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DBS Group Holdings

DB:DEVL
Snowflake Description

6 star dividend payer with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DEVL
DB
SGD70B
Market Cap
  1. Home
  2. DE
  3. Banks
Company description

DBS Group Holdings Ltd provides financial products and services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. The last earnings update was 66 days ago. More info.


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DEVL Share Price and Events
7 Day Returns
-1%
DB:DEVL
4.9%
DE Banks
1.8%
DE Market
1 Year Returns
-1.8%
DB:DEVL
-22.7%
DE Banks
-6%
DE Market
DEVL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
DBS Group Holdings (DEVL) -1% 8.6% 14.8% -1.8% 75.1% 84.6%
DE Banks 4.9% 12% 13.9% -22.7% -4.1% -18.6%
DE Market 1.8% 6% 7.8% -6% 10.1% 15.3%
1 Year Return vs Industry and Market
  • DEVL outperformed the Banks industry which returned -22.7% over the past year.
  • DEVL outperformed the Market in Germany which returned -6% over the past year.
Price Volatility
DEVL
Industry
5yr Volatility vs Market

Value

 Is DBS Group Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of DBS Group Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for DBS Group Holdings.

DB:DEVL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 19 analysts.
= Stable Book Value * Return on Equity
= SGD20.65 * 12.7%
SGD2.62
Book Value of Equity per Share Weighted future Book Value estimates from 19 analysts. SGD20.65
Discount Rate (Cost of Equity) See below 7%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:DEVL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.593 (1 + (1- 17%) (126.24%))
1.144
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.14
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.144 * 5.96%)
7.04%

Discounted Cash Flow Calculation for DB:DEVL using Excess Returns Model Model

The calculations below outline how an intrinsic value for DBS Group Holdings is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:DEVL Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.7% – 7.04%) * SGD20.65)
SGD1.16
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= SGD1.16 / (7.04% - 0.23%)
SGD17.08
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= SGD20.65 + SGD17.08
SGD37.73
DB:DEVL Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:DEVL represents 0.64576x of SGX:D05
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.64576x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (SGD) x Listing Adjustment Factor
= SGD 37.73 x 0.64576
€24.36
Value per share (EUR) From above. €24.36
Current discount Discount to share price of €17.73
= -1 x (€17.73 - €24.36) / €24.36
27.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price DBS Group Holdings is available for.
Intrinsic value
27%
Share price is €17.73 vs Future cash flow value of €24.36
Current Discount Checks
For DBS Group Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • DBS Group Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • DBS Group Holdings's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for DBS Group Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are DBS Group Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:DEVL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD2.15
SGX:D05 Share Price ** SGX (2019-04-18) in SGD SGD27.45
Germany Banks Industry PE Ratio Median Figure of 6 Publicly-Listed Banks Companies 15.05x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.59x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of DBS Group Holdings.

DB:DEVL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:D05 Share Price ÷ EPS (both in SGD)

= 27.45 ÷ 2.15

12.79x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • DBS Group Holdings is good value based on earnings compared to the DE Banks industry average.
  • DBS Group Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does DBS Group Holdings's expected growth come at a high price?
Raw Data
DB:DEVL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.79x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
8.4%per year
Europe Banks Industry PEG Ratio Median Figure of 112 Publicly-Listed Banks Companies 0.83x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

DB:DEVL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.79x ÷ 8.4%

1.53x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • DBS Group Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on DBS Group Holdings's assets?
Raw Data
DB:DEVL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD19.22
SGX:D05 Share Price * SGX (2019-04-18) in SGD SGD27.45
Germany Banks Industry PB Ratio Median Figure of 6 Publicly-Listed Banks Companies 0.91x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:DEVL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:D05 Share Price ÷ Book Value per Share (both in SGD)

