DBS Group Holdings Ltd.

DBS Group Holdings is an investment holding, treasury and funding vehicle for itself and its subsidiaries. Co.'s main subsidiary is DBS Bank Ltd, which is engaged in a range of commercial banking and financial services, principally in Asia. Co.'s various business segments are: Consumer Banking/ Wealth Management, which provides individual customers with a range of banking and related financial services; Institutional Banking, which provides financial services and products to institutional clients; as well as Treasury, which provides treasury services to corporations, institutional and private investors, financial institutions and other market participants.
  • TickerD05
  • ISINSG1L01001701
  • ExchangeSingapore Exchange
  • SectorBanks
  • CountrySingapore

Analysts

UOB
Singapore Research Team

Strategy - 1H19/2Q19 Report card – Nothing to write home about

This earnings season mostly saw in-line results with 65% of companies meeting expectations which is the highest in the past five years. In addition, we note that only 8% of the companies beat expectations in 2Q19 which is the lowest percentage of beats in the past three years. Post the results we have reduced our market EPS growth further and have cut our 2019 year-end target for the FSSTI by 7% to 3,210.

UOB
Jacquelyn Yow Hui Li ...
  • Leow Huey Chuen
  • Singapore Research Team

Singapore Daily - Tuesday, August 20, 2019

KEY HIGHLIGHTS Strategy 1H19 Report Card: This earnings season mostly saw in-line results with 65% of companies meeting expectations, the highest in the past five years. Sector Plantation: 2Q19 results review: Weak performance in 2Q19 due to lower-than-expected production. However, 2H19 would be stronger on better production and selling prices. TRADERS’ CORNER Singapore Tech Engineering (STE SP): Trading Buy Wilmar International (WIL SP): Trading Buy

UOB
Jonathan Koh

Banking - 2Q19 round-up: Sustaining growth and dishing out higher dividends

All three Singapore banks reported results that were above expectations. Banks benefitted from higher mortgage rates but costs of deposits have started to ease as well. Continued NIM expansion helped banks achieve high-single-digit growth in net interest income. Growth in wealth management fees was also impressive, supported by expansion of AUM. Asset quality remained stable, while CET-1 CAR was resilient at about 14%. Maintain OVERWEIGHT. BUY DBS and OCBC.

UOB
Singapore Research Team

Strategy - Alpha picks: Strong outperformance

Our portfolio’s simple average return of 5.2% mom significantly outperformed the FSSTI’s decline of 0.6% mom in July. We add Keppel Corp and newly-initiated BRC Asia to our portfolio, and take profit on SATS.

UOB
Jonathan Koh

DBS Group Holdings - 2Q19: Broad-based growth despite headwinds

Net interest income increased 9.2% yoy due to moderate loan growth of 3.7% yoy and NIM expansion of 6bp yoy. Non-interest income was above expectations due to fees & commissions (+8.6% yoy), net trading income (+57.3% yoy) and gains from investment securities of S$130m. We see the impact of lower interest rates offset by improved cost efficiency. Maintain BUY on DBS. Target price: S$31.30.

Moody's assigns Aa2 to DBS Group Holdings' USD senior unsecured notes

Rating Action: Moody's assigns Aa2 to DBS Group Holdings' USD senior unsecured notes. Global Credit Research- 02 Jun 2017. Singapore, June 02, 2017-- Moody's Investors Service has assigned a Aa2 foreign currency debt rating to the USD senior unsecured notes drawdown issued by DBS Group Holdings Ltd from its USD30 billion global medium-term note program.

DBS Group Holdings Ltd: Update Following First-Quarter 2017 Results

FINANCIAL INSTITUTIONS CREDIT OPINION 23 May 2017 Update Contacts Simon Chen 65-6398-8305 VP-Senior Analyst [email protected] Eugene Tarzimanov 65-6398-8329 VP-Sr Credit Officer [email protected] Rebaca L Tan 65-6311-2610 Associate Analyst [email protected] Gene Fang 65-6398-8311 Associate Managing Director [email protected] DBS Group Holdings Ltd Update Following First-Quart

UOB
Singapore Research Team

Strategy - 1H19/2Q19 Report card – Nothing to write home about

This earnings season mostly saw in-line results with 65% of companies meeting expectations which is the highest in the past five years. In addition, we note that only 8% of the companies beat expectations in 2Q19 which is the lowest percentage of beats in the past three years. Post the results we have reduced our market EPS growth further and have cut our 2019 year-end target for the FSSTI by 7% to 3,210.

