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DBS Group Holdings Ltd D05

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Stock XSES Rating as of
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Company Report

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DBS Earnings: FVE Raised as Strong Fee Income Growth Surprises; Firm Names New CEO

Lorraine Tan

We increased our fair value estimate for Singapore’s DBS Group Holdings to SGD 44 from SGD 43 following its second-quarter results, as we have revised our forecast for net fee income growth this year to 15%, up from our previous estimate of 6%. Net fee income increased by 27% year on year in the quarter, driven by a 37% rise in wealth management fees (25% excluding the Taiwan business acquired from Citi) and a 32% increase in credit card fees (up 9% excluding Citi). The strength in fee income growth from the first quarter, when net fees rose by 22%, not only continued but also accelerated in the second quarter.

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Price vs Fair Value

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D05 is trading at a 497% premium.
Price
SGD 38.04
Fair Value
SGD 86.00
Uncertainty
Medium
1-Star Price
SGD 82.20
5-Star Price
SGD 71.40
Economic Moat
Tyzgwsm
Capital Allocation
Lnryslwsp

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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News

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Trading Information

Previous Close Price
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Day Range
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52-Week Range
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Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
9.53
Price/Sales
5.10
Dividend Yield (Trailing)
5.28%
Dividend Yield (Forward)
5.68%
Total Yield
5.29%

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
40,119
Website
https://www.dbs.com

Competitors

Valuation

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Metric
D05
O39
U11
Price/Earnings (Normalized)
 9.539.129.02
Price/Book Value
 1.661.181.20
Price/Sales
 5.104.813.86
Price/Cash Flow
 8.648.348.08
Price/Earnings
D05
O39
U11

Financial Strength

Metric
D05
O39
U11
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
D05
O39
U11
Return on Assets (Normalized)
 1.40%1.18%1.17%
Return on Equity (Normalized)
 17.28%12.82%13.90%
Return on Invested Capital (Normalized)
 ———
Return on Assets
D05
O39
U11

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