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
 10:04:40 29/04/2024 BST 		5-day change 1st Jan Change
34.78 SGD +1.05% Intraday chart for DBS Group Holdings Ltd +5.08% +14.51%
04-29 Air China Shares Tumble as Earnings Miss Expectations DJ
04-26 Dbs Group Holdings Ltd Approves One-Tier Tax-Exempt Final Dividend for the Year Ended 31 December 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 66,101 63,879 83,882 87,297 86,169 98,919 - -
Enterprise Value (EV) 1 66,101 63,879 83,882 87,297 86,169 98,919 98,919 98,919
P/E ratio 10.5 x 13.8 x 12.5 x 10.8 x 8.63 x 10 x 9.95 x 9.82 x
Yield 4.75% 3.47% 3.67% 4.42% 5.75% 6.18% 6.54% 7.28%
Capitalization / Revenue 4.54 x 4.38 x 5.87 x 5.22 x 4.27 x 4.78 x 4.65 x 4.54 x
EV / Revenue 4.54 x 4.38 x 5.87 x 5.22 x 4.27 x 4.78 x 4.65 x 4.54 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 1.55 x 1.47 x 1.41 x
Nbr of stocks (in thousands) 2,809,534 2,806,173 2,825,176 2,830,992 2,837,056 2,844,137 - -
Reference price 2 23.53 22.76 29.69 30.84 30.37 34.78 34.78 34.78
Announcement Date 12/02/20 09/02/21 13/02/22 13/02/23 07/02/24 - - -
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 20,693 21,288 21,779
EBITDA - - - - - - - -
EBIT 1 8,286 8,434 7,828 9,412 12,124 11,899 12,142 12,310
Operating Margin 56.97% 57.8% 54.75% 56.33% 60.08% 57.5% 57.04% 56.52%
Earnings before Tax (EBT) 1 7,583 5,368 7,776 9,382 11,486 11,492 11,737 11,916
Net income 1 6,391 4,721 6,805 8,193 10,062 10,027 10,137 10,208
Net margin 43.94% 32.35% 47.6% 49.03% 49.86% 48.45% 47.62% 46.87%
EPS 2 2.236 1.645 2.373 2.864 3.518 3.465 3.495 3.542
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 2.149 2.276 2.533
Announcement Date 12/02/20 09/02/21 13/02/22 13/02/23 07/02/24 - - -
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 5,056 5,198 5,211 5,172 5,241
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 2,942 - - - -
Operating Margin 54.4% 53.16% 49.26% 56.12% 56.28% 59.84% 53.09% 61.87% 61.72% 60.75% 55.96% 58.19% - - - -
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 2,960 2,900 2,735 2,960
Net income 1 - 1,700 1,393 1,801 1,815 2,236 2,341 2,571 2,629 2,593 2,269 2,480 2,559 2,507 2,278 2,560
Net margin - 47.74% 42.3% 48.07% 47.86% 49.21% 50.61% 52.09% 52.11% 49.94% 45.32% 49.05% 49.24% 48.11% 44.05% 48.84%
EPS 2 - 0.5864 0.4796 0.6386 0.6394 1.046 0.5400 0.9136 0.9182 0.9091 3.273 0.9149 0.8845 0.8655 0.8162 0.8928
Dividend per Share 2 - 0.3000 0.3273 0.3273 0.3273 0.3273 0.3818 0.3818 0.4364 0.4364 0.4909 0.5400 0.7400 0.5400 0.6000 0.6000
Announcement Date 09/02/21 05/11/21 13/02/22 28/04/22 03/08/22 02/11/22 13/02/23 01/05/23 02/08/23 05/11/23 07/02/24 - - - - -
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% 16.2% 15.5% 15.2%
ROA (Net income/ Total Assets) 1.13% 0.75% 1.02% 1.12% 1.38% 1.32% 1.3% 1.26%
Assets 1 565,575 629,467 667,157 731,518 729,130 759,211 778,297 812,360
Book Value Per Share 2 17.40 18.30 19.50 19.20 21.00 22.40 23.60 24.60
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 12/02/20 09/02/21 13/02/22 13/02/23 07/02/24 - - -
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
18
Last Close Price
34.78 SGD
Average target price
36.41 SGD
Spread / Average Target
+4.67%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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