DBS Group Holdings (SG:D05)
SGX:D05
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DBS Group Holdings
(SGX:D05)
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Rating:73Outperform
Price Target:
S$66.00
▲(15.08% Upside)
Action:ReiteratedDate:02/09/26
The score is driven primarily by strong financial performance (solid profitability and cash generation) balanced by higher balance-sheet risk from leverage volatility. Technicals are supportive with price above key moving averages and positive momentum, while valuation is helped by a reasonable P/E and attractive dividend yield. Earnings call guidance points to steady-to-slightly softer near-term profit amid rate and credit-cost headwinds, tempering upside.
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$162.97B
Dividend Yield5.06%
Average Volume (3M)4.21M
Price to Earnings (P/E)14.6
Beta (1Y)1.42
Revenue Growth2.67%
EPS Growth6.32%
CountrySG
Employees41,000
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.83
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$62.41Price Target Upside8.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)3.96
Revenue Forecast (FY)S$23.54B
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 Group generates revenue primarily through interest income from loans and advances, fees from banking services, and investment income. The bank's core revenue streams include interest earned from consumer and corporate lending, which constitute...
DBS Group Holdings Earnings Call Summary
Earnings Call Date:Feb 08, 2026
(Q4-2025)
| Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call highlighted multiple record outcomes — record pre-tax profit, record total income, record deposit growth, strong wealth flows/AUM expansion, higher fee income and robust capital and dividends — demonstrating resilience and effective balance sheet management despite significant macro headwinds (falling rates, stronger SGD) and a one-off tax charge. Key challenges included elevated specific allowances from a real-estate NPL, quarterly volatility in markets income and fee seasonality, modest NIM pressure from lower SORA/HIBOR, and a small year-on-year decline in net profit driven by higher tax. On balance the positives (sustained record performance, strong deposit and wealth franchise, capital returns and disciplined costs) outweigh the negatives, though near-term earnings face rate and market volatility risks.Positive Updates
Record Pre-tax Profit and Strong Full-Year Income
Full-year pre-tax profit reached a record SGD 13.1 billion; total income rose 3% to a record SGD 22.9 billion despite a challenging rate environment and adverse FX translation.
Negative Updates
Net Profit Slightly Lower Year-on-Year Due to Tax
Full-year net profit was 3% lower (SGD 11.0 billion) largely due to SGD 400 million of higher tax expense from the implementation of the 15% global minimum tax.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Pre-tax Profit and Strong Full-Year Income
Full-year pre-tax profit reached a record SGD 13.1 billion; total income rose 3% to a record SGD 22.9 billion despite a challenging rate environment and adverse FX translation.
Read all positive updates
Company Guidance
Management guided that 2026 total income should be around 2025 levels assuming SORA at 1.25 and two further rate cuts with a strong USD; they expect commercial‑book non‑interest income to grow in the high single digits, Wealth Management to grow in the mid‑teens, loan growth in the mid‑single digits, expenses to rise mid‑single digits (~4%), and specific provisions (SP) to run about 17–20 bps (with scope for general allowance write‑backs), leaving net profit slightly below 2025; the Board intends to maintain a SGD 0.15 per‑share quarterly capital‑return dividend through 2026–27 (Q4 total dividend was SGD 0.81 per share—SGD 0.66 ordinary + SGD 0.15 capital return; FY2025 total dividend SGD 3.06 per share / SGD 8.68bn, +38%, and annualized at SGD 3.24 implying a 5.5% yield), while capital and liquidity remain robust (transitional CET1 17.0%, fully phased‑in 15.0%, LCR 155%, NSFR 117%).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
57.35
Price Trends
56.49
Positive
55.81
Positive
52.36
Positive
Market Momentum
0.32
Negative
61.34
Neutral
46.50
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 57.35 is above the 20-day moving average (MA) of 56.39, above the 50-day MA of 56.49, and above the 200-day MA of 52.36, indicating a bullish trend. The MACD of 0.32 indicates Negative momentum. The RSI at 61.34 is Neutral, neither overbought nor oversold. The STOCH value of 46.50 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$313.92B | 4.85 | 8.33% | 5.05% | ― | ― | |
74 Outperform | S$100.98B | 6.02 | 24.77% | 4.71% | 0.69% | -0.06% | |
73 Outperform | S$162.97B | 14.63 | 15.25% | 5.06% | 2.67% | 6.32% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | S$61.76B | 12.70 | 9.22% | 6.49% | -0.76% | 4.96% |
* Financial Sector Average
SG:D05
DBS Group Holdings
57.35
20.78
56.81%
SG:O39
OCBC
22.47
8.17
57.08%
SG:U11
UOB
37.39
6.51
21.09%
SG:HBND
Bank of China Ltd UnSp Singapore Depositary Receipt Repr 1 Sh
0.82
0.10
14.47%
SG:HSHD
HSBC Holdings PLC UnSp Singapore Depositary Receipt Repr 1/5 Sh
4.54
1.99
77.90%
SG:IBKD
PT Bank Central Asia Tbk Shs UnSp Singapore Depositary Receipt Repr 2/1 Sh
1.01
-0.10
-8.76%
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.