DBS Group Holdings (SG:D05)
SGX:D05
Want to see SG:D05 full AI Analyst Report?
Top Page
DBS Group Holdings
(SGX:D05)
Select Model
Select Model
Rating:72Outperform
Price Target:
S$65.00
▲(13.54% Upside)
Action:ReiteratedDate:05/04/26
The score is driven mainly by strong underlying financial performance (solid earnings/returns and healthy cash generation), supported by an attractive valuation (moderate P/E and high dividend yield). Technicals are constructive with price above major moving averages, while the earnings call adds moderate caution due to rate-driven NIM pressure, higher rate sensitivity, and geopolitical/capital-return uncertainty.
Positive Factors
Profitability & Cash Generation
Sustained high profitability and strong free cash flow provide durable internal funding for lending, reserves and shareholder returns. Consistent net income growth and robust FCF in 2024–2025 support capital build, dividend policy and strategic reinvestment even through cycles.
Negative Factors
Elevated Specific Allowances (Real‑estate NPL)
Material uptick in specific allowances tied to a reclassified real‑estate exposure signals pocketed credit stress. Higher specific provisions directly reduce earnings and capital, and may presage further credit costs if property markets or individual exposures deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & Cash Generation
Sustained high profitability and strong free cash flow provide durable internal funding for lending, reserves and shareholder returns. Consistent net income growth and robust FCF in 2024–2025 support capital build, dividend policy and strategic reinvestment even through cycles.
Read all positive factors
DBS Group Holdings (D05) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$166.52B
Dividend Yield5.06%
Average Volume (3M)4.21M
Price to Earnings (P/E)13.8
Beta (1Y)1.42
Revenue Growth-5.26%
EPS Growth-3.07%
CountrySG
Employees41,000
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.96
Shares Outstanding2,843,844,500
10 Day Avg. Volume4,562,425
30 Day Avg. Volume4,209,830
Financial Highlights & Ratios
PEG Ratio-6.40
Price to Book (P/B)2.32
Price to Sales (P/S)4.22
P/FCF Ratio13.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$62.58Price Target Upside9.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)3.93
Revenue Forecast (FY)S$23.43B
DBS Group Holdings 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 a mix of net interest income, fee and commission income, and trading/markets-related income.
1) Net interest income (core banking spread)
- DBS earns interest on assets such as customer loans (e.g., mortgages, co...
DBS Group Holdings Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call presented a cautiously constructive tone: the bank delivered several tangible positives (strong deposit inflows, robust wealth momentum with SGD 10bn net new money, successful Q1 hedging, resilient NII and disciplined provisioning backed by extensive stress tests). However, material headwinds remain — notably a ~150 bp SORA decline, modest NIM compression (4–5 bps), heightened SORA sensitivity (SGD 11m per bp) and geopolitical uncertainty that leaves dividends and buyback deployment conditional. On balance the operational and financial strengths and active risk management currently outweigh the visible macro and rate-related challenges.Positive Updates
Strong Deposit Growth and CASA Accretion
Deposit growth upgraded from mid-single-digit to high single-digit guidance; multiple sources of inflows (retail bonus, corporate operating balances, FD campaigns). Management emphasized CASA growth as a strategic priority — increases NII even if it raises NIM sensitivity.
Negative Updates
Large SORA Rate Headwind
SORA fell ~150 basis points year-on-year in Q1; management repeatedly cited SORA as the dominant NIM headwind and the chief driver of margin pressure.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Deposit Growth and CASA Accretion
Deposit growth upgraded from mid-single-digit to high single-digit guidance; multiple sources of inflows (retail bonus, corporate operating balances, FD campaigns). Management emphasized CASA growth as a strategic priority — increases NII even if it raises NIM sensitivity.
