Stock D05 DBS GROUP HOLDINGS LTD
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Financials DBS Group Holdings Ltd

Equities

D05

SG1L01001701

Banks

Market Closed - Singapore S.E.
Other stock markets
 05:13:39 2024-07-04 am EDT 		5-day change 1st Jan Change
37.98 SGD +0.05% Intraday chart for DBS Group Holdings Ltd +5.35% +25.05%
Jun. 27 DBS, Dubai's Mashreq partner for same-day cross-border payments for retail clients RE
Jun. 25 Atome Financial gets up to $100 mln debt facility including from EvolutionX for expansion RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 66,101 63,879 83,882 87,297 86,169 107,962 - -
Enterprise Value (EV) 1 66,101 63,879 83,882 87,297 86,169 107,962 107,962 107,962
P/E ratio 10.5 x 13.8 x 12.5 x 10.8 x 8.63 x 10.3 x 10.3 x 10.2 x
Yield 4.75% 3.47% 3.67% 4.42% 5.75% 5.81% 6.3% 6.72%
Capitalization / Revenue 4.54 x 4.38 x 5.87 x 5.22 x 4.27 x 5.07 x 4.96 x 4.82 x
EV / Revenue 4.54 x 4.38 x 5.87 x 5.22 x 4.27 x 5.07 x 4.96 x 4.82 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.35 x 1.25 x 1.52 x 1.6 x 1.44 x 1.65 x 1.56 x 1.51 x
Nbr of stocks (in thousands) 2,809,534 2,806,173 2,825,176 2,830,992 2,837,056 2,844,110 - -
Reference price 2 23.53 22.76 29.69 30.84 30.37 37.96 37.96 37.96
Announcement Date 2/12/20 2/9/21 2/13/22 2/13/23 2/7/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,544 14,592 14,297 16,709 20,180 21,309 21,748 22,380
EBITDA - - - - - - - -
EBIT 1 8,286 8,434 7,828 9,412 12,124 12,316 12,402 12,765
Operating Margin 56.97% 57.8% 54.75% 56.33% 60.08% 57.8% 57.03% 57.04%
Earnings before Tax (EBT) 1 7,583 5,368 7,776 9,382 11,486 12,088 11,969 12,206
Net income 1 6,391 4,721 6,805 8,193 10,062 10,470 10,368 10,510
Net margin 43.94% 32.35% 47.6% 49.03% 49.86% 49.13% 47.67% 46.96%
EPS 2 2.236 1.645 2.373 2.864 3.518 3.701 3.673 3.726
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.118 0.7909 1.091 1.364 1.745 2.206 2.391 2.552
Announcement Date 2/12/20 2/9/21 2/13/22 2/13/23 2/7/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 6,840 3,561 3,293 3,747 3,792 4,544 4,626 4,936 5,045 5,192 5,007 5,557 5,301 5,286 5,226 5,383
EBITDA - - - - - - - - - - - - - - - -
EBIT 1 3,721 1,893 1,622 2,103 2,134 2,719 2,456 3,054 3,114 3,154 2,802 3,478 - - - -
Operating Margin 54.4% 53.16% 49.26% 56.12% 56.28% 59.84% 53.09% 61.87% 61.72% 60.75% 55.96% 62.59% - - - -
Earnings before Tax (EBT) 1 - 1,963 1,589 2,048 2,088 2,541 2,705 2,956 3,084 3,001 2,445 2,884 3,034 2,894 2,747 2,919
Net income 1 - 1,700 1,393 1,801 1,815 2,236 2,341 2,571 2,629 2,593 2,269 2,951 2,639 2,517 2,302 2,538
Net margin - 47.74% 42.3% 48.07% 47.86% 49.21% 50.61% 52.09% 52.11% 49.94% 45.32% 53.1% 49.78% 47.62% 44.05% 47.16%
EPS 2 - 0.5864 0.4796 0.6386 0.6394 1.046 0.5400 0.9136 0.9182 0.9091 3.273 4.570 0.9378 0.8950 0.8168 0.9377
Dividend per Share 2 - 0.3000 0.3273 0.3273 0.3273 0.3273 0.3818 0.3818 0.4364 0.4364 0.4909 0.5233 0.7400 0.5400 0.6000 0.6000
Announcement Date 2/9/21 11/5/21 2/13/22 4/28/22 8/3/22 11/2/22 2/13/23 5/1/23 8/2/23 11/5/23 2/7/24 5/1/24 - - - -
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 13.2% 9.1% 12.5% 15% 18% 16.7% 15.6% 15.2%
ROA (Net income/ Total Assets) 1.13% 0.75% 1.02% 1.12% 1.38% 1.39% 1.35% 1.3%
Assets 1 565,575 629,467 667,157 731,518 729,130 750,926 768,157 811,263
Book Value Per Share 2 17.40 18.30 19.50 19.20 21.00 23.00 24.30 25.10
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/12/20 2/9/21 2/13/22 2/13/23 2/7/24 - - -
1SGD in Million2SGD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for DBS Group Holdings Ltd

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
37.96 SGD
Average target price
38.98 SGD
Spread / Average Target
+2.68%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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