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DBS Group Holdings Ltd D05

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Stock XSES Rating as of
SGD 35.64 +0.09 (0.25%)
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As of Delayed Price Closed
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Company Report

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DBS Earnings: Strong Start to 2024 With Interest Rates Higher for Longer; Valuation Increased

Lorraine Tan

DBS’ first-quarter 2024 performance, like HSBC's, is at the high end of our estimate, with net interest margin and wealth management activities beating expectations. DBS management indicates that with higher interest rates for longer, total income may come in around 1%-2% over the midpoint of their current guidance. We nudge our NIM estimates higher by 2 and 4 basis points for 2024 and 2025, leading to marginally higher earnings estimates of around 1%. This mainly reflects that interest rates will stay higher for longer, with our view that US interest rates will be cut in the second half of 2024 instead of our original first-half forecast.

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Price vs Fair Value

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D05 is trading at a 17% discount.
Price
SGD 35.64
Fair Value
SGD 68.00
Uncertainty
Medium
1-Star Price
SGD 34.81
5-Star Price
SGD 47.60
Economic Moat
Dmfqdlv
Capital Allocation
Wwsknbcdhm

Bulls Say, Bears Say

Bulls

DBS' ample capital should lead to higher dividend payouts and increased returns to shareholders.

Bears

DBS' price/book ratio is higher than peers', so its valuation could be hurt if it disappoints in continuing to deliver higher-than-peers ROE.

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Trading Information

Previous Close Price
SGD 35.55
Day Range
SGD 35.55–35.90
52-Week Range
SGD 27.55–36.00
Bid/Ask
SGD 35.64 / SGD 35.67
Market Cap
SGD 101.36 Bil
Volume/Avg
5.5 Mil / 5.1 Mil

Key Statistics

Price/Earnings (Normalized)
8.79
Price/Sales
4.87
Dividend Yield (Trailing)
4.90%
Dividend Yield (Forward)
6.06%
Total Yield
4.92%

Company Profile

DBS Group is a Singapore-based banking group offering a full range of services to consumers, small to midsize enterprises, and corporations and institutions. Its main presence is in Singapore and Greater China. The acquisition of Lakshmi Vilas Bank has strengthened DBS' operations in India, and the acquisition of Citibank’s Taiwan operation should bring additional growth in Greater China. DBS' wealth management division is one of the largest in Asia, with assets under management of SGD 365 billion as of 2023.
Sector
Financial Services
Industry
Banks - Regional
Stock Style Box
Large Value
Total Number of Employees
40,000
Website
https://www.dbs.com

Competitors

Valuation

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Metric
D05
02388
O39
Price/Earnings (Normalized)
 8.796.669.22
Price/Book Value
 1.590.801.18
Price/Sales
 4.873.684.78
Price/Cash Flow
 8.985.708.82
Price/Earnings
D05
02388
O39

Financial Strength

Metric
D05
02388
O39
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
D05
02388
O39
Return on Assets (Normalized)
 1.38%0.93%1.26%
Return on Equity (Normalized)
 17.20%10.76%13.77%
Return on Invested Capital (Normalized)
 ———
Return on Assets
D05
02388
O39
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Banks - Regional Industry Comparables

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Economic Moat
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TFC
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MFG
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LYG
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