= 27.45 ÷ 19.22

1.43x

* Primary Listing of DBS Group Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • DBS Group Holdings is overvalued based on assets compared to the DE Banks industry average.
X
Value checks
We assess DBS Group Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. DBS Group Holdings has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is DBS Group Holdings expected to perform in the next 1 to 3 years based on estimates from 20 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is DBS Group Holdings expected to grow at an attractive rate?
  • DBS Group Holdings's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • DBS Group Holdings's earnings growth is positive but not above the Germany market average.
  • DBS Group Holdings's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:DEVL Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:DEVL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts 8.4%
DB:DEVL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 8.5%
Germany Banks Industry Earnings Growth Rate Market Cap Weighted Average 12.8%
Europe Banks Industry Revenue Growth Rate Market Cap Weighted Average 5.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:DEVL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:DEVL Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 16,218 7,084 15
2020-12-31 15,282 6,551 20
2019-12-31 14,186 6,059 19
DB:DEVL Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 12,473 -20,881 5,491
2018-09-30 12,260 -27,920 5,377
2018-06-30 11,365 -39,059 4,766
2018-03-31 10,887 -34,164 4,562
2017-12-31 10,377 -21,243 4,296
2017-09-30 9,902 -28,537 4,040
2017-06-30 10,151 -17,018 4,309
2017-03-31 10,084 -10,257 4,230
2016-12-31 10,055 -16,222 4,188
2016-09-30 10,094 7,689 4,290
2016-06-30 10,132 -3,383 4,285
2016-03-31 10,142 8,335 4,351

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • DBS Group Holdings's earnings are expected to grow by 8.4% yearly, however this is not considered high growth (20% yearly).
  • DBS Group Holdings's revenue is expected to grow by 8.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:DEVL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from DBS Group Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:DEVL Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2.76 3.13 2.54 15.00
2020-12-31 2.56 2.77 2.40 21.00
2019-12-31 2.36 2.50 2.26 21.00
DB:DEVL Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 2.15
2018-09-30 2.10
2018-06-30 1.86
2018-03-31 1.79
2017-12-31 1.68
2017-09-30 1.59
2017-06-30 1.70
2017-03-31 1.67
2016-12-31 1.66
2016-09-30 1.71
2016-06-30 1.71
2016-03-31 1.74

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • DBS Group Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess DBS Group Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
DBS Group Holdings has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has DBS Group Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare DBS Group Holdings's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • DBS Group Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • DBS Group Holdings's 1-year earnings growth exceeds its 5-year average (27.8% vs 5%)
  • DBS Group Holdings's earnings growth has exceeded the DE Banks industry average in the past year (27.8% vs 5.5%).
Earnings and Revenue History
DBS Group Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from DBS Group Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:DEVL Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 12,473.00 5,491.00 3,471.00
2018-09-30 12,260.00 5,377.00 3,331.00
2018-06-30 11,365.00 4,766.00 3,204.00
2018-03-31 10,887.00 4,562.00 3,146.00
2017-12-31 10,377.00 4,296.00 3,078.00
2017-09-30 9,902.00 4,040.00 2,747.00
2017-06-30 10,151.00 4,309.00 3,028.00
2017-03-31 10,084.00 4,230.00 2,984.00
2016-12-31 10,055.00 4,188.00 2,972.00
2016-09-30 10,094.00 4,290.00 2,946.00
2016-06-30 10,132.00 4,285.00 2,940.00
2016-03-31 10,142.00 4,351.00 2,834.00
2015-12-31 10,180.00 4,417.00 2,892.00
2015-09-30 9,918.00 4,243.00 2,851.00
2015-06-30 9,724.00 4,185.00 2,556.00
2015-03-31 9,346.00 4,037.00 2,623.00
2014-12-31 9,174.00 3,999.00 2,514.00
2014-09-30 9,265.00 4,169.00 2,434.00
2014-06-30 8,927.00 4,023.00 2,370.00
2014-03-31 8,806.00 3,941.00 2,342.00
2013-12-31 8,377.00 3,660.00 2,281.00
2013-09-30 8,452.00 3,909.00 2,356.00
2013-06-30 8,402.00 3,903.00 2,318.00
2013-03-31 8,179.00 3,826.00 2,248.00
2012-12-31 8,097.00 3,809.00 2,218.00
2012-09-30 7,490.00 3,300.00 2,045.00
2012-06-30 7,278.00 3,206.00 2,000.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • DBS Group Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • DBS Group Holdings used its assets more efficiently than the DE Banks industry average last year based on Return on Assets.
  • Unable to establish if DBS Group Holdings improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess DBS Group Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
DBS Group Holdings has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is DBS Group Holdings's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of DBS Group Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from DBS Group Holdings Company Filings, last reported 3 months ago.

