DBS Group Holdings Ltd

SGX:D05 Stock Report

Market Cap: S$121.6b

DBS Group Holdings Valuation

Is D05 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of D05 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: D05 (SGD42.82) is trading below our estimate of fair value (SGD82.04)

Significantly Below Fair Value: D05 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for D05?

Key metric: As D05 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for D05. This is calculated by dividing D05's market cap by their current earnings.
What is D05's PE Ratio?
PE Ratio11.2x
EarningsS$10.87b
Market CapS$121.59b

Price to Earnings Ratio vs Peers

How does D05's PE Ratio compare to its peers?

The above table shows the PE ratio for D05 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10.9x
O39 Oversea-Chinese Banking
9.8x0.9%S$73.7b
U11 United Overseas Bank
10.3x5.2%S$59.9b
SBIN State Bank of India
10.1x5.8%₹7.2t
8316 Sumitomo Mitsui Financial Group
13.3x8.8%JP¥14.3t
D05 DBS Group Holdings
11.2x1.4%S$121.6b

Price-To-Earnings vs Peers: D05 is expensive based on its Price-To-Earnings Ratio (11.2x) compared to the peer average (10.9x).

Price to Earnings Ratio vs Industry

How does D05's PE Ratio compare vs other companies in the Asian Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
D05 11.2xIndustry Avg. 8.7xNo. of Companies85PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: D05 is expensive based on its Price-To-Earnings Ratio (11.2x) compared to the Asian Banks industry average (8.7x).

Price to Earnings Ratio vs Fair Ratio

What is D05's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

D05 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.2x
Fair PE Ratio9.9x

Price-To-Earnings vs Fair Ratio: D05 is expensive based on its Price-To-Earnings Ratio (11.2x) compared to the estimated Fair Price-To-Earnings Ratio (9.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst D05 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentS$42.82
S$44.86
+4.8%
6.6%S$50.30S$40.10n/a17
Dec ’25S$42.43
S$44.32
+4.5%
5.5%S$50.00S$40.10n/a17
Nov ’25S$38.75
S$40.51
+4.5%
6.5%S$44.06S$35.00n/a17
Oct ’25S$37.89
S$39.71
+4.8%
7.2%S$44.00S$31.90n/a17
Sep ’25S$36.36
S$39.71
+9.2%
7.2%S$44.00S$31.90n/a17
Aug ’25S$35.98
S$39.75
+10.5%
5.2%S$43.00S$35.10n/a17
Jul ’25S$36.12
S$38.33
+6.1%
7.8%S$43.00S$30.00n/a17
Jun ’25S$35.99
S$38.14
+6.0%
7.7%S$43.00S$30.00n/a18
May ’25S$34.90
S$36.22
+3.8%
8.7%S$42.75S$30.00n/a18
Apr ’25S$32.65
S$34.07
+4.4%
9.2%S$40.00S$27.09n/a18
Mar ’25S$30.50
S$33.63
+10.3%
9.6%S$40.00S$27.09n/a18
Feb ’25S$28.94
S$33.43
+15.5%
10.0%S$39.22S$26.55n/a18
Jan ’25S$30.37
S$33.94
+11.7%
10.3%S$40.25S$26.45n/a18
Dec ’24S$29.00
S$34.03
+17.4%
9.9%S$40.25S$26.45S$42.4318
Nov ’24S$30.03
S$34.26
+14.1%
9.8%S$39.95S$26.36S$38.7518
Oct ’24S$30.58
S$34.16
+11.7%
10.5%S$40.32S$26.09S$37.8918
Sep ’24S$30.27
S$34.11
+12.7%
10.5%S$40.32S$26.09S$36.3618
Aug ’24S$31.27
S$32.99
+5.5%
11.3%S$39.22S$24.64S$35.9818
Jul ’24S$28.65
S$33.16
+15.8%
11.7%S$39.22S$24.18S$36.1219
Jun ’24S$27.82
S$33.64
+20.9%
9.9%S$39.22S$26.82S$35.9918
May ’24S$29.84
S$34.81
+16.7%
8.7%S$39.22S$26.82S$34.9018
Apr ’24S$30.00
S$35.20
+17.3%
8.8%S$39.82S$26.82S$32.6518
Mar ’24S$30.91
S$36.43
+17.9%
6.7%S$41.64S$32.45S$30.5018
Feb ’24S$32.55
S$36.29
+11.5%
6.5%S$41.23S$32.73S$28.9418
Jan ’24S$30.84
S$35.85
+16.3%
7.8%S$40.91S$29.82S$30.3718
Dec ’23S$31.77
S$36.04
+13.4%
7.6%S$40.91S$29.82S$29.0018

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 03:47
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

DBS Group Holdings Ltd is covered by 41 analysts. 15 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
Dominic ChanBNP Paribas Securities (Asia)
Anand SwaminathanBofA Global Research