UOB
Jacquelyn Yow Hui Li ...
  • Leow Huey Chuen
  • Singapore Research Team

Singapore Daily - Tuesday, August 20, 2019

KEY HIGHLIGHTS Strategy 1H19 Report Card: This earnings season mostly saw in-line results with 65% of companies meeting expectations, the highest in the past five years. Sector Plantation: 2Q19 results review: Weak performance in 2Q19 due to lower-than-expected production. However, 2H19 would be stronger on better production and selling prices. TRADERS’ CORNER Singapore Tech Engineering (STE SP): Trading Buy Wilmar International (WIL SP): Trading Buy

UOB
Singapore Research Team

Strategy - Alpha picks: Strong outperformance

Our portfolio’s simple average return of 5.2% mom significantly outperformed the FSSTI’s decline of 0.6% mom in July. We add Keppel Corp and newly-initiated BRC Asia to our portfolio, and take profit on SATS.

UOB
Jonathan Koh

DBS Group Holdings - 2Q19: Broad-based growth despite headwinds

Net interest income increased 9.2% yoy due to moderate loan growth of 3.7% yoy and NIM expansion of 6bp yoy. Non-interest income was above expectations due to fees & commissions (+8.6% yoy), net trading income (+57.3% yoy) and gains from investment securities of S$130m. We see the impact of lower interest rates offset by improved cost efficiency. Maintain BUY on DBS. Target price: S$31.30.

UOB
Jacquelyn Yow Hui Li ...
  • John Cheong Ming Chern
  • Jonathan Koh
  • Leow Huey Chuen
  • Loke Pei Hao
  • Lucas Teng Yao Yang

Singapore Daily - Tuesday, July 30, 2019

KEY HIGHLIGHTS Sector Regional Plantation: CPO price assumptions for 2019 and 2020 revised downwards to factor in weak 1H19 performance. Sector earnings adjusted downwards by 27% for 2019. Sector REITs: AREIT – Strong 1QFY19 but rental reversion could moderate. Results DBS Group Holdings (DBS SP/BUY/S$26.64/Target: S$31.30): 2Q19: Broad-based growth despite headwinds. Raffles Medical Group (RFMD SP/BUY/S$1.03/Target: S$1.27): 1H19: In line; costs well managed in Chongqing but awaiting further ramp-up. TRADERS’ CORNER Oxley Holdings (OHL SP): Trading Buy Dairy Farm International (DFI SP): Tr...

1 director bought

A director at DBS Group Holdings Ltd bought 10,000 shares at 26.530SGD and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The name...

Rudziah Siti

DBS Group Holdings

Rudziah Siti

DBS Group Holdings

Rudziah Siti

DBS Group Holdings

Rudziah Siti

DBS Group Holdings

DBS GROUP HOLDINGS LTD. with less fundamental stars is reduced to Neutral

DBS GROUP HOLDINGS LTD. (SG), a company active in the Money Center Banks industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 14, 2019, the closing price was SGD 26.10 and its expected value was estimated at S...

UOB
Jonathan Koh

Banking - 2Q19 round-up: Sustaining growth and dishing out higher dividends

All three Singapore banks reported results that were above expectations. Banks benefitted from higher mortgage rates but costs of deposits have started to ease as well. Continued NIM expansion helped banks achieve high-single-digit growth in net interest income. Growth in wealth management fees was also impressive, supported by expansion of AUM. Asset quality remained stable, while CET-1 CAR was resilient at about 14%. Maintain OVERWEIGHT. BUY DBS and OCBC.

UOB
Jonathan Koh

Banking - Promoting Fintech by issuing digital bank licenses

MAS will issue up to five new digital bank licences to non-bank players (two DFBs and three DWBs). Singapore banks are digital savvy and can compete effectively against new entrants due to their comprehensive omni-channel approach. New entrants are subject to similar risk-based capital and liquidity requirements but do not have physical branches, nor access to ATMs and CDMs. We find requirements for DFB and DWB rather restrictive. Maintain OVERWEIGHT.

UOB
Jonathan Koh

Banking - 1Q19 Round-up: strong start; earnings up 8-11% yoy despite high base

2019 got off to a strong start with banks reporting earnings growth of 8-11% yoy despite the high base in 1Q18. Hikes in mortgage rates helped DBS and OCBC achieve NIM expansion of 1bp (underlying: 5bp) and 4bp qoq respectively. Banks benefitted from strong net trading income. Asset quality remains stable, while CET-1 CARs were resilient at about 14%. Maintain OVERWEIGHT. BUY DBS and OCBC.

MarketLine Department

United Overseas Bank Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's United Overseas Bank Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by United Overseas Bank Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive a...

UOB
Jonathan Koh

Banking - Goodbye 2018, welcome 2019

Banks outperformed by 4.9% in 1H18 but underperformed by 1.9% in 2H18 so far. The euphoria over interest rate hikes and NIM expansion in 1H18 gave way to concerns over escalation in trade conflict in 2H18. While banks are typical cyclical plays, their emergence as yield plays would provide valuation support and limit potential downside in 2019. Maintain OVERWEIGHT. BUY DBS and OCBC. We prefer OCBC due to its potential to play catch-up in NIM expansion and dividend payout.

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

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