DB:DEVL Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 49,875.00 88,651.00 31,250.00
2018-09-30 48,515.00 84,043.00 30,820.00
2018-06-30 48,044.00 83,696.00 32,105.00
2018-03-31 51,081.00 83,251.00 33,269.00
2017-12-31 49,802.00 77,660.00 59,475.00
2017-09-30 48,761.00 76,747.00 36,714.00
2017-06-30 48,869.00 76,160.00 38,407.00
2017-03-31 48,372.00 70,998.00 42,379.00
2016-12-31 46,970.00 71,259.00 62,637.00
2016-09-30 46,527.00 75,859.00 39,218.00
2016-06-30 44,712.00 77,735.00 29,956.00
2016-03-31 44,267.00 65,275.00 30,867.00
2015-12-31 42,796.00 82,500.00 52,313.00
2015-09-30 41,861.00 79,318.00 33,651.00
2015-06-30 41,593.00 74,709.00 26,602.00
2015-03-31 41,721.00 73,618.00 35,242.00
2014-12-31 40,206.00 71,559.00 46,420.00
2014-09-30 39,273.00 64,669.00 26,257.00
2014-06-30 38,738.00 63,679.00 21,945.00
2014-03-31 38,147.00 64,106.00 30,908.00
2013-12-31 37,686.00 60,363.00 43,308.00
2013-09-30 36,889.00 72,808.00 44,419.00
2013-06-30 36,708.00 76,841.00 39,173.00
2013-03-31 37,049.00 74,661.00 38,105.00
2012-12-31 35,998.00 52,142.00 28,273.00
2012-09-30 34,840.00 66,463.00 42,808.00
2012-06-30 34,440.00 70,962.00 40,904.00
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • DBS Group Holdings has an acceptable proportion of non-loan assets held.
  • DBS Group Holdings's liabilities are made up of primarily low risk sources of funding.
  • Loans at DBS Group Holdings are broadly funded by customer deposits.
  • DBS Group Holdings's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • DBS Group Holdings has a low allowance for bad loans.
  • DBS Group Holdings has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess DBS Group Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. DBS Group Holdings has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is DBS Group Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.37%
Current annual income from DBS Group Holdings dividends. Estimated to be 4.74% next year.
If you bought €2,000 of DBS Group Holdings shares you are expected to receive €87 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • DBS Group Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • DBS Group Holdings's dividend is above the markets top 25% of dividend payers in Germany (3.71%).
Upcoming dividend payment

Purchase DBS Group Holdings before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:DEVL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
Germany Banks Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:DEVL Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.45 1.00
2022-12-31 1.36 1.00
2021-12-31 1.36 16.00
2020-12-31 1.30 19.00
2019-12-31 1.24 20.00
DB:DEVL Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-02-18 1.200 4.665
2018-11-05 1.200 5.004
2018-10-15 1.200 5.017
2018-08-01 1.200 4.744
2018-02-07 1.200 4.300
2017-11-06 0.660 2.621
2017-09-12 0.660 3.090
2017-05-22 0.600 2.877
2016-10-31 0.600 3.286
2016-08-08 0.600 3.965
2016-02-22 0.600 3.909
2015-03-24 0.580 3.236
2015-03-09 0.580 2.926
2015-02-09 0.580 2.975
2014-05-19 0.600 3.262
2013-10-31 0.560 3.356
2013-08-07 0.560 3.398
2013-04-29 0.560 3.377
2012-11-14 0.560 3.730
2012-11-01 0.560 4.019
2012-08-02 0.560 3.889
2012-02-10 0.560 4.040
2011-11-02 0.560 4.503
2011-08-26 0.560 4.583
2011-04-28 0.560 3.855
2011-04-01 0.560 3.795
2011-03-14 0.560 3.913
2011-03-07 0.560 3.881
2011-02-11 0.560 3.877
2010-11-01 0.560 3.893
2010-07-30 0.560 3.941
2010-05-07 0.560 3.999
2010-02-05 0.560 3.844
2009-12-31 0.560 3.778
2009-11-06 0.560 3.819
2009-08-07 0.560 4.319
2009-05-08 0.560 4.639
2009-04-23 0.560 5.595

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of DBS Group Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2x coverage).
X
Income/ dividend checks
We assess DBS Group Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can DBS Group Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. DBS Group Holdings has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of DBS Group Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Piyush Gupta
COMPENSATION SGD11,862,527
AGE 58
TENURE AS CEO 9.4 years
CEO Bio

