareholder approval on 5 June 2026. The dividend will be paid in Hong Kong dollars, with sh...
Dah Sing Banking Group Delivers Higher 2025 Profit Despite One-Off Impairments
Mar 30, 2026
Dah Sing Banking Group reported a strong set of results for the year ended 31 December 2025, with net interest income rising 10.2% to HK$5.83 billion and net fee and commission income jumping 28.1%, driving total operating income up 14.1%. Operati...
Dah Sing Banking Group Sets Board Meeting on 2025 Results and Final Dividend
Mar 16, 2026
Dah Sing Banking Group has scheduled a meeting of its Board Committee for 30 March 2026 to approve the announcement of the company’s consolidated results for the year ended 31 December 2025. The committee will also consider recommending a fi...
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.