DBS Group Holdings Ltd

SGX:D05 Stock Report

Market Cap: S$185.8b

DBS Group Holdings Future Growth

Future criteria checks 2/6

DBS Group Holdings is forecast to grow earnings and revenue by 5.5% and 5.6% per annum respectively. EPS is expected to grow by 5.8% per annum. Return on equity is forecast to be 17.5% in 3 years.

Key information

5.5%

Earnings growth rate

5.84%

EPS growth rate

Banks earnings growth7.9%
Revenue growth rate5.6%
Future return on equity17.55%
Analyst coverage

Good

Last updated23 Jun 2026

Recent future growth updates

Analysis Article • Nov 09

DBS Group Holdings Ltd Just Beat EPS By 8.6%: Here's What Analysts Think Will Happen Next

As you might know, DBS Group Holdings Ltd ( SGX:D05 ) just kicked off its latest quarterly results with some very...

Recent updates

Narrative Update • Jun 25

D05: Future Gold Tokens And Stable Dividends Will Support Platform Appeal

Analysts have raised their price target for DBS Group Holdings from SGD 60.55 to SGD 62.15, citing updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E as the basis for this change. What's in the News DBS Group Holdings announced it will offer tokenised physical gold to retail customers through its digibank app from the second half of 2026, giving users a way to digitally access, hold, and trade tokenised physical gold on a single platform, source: recent news reports.
Narrative Update • Jun 08

D05: Steady Guidance And Dividends Will Support Platforms And Sustainability Partnerships

Analysts have nudged their fair value estimate for DBS Group Holdings slightly higher, from SGD60.04 to SGD60.55. This reflects small tweaks to assumptions on the discount rate, profit margin, revenue growth, and future P/E.
Narrative Update • May 25

D05: Steady Guidance And Dividends Will Frame Outlook And Expansion Prospects

Analysts have modestly raised their price target for DBS Group Holdings to SGD 60.04 from SGD 57.93, citing updated assumptions around revenue growth, profit margins and forward P/E multiples. What's in the News DBS issued earnings guidance for 2026, indicating that total income is expected to be around 2025 levels, which helps you frame revenue expectations for the next year (Corporate guidance).
Narrative Update • Feb 02

D05: Malaysia Bank Stake Talks And Fintech Partnership Will Shape Outlook

Analysts have raised their price target for DBS Group Holdings to S$57.93 from S$57.53, citing slightly revised assumptions for the discount rate, revenue growth, profit margin and future P/E multiples as the main factors behind the change. What's in the News DBS Group Holdings is reported to be continuing its pursuit of a stake in Alliance Bank Malaysia Berhad, now channeling efforts through government to government discussions between Singapore and Malaysia.
New Narrative • Jan 24

Wealth Management And Digital Assets Will Reshape This Asian Bank’s Earnings Profile

Catalysts About DBS Group Holdings DBS Group Holdings is a Singapore based banking group with operations across wealth management, institutional banking, treasury activities and digital financial services. What are the underlying business or industry changes driving this perspective?
Narrative Update • Jan 19

D05: Malaysia Banking Stake And Fintech Partnership Will Shape Balanced Outlook

Analysts have raised their price target on DBS Group Holdings from S$56.17 to S$57.53, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News DBS Group Holdings is reported to be continuing its pursuit of a stake in Alliance Bank Malaysia Berhad, with discussions said to have moved to government to government channels as part of broader talks involving the Johor Singapore Special Economic Zone (The Edge).
Narrative Update • Jan 04

D05: Dividend Reliability And Malaysia Expansion With Fintech Alliances Will Shape Outlook

Analysts have modestly raised their price target on DBS Group Holdings, citing a slightly higher discount rate along with stable long term growth and profitability assumptions, which together support a fair value estimate of about SGD 56.17 per share. What's in the News DBS Group Holdings is actively pursuing a stake in Alliance Bank Malaysia Berhad via government-to-government discussions, with the deal reportedly tied to broader negotiations around the Johor Singapore Special Economic Zone.
Narrative Update • Dec 16

D05: Dividend Resilience And Regional Digital Partnerships Will Shape Future Outlook

Analysts have slightly trimmed their price target on DBS Group Holdings, now expecting modestly softer discount rates and forward valuation multiples to cap upside to approximately SGD 56.17 per share, while still reflecting steady revenue growth and resilient profit margins. What's in the News DBS is persisting in its pursuit of a stake in Alliance Bank Malaysia, shifting to government-to-government talks as the deal becomes tied to broader negotiations over the Johor Singapore Special Economic Zone, with a roughly two year window seen as critical before Malaysia’s next general election (Key Developments).
Narrative Update • Dec 02

D05: Dividend Yield Sustainability And Digital Expansion Will Define Investment Outlook