Mr. Piyush Gupta has been the Chief Executive Officer of DBS Group Holdings Ltd and DBS Bank Ltd. since November 9, 2009. Mr. Gupta served as the Chief Executive Officer of South-East Asia & Pacific regions of Citibank Singapore Ltd. since September 2008. He served as a Head of Asean Markets & Banking at Citigroup Inc. since August 2007 and covered Singapore, Malaysia, Philippines, Indonesia, Thailand, Vietnam and Brunei. Prior to joining DBS, he was Citigroup’s Chief Executive Officer for South East Asia, Australia and New Zealand. Mr. Gupta served as the Chief Executive and Citi Country Officer of Malaysia at Citibank Berhad since October 2002, responsible for its overall franchise in the market. He also served as Citi's Country Officer for Indonesia and Singapore. Mr. Gupta joined Citibank in 1982 in India and held various senior management roles across Citi's corporate and consumer banking businesses, including Head of Strategic Planning for Emerging Markets and Regional Director for Global Transaction Services for Asia Pacific. He oversaw the expansion at Citi's branch network from three to seven, opening its first new branch in Malaysia in 48 years, before further extending Citi's reach through a sales subsidiary with 10 branches. Mr. Gupta serves as the Chairman at Citigroup Holding (Singapore) Private Limited. He served as the Chairman and Director of Citibank Berhad from October 2002 to September 3, 2009. He serves as Vice Chairman at DBS Bank (Hong Kong) Limited. He serves as Vice Chairman at The Islamic Bank of Asia Limited. He has been a Director of DBS Bank (Hong Kong) Limited since July 14, 2010. He has been a Director of DBS Group Holdings Ltd and an Executive Director of DBS Bank Ltd. since November 9, 2009. He served as a Director of Info-communications Development Authority of Singapore from December 1, 2015 to October 1, 2016. He serves as an advisory board member of Sim Kee Boon Institute for Financial Economics, a member of the Governing Council of the Human Capital Leadership Institute and a council member of Singapore Business Federation. He is also a Managing Council member of Indian Business leaders Roundtable (under SINDA) and the Chairman of The Association of Banks in Singapore. He is also Chairman of Sim Kee Boon Institute for Financial Economics Advisory Board, a council member of The Association of Banks in Singapore and a Managing Council member of Indian Business-leaders’ Roundtable (under SINDA). His external appointments include serving as the Deputy Chairman of SPRING Singapore, as a council member of the Asian Bureau of Finance and Economic Research and on the boards of Infocomm Development Authority of Singapore, Institute of International Finance, Inc., The Institute of Banking and Finance, Dr. Goh Keng Swee Scholarship Fund, and the MasterCard Asia/Pacific, Middle East and Africa Regional Advisory Board. His external appointments include serving on the Group of Experts to the ASEAN Capital Markets Forum and on the boards of Global Indian Foundation. Mr. Gupta was named Singapore Business Awards' Outstanding Chief Executive of the Year in 2016. In 2014, he was named as the Singapore Business Leader of the Year by CNBC and in 2013, he was accorded the CEO Leadership Achievement Award for Singapore and Asia Pacific by The Asian Banker. Mr. Gupta holds Bachelor of Arts (Honours) in Economics from St Stephen's College Delhi University and an MBA degree from The Indian Institute of Management in Ahmedabad. He holds a Post Graduate Diploma in Management from IIM, Ahmedabad.

CEO Compensation
  • Piyush's compensation has been consistent with company performance over the past year.
  • Piyush's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the DBS Group Holdings management team in years:

9.4
Average Tenure
57
Average Age
  • The average tenure for the DBS Group Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Piyush Gupta

TITLE
CEO & Executive Director
COMPENSATION
SGD12M
AGE
58
TENURE
9.4 yrs

Sok Hui Chng

TITLE
Chief Financial Officer
AGE
57
TENURE
10.5 yrs

David Gledhill

TITLE
Chief Information Officer and Head of Technology & Operations

Michael Sia

TITLE
Head of Investor Relations

Chee Lam

TITLE
Head of Legal

Karen Ngui

TITLE
Head of Strategic Marketing & Communications
TENURE
13.8 yrs

Yan Lee

TITLE
Head of Human Resources

Andrew Ng

TITLE
Head of Treasury & Markets and Group Executive of DBS Bank
AGE
56

Carrie Tan

TITLE
Group Head of Institutional Banking (IBG)
AGE
50
TENURE
8.8 yrs

Sim Lim

TITLE
Group Head of Consumer Banking (CBG) & Wealth Management
AGE
60
TENURE
8.6 yrs
Board of Directors Tenure