Read all positive updates
Company Guidance
Management kept a cautious, constructive FY26 stance: general provisions were left intact after stress‑tests (oil scenarios $120–$200, FX shocks 20–30% and demand/inflation stresses) and were judged to provide ample buffer; hedging activity over‑replaced maturities in Q1 (SGD80bn maturing book this year, ~SGD60bn still to hedge) with roll costs now ~40bps below prior levels (previously ~50bps); SORA guidance is ~1% with SORA down ~150bps YoY and SORA sensitivity now ~SGD11m per bp (vs ~SGD10m prior); group NIM sits in the 180s (commercial book -5bps, group -4bps) with HQLA/surplus deployments earning ~1–1.2% (NIM‑dilutive but NII‑accretive) and management still guiding NII to be slightly down y/y while targeting ~17% ROE; deposit growth guidance was revised from mid‑single digit to high‑single digit (new deposits accretive by ~1–1.2ppt); wealth momentum was strong—Q1 wealth fees >SGD900m, net new money SGD10bn (SGD6bn HNW, SGD4bn Treasures), 58% of AUM in investment products and bancassurance ≈20% of wealth fees—yet wealth/non‑interest income guidance remains at high single digits; capital actions remain contingent on evolving geopolitics (dividend uplift of SGD0.06 not yet committed; buyback: SGD400m executed, SGD2.6bn available through 2027).DBS Group Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 30.11B | 37.89B | 38.72B | 34.35B | 21.48B | 15.92B |
| Gross Profit | 30.11B | 23.34B | 22.22B | 20.13B | 16.49B | 14.17B |
| EBITDA | 10.28B | 13.85B | 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 | 114.30B | 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 | 12.16B | 14.43B | 4.69B | 2.10B | 7.16B |
| Operating Cash Flow | 0.00 | 12.69B | 15.34B | 5.41B | 2.77B | 7.73B |
| Investing Cash Flow | 0.00 | -95.40B | -1.24B | 727.00M | -694.00M | -1.60B |
| Financing Cash Flow | 0.00 | 80.17B | -6.60B | -9.43B | -3.89B | -2.58B |
DBS Group Holdings Technical Analysis
Positive
57.25
Price Trends
56.39
Positive
56.03
Positive
52.72
Positive
Market Momentum
0.39
Negative
57.34
Neutral
40.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:D05, the sentiment is Positive. The current price of 57.25 is above the 20-day moving average (MA) of 56.78, above the 50-day MA of 56.39, and above the 200-day MA of 52.72, indicating a bullish trend. The MACD of 0.39 indicates Negative momentum. The RSI at 57.34 is Neutral, neither overbought nor oversold. The STOCH value of 40.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:D05.
DBS Group Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | S$318.71B | 4.85 | 6.25% | 5.05% | ― | ― | |
74 Outperform | S$98.29B | 6.02 | 24.77% | 4.71% | -5.80% | -2.09% | |
72 Outperform | S$166.52B | 13.78 | 15.25% | 5.06% | -5.26% | -3.07% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | S$59.73B | 4.02 | 9.22% | 6.49% | -9.13% | -21.93% |
* Financial Sector Average
SG:D05
DBS Group Holdings
58.55
18.04
44.53%
SG:O39
OCBC
21.83
6.39
41.36%
SG:U11
UOB
36.28
3.01
9.05%
SG:HBND
Bank of China Ltd UnSp Singapore Depositary Receipt Repr 1 Sh
0.83
0.12
16.86%
SG:HSHD
HSBC Holdings PLC UnSp Singapore Depositary Receipt Repr 1/5 Sh
4.45
1.68
60.59%
SG:IBKD
PT Bank Central Asia Tbk Shs UnSp Singapore Depositary Receipt Repr 2/1 Sh
0.93
-0.18
-15.99%
DBS Group Holdings Corporate Events
DBS Uses AGM to Highlight Resilience, Wealth Growth and Digital Asset Push
Apr 29, 2026
DBS Group Holdings used its twenty-seventh annual general meeting to brief shareholders on its 2025 performance and strategic priorities, highlighting its resilience amid geopolitical tension, interest-rate uncertainty and sectoral stress. Managem...
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.