Analysts have raised their price target for DBS Group Holdings to S$56, up from S$50.50. This revision is attributed to improved earnings growth forecasts and a continued positive outlook, supported by the bank's sector-leading dividend yield.
Narrative Update • Nov 18

D05: Dividend Yield And Digital Payments Partnerships Will Shape Outlook

The analyst price target for DBS Group Holdings has been raised from S$51.16 to S$55.29. Analysts cite stronger revenue growth expectations and a sector-leading dividend yield as factors supporting the stock’s outlook.
Analysis Article • Nov 09

DBS Group Holdings Ltd Just Beat EPS By 8.6%: Here's What Analysts Think Will Happen Next

As you might know, DBS Group Holdings Ltd ( SGX:D05 ) just kicked off its latest quarterly results with some very...
Analysis Article • Oct 29

Here's Why DBS Group Holdings (SGX:D05) Has Caught The Eye Of Investors

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Narrative Update • Aug 08

Asian Wealth Management And Digital Adoption Will Unlock Potential

The upward revision in DBS Group Holdings’ consensus price target is primarily driven by improved revenue growth forecasts and a modestly higher future P/E multiple, resulting in a new fair value of SGD50.61. What's in the News DBS Group Holdings paused plans to form an insurance partnership in India and Taiwan after initial offers from bidders did not meet value expectations.
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New Narrative • Nov 10

Loan Growth And Wealth Management Propel A Bright Future Amid Market Challenges

Strategic share buybacks and ALM strategy are set to enhance EPS growth and net interest margins.

Earnings and Revenue Growth Forecasts

SGX:D05 - Analysts future estimates and past financials data (SGD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202826,27312,674N/AN/A13
12/31/202724,75011,793N/AN/A14
12/31/202623,51511,171N/AN/A14
3/31/202622,28710,931N/AN/AN/A
12/31/202522,10910,898-48,357-47,832N/A
9/30/202522,28311,094N/AN/AN/A
6/30/202522,09811,186-29,460-28,578N/A
3/31/202521,83311,146N/AN/AN/A
12/31/202421,67511,205-8,650-7,734N/A
9/30/202421,20810,871N/AN/AN/A
6/30/202420,56210,5603,4014,112N/A
3/31/202420,20110,363N/AN/AN/A
12/31/202319,5549,9784,6975,415N/A
9/30/202319,35710,149N/AN/AN/A
6/30/202318,6939,650-5,049-4,349N/A
3/31/202317,4148,878N/AN/AN/A
12/31/202216,2658,108-28,910-28,241N/A
9/30/202215,1687,136N/AN/AN/A
6/30/202214,1026,600-33,249-32,663N/A
3/31/202214,1976,488N/AN/AN/A
12/31/202114,1366,696-25,998-25,431N/A
9/30/202113,6716,309N/AN/AN/A
6/30/202113,0635,906-12,860-12,309N/A
3/31/202112,4305,450N/AN/AN/A
12/31/202011,5264,606-32,830-32,283N/A
9/30/202012,1795,125N/AN/AN/A
6/30/202012,7255,457-36,928-36,361N/A
3/31/202013,3065,813N/AN/AN/A
12/31/201913,8416,299N/A278N/A
9/30/201913,5426,116N/A-7,255N/A
6/30/201913,1125,900N/A-1,259N/A
3/31/201912,7525,631N/A-18,906N/A
12/31/201812,4735,491N/A-20,881N/A
9/30/201812,2635,377N/A-27,920N/A
6/30/201811,3684,766N/A-39,059N/A
3/31/201810,8904,562N/A-34,164N/A
12/31/201710,3804,296N/A-21,243N/A
9/30/20179,9024,040N/A-28,537N/A
6/30/201710,1514,309N/A-17,018N/A
3/31/201710,0844,230N/A-10,257N/A
12/31/201610,0554,188N/A-16,222N/A
9/30/201610,0944,290N/A7,689N/A
6/30/201610,1324,285N/A-3,383N/A
3/31/201610,1424,351N/A8,335N/A
12/31/201510,1804,417N/A4,574N/A
9/30/20159,9184,243N/A-12,602N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: D05's forecast earnings growth (5.5% per year) is above the savings rate (2.6%).

Earnings vs Market: D05's earnings (5.5% per year) are forecast to grow slower than the SG market (7% per year).

High Growth Earnings: D05's earnings are forecast to grow, but not significantly.

Revenue vs Market: D05's revenue (5.6% per year) is forecast to grow faster than the SG market (5.4% per year).

High Growth Revenue: D05's revenue (5.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: D05's Return on Equity is forecast to be low in 3 years time (17.5%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/30 00:09
End of Day Share Price 2026/06/30 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

DBS Group Holdings Ltd is covered by 38 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Wing San WongBarclays
Kevin KwekBernstein
Sukriti BansalBofA Global Research