Average tenure and age of the DBS Group Holdings board of directors in years:

8
Average Tenure
63
Average Age
  • The tenure for the DBS Group Holdings board of directors is about average.
Board of Directors

Peter Seah

TITLE
Chairman
COMPENSATION
SGD2M
AGE
71
TENURE
8.9 yrs

Piyush Gupta

TITLE
CEO & Executive Director
COMPENSATION
SGD12M
AGE
58
TENURE
9.4 yrs

Paulus Sutisna

TITLE
President Director of PT Bank DBS Indonesia
AGE
54

Euleen Goh

TITLE
Director
COMPENSATION
SGD395K
AGE
63
TENURE
10.3 yrs

Danny Teoh

TITLE
Director
COMPENSATION
SGD351K
AGE
63
TENURE
8.5 yrs

Tian Yee Ho

TITLE
Lead Independent Director
COMPENSATION
SGD355K
AGE
66
TENURE
0.4 yrs

Andre Sekulic

TITLE
Director
COMPENSATION
SGD307K
AGE
67
TENURE
7 yrs

Nihal Vijaya Devadas Kaviratne

TITLE
Director
COMPENSATION
SGD292K
AGE
74
TENURE
8 yrs

Foong Pheng Ow

TITLE
Director
COMPENSATION
SGD253K
AGE
54
TENURE
7 yrs

Olivier Lim

TITLE
Non-Executive Independent Director
COMPENSATION
SGD271K
AGE
53
TENURE
1.4 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by DBS Group Holdings insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
01. Mar 19 Buy Tse Ghow Lim Individual 28. Feb 19 28. Feb 19 16,000 €16.23 €259,642
13. Aug 18 Buy Tse Ghow Lim Individual 10. Aug 18 10. Aug 18 8,000 €16.24 €129,884
X
Management checks
We assess DBS Group Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. DBS Group Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

DBS Group Holdings Ltd provides financial products and services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. It operates through Consumer Banking/Wealth Management, Institutional Banking, Treasury Markets, and Others segments. The Consumer Banking/Wealth Management segment offers banking and related financial services, including current and savings accounts, fixed deposits, loans and home finance, cards, payments, investment, and insurance products for individual customers. The Institutional Banking segment provides financial services and products for bank and non-bank financial institutions, government-linked companies, large corporates, and small and medium sized businesses. Its products and services comprise short-term working capital financing and specialized lending; cash management, trade finance, and securities and fiduciary services; treasury and markets products; and corporate finance and advisory banking, as well as capital markets solutions. The Treasury Markets segment is involved in structuring, market-making, and trading in a range of treasury products. The Others segment offers stock trading and Islamic banking services. The company operates approximately 280 branches across 18 markets. DBS Group Holdings Ltd was founded in 1968 and is headquartered in Singapore.

Details
Name: DBS Group Holdings Ltd
DEVL
Exchange: DB
Founded: 1968
SGD45,984,560,798
2,558,271,934
Website: http://www.dbs.com
Address: DBS Group Holdings Ltd
Tower 3,
DBS Asia Central @ Marina Bay Financial Centre,
Singapore,
018982,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX D05 Ordinary Shares Singapore Exchange SG SGD 22. Sep 1999
OTCPK DBSD.F Ordinary Shares Pink Sheets LLC US USD 22. Sep 1999
DB DEVL Ordinary Shares Deutsche Boerse AG DE EUR 22. Sep 1999
OTCPK DBSD.Y SPONSORED ADR Pink Sheets LLC US USD 31. Jan 1985
SGX 2N8B 4.7%-FRN PERP SGD250000 'REGS' Singapore Exchange SG SGD 04. Dec 2013
Number of employees
Current staff
Staff numbers
26,418
DBS Group Holdings employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/22 21:42
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/22
Last earnings filing: 2019/02/15
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.