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DBS Group Holdings
(SGX:D05)
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Rating:75Outperform
Price Target:
S$83.00
▲(12.25% Upside)
Action:Reiterated
Date:08/06/26
Overall score reflects strong underlying profitability and a positive earnings outlook (record results, upbeat total-income guidance, and strong fee/non-interest income momentum). Technicals are supportive with clear trend strength. The main constraints are balance-sheet/leverage volatility and rate-driven pressure on net interest income, while valuation is reasonable with a strong dividend but a mid-range P/E.
Positive Factors
High and Consistent Profitability
Sustained high ROE and record profits indicate durable franchise economics and efficient capital allocation. High profitability supports internal capital generation, dividend capacity and reinvestment into digital/wealth capabilities, strengthening long-term competitive positioning across Asia.
Negative Factors
Pressure on Net Interest Income
A structurally lower-rate environment materially compresses net interest margins, the bank's largest earnings source. Even with hedging and fee growth, prolonged NII weakness can reduce core earnings power and increase reliance on non‑interest income for sustainable ROE.
Read all positive and negative factors
Positive Factors
Negative Factors
High and Consistent Profitability
Sustained high ROE and record profits indicate durable franchise economics and efficient capital allocation. High profitability supports internal capital generation, dividend capacity and reinvestment into digital/wealth capabilities, strengthening long-term competitive positioning across Asia.
Read all positive factors
DBS Group Holdings (D05) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$210.34B
Dividend Yield4.22%
Average Volume (3M)4.21M
Price to Earnings (P/E)19.2
Beta (1Y)1.42
Revenue Growth-5.26%
EPS Growth-3.07%
CountrySG
Employees39,721
SectorFinancial
Sector Strength70
IndustryBanks
Share Statistics
EPS (TTM)3.86
Shares Outstanding2,843,844,500
10 Day Avg. Volume4,562,425
30 Day Avg. Volume4,209,830
Financial Highlights & Ratios
PEG Ratio-6.41
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$72.37Price Target Upside-2.13% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)3.98
Revenue Forecast (FY)S$23.70B
DBS Group Holdings Business Overview & Revenue Model
Company Description
DBS Group Holdings Ltd provides commercial banking and financial services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. It operates through Personal Banking; Institutional Banking; and Global Financ...
How the Company Makes Money
DBS primarily makes money by operating a full-service banking model that earns revenue from lending, transaction services, and financial markets activities. A major source is net interest income: DBS takes in customer deposits and other funding at...
DBS Group Holdings Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasized a strong set of record results driven by substantial growth in fee-based and customer-driven non-interest income (notably wealth management and treasury sales), robust asset quality, healthy liquidity and solid returns on equity. These positives offset ongoing headwinds from lower interest rates that pressured net interest income, a modest dip in capital ratios (partly due to capital returns), and moderate cost and provisioning dynamics. Management highlighted strategic initiatives (AI, securitization, tokenization, RMB clearing) and maintained disciplined cost and capital stances while acknowledging macro and geopolitical uncertainties.Positive Updates
Record Quarterly and Half-Year Profit
Net profit for Q2 rose 9% year-on-year to a record $3.08 billion; first-half net profit grew 5% to a record $6.01 billion.
Negative Updates
Net Interest Income Pressure
Group net interest income declined 2% in Q2 to $3.58 billion and 3% for the first half to $7.08 billion, with group NIM at 1.87% (down 2 bps quarter-on-quarter) as Singapore SORA fell ~100 bps year-on-year, creating headwinds to core interest earnings.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly and Half-Year Profit
Net profit for Q2 rose 9% year-on-year to a record $3.08 billion; first-half net profit grew 5% to a record $6.01 billion.
Read all positive updates
Company Guidance
DBS guided that total income for 2026 should exceed last year’s level, with management not expecting any further rate hikes and assuming SORA will average around 1.2 for the rest of the year (no US hikes expected); deposit growth is expected to be in the high single digits and loan growth should be healthy though timing‑dependent. They raised commercial‑book non‑interest income growth to the mid‑teens, expect to narrow the H1 NII gap as rates bottom out (H1 NII was down ~3%), will continue hedging and trading to capture market volatility, and target a cost‑to‑income ratio in the low‑40s. Provisioning is guided with specific provisions in the 17–20 bps range, supported by a $2.4bn general‑provision overlay; relevant reported metrics from the results include Q2 net profit $3.08bn (up 9%), H1 net profit $6.01bn (up 5%), H1 total income $12.0bn, CET1 16.6% (14.6% fully phased‑in), leverage 5.8%, LCR 142%, NSFR 113%, deposits SGD638bn, gross loans SGD475bn, wealth AUM $516bn and Q2 net new money $11bn (annualized dividend assumption of $0.81/quarter implies a 4.4% yield).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 | 36.59B | 37.89B | 38.72B | 34.35B | 21.48B | 15.92B |
| Gross Profit | 36.40B | 23.34B | 22.22B | 20.13B | 16.49B | 14.17B |
| EBITDA | 13.92B | 13.85B | 13.71B | 12.23B | 10.08B | 8.45B |
| Net Income | 10.97B | 10.93B | 11.29B | 10.06B | 8.19B | 6.80B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 897.49B | 827.22B | 739.30B | 743.37B | 686.07B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 149.72B | 140.17B | 118.88B | 114.30B | 107.75B |
| Total Debt | 0.00 | 79.55B | 64.90B | 44.83B | 47.08B | 53.86B |
| Total Liabilities | -68.92B | 828.57B | 758.39B | 677.05B | 686.30B | 628.36B |
| Stockholders Equity | 68.92B | 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
73.94
Price Trends
68.17
Positive
62.69
Positive
58.47
Positive
Market Momentum
1.89
Positive
63.09
Neutral
65.30
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 73.94 is above the 20-day moving average (MA) of 73.03, above the 50-day MA of 68.17, and above the 200-day MA of 58.47, indicating a bullish trend. The MACD of 1.89 indicates Positive momentum. The RSI at 63.09 is Neutral, neither overbought nor oversold. The STOCH value of 65.30 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | S$210.34B | 19.18 | 15.95% | 4.22% | -5.26% | -3.07% | |
73 Outperform | S$130.91B | 14.14 | 15.33% | 4.76% | -5.80% | -2.09% | |
72 Outperform | S$71.62B | 11.19 | 9.47% | 6.85% | -9.13% | -21.93% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | S$342.71B | 7.39 | 8.19% | 5.05% | ― | ― |
* Financial Sector Average
SG:D05
DBS Group Holdings
73.55
27.38
59.32%
SG:O39
OCBC
28.63
12.43
76.68%
SG:U11
UOB
43.06
8.39
24.21%
SG:HBND
Bank of China Ltd UnSp Singapore Depositary Receipt Repr 1 Sh
0.87
0.16
22.18%
SG:HSHD
HSBC Holdings PLC UnSp Singapore Depositary Receipt Repr 1/5 Sh
5.33
2.28
74.64%
SG:IBKD
PT Bank Central Asia Tbk Shs UnSp Singapore Depositary Receipt Repr 2/1 Sh
0.90
-0.20
-18.55%
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.