DBS Group Holdings Ltd (D05) Fair Value & Analysis
Financial Services · SG · Market cap 204B SGD (≈ $161B) · ISIN SG1L01001701
What is DBS Group Holdings Ltd really worth?
A solid business, but trading 94% above our fair value of 40.48 SGD.
Strengths
Risks
For context
Fair value as of: Aug 28, 2026
From 6 valuation models · updated 8 days ago
Share price +6.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (50.60 SGD). The favourable scenario is already priced in.
- Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.
How to read this chart
60‑month range 20.04 SGD – 78.65 SGD · fair‑value band 30.36 SGD – 50.60 SGD · the 78.65 SGD price screens above the 40.48 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.
Analysis
DBS Group Holdings Ltd (D05) currently trades at 78.65 SGD, while our model-based Fair Value estimate is 40.48 SGD, implying the stock looks roughly 94.3% overvalued today. The Quality Score stands at 59/100 (solid quality), in the Financial Services sector. Bull case: the Dividend Discount group reads highest at a median of 49.41 SGD per share, and 0 of the 6 models we run sit above the 78.65 SGD price. Bear case: the Asset-Based group reads lowest at 16.26 SGD, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, DBS Group Holdings Ltd generated revenue of 22.3B SGD at a net margin of 49.2%. Revenue grew 3.2% year over year. It earns a return on equity of 15.9%. The stock trades on a trailing P/E of 20.5. Fundamentals as of Aug 28, 2026
Our scenario range runs from 30.36 SGD (bear case) to 50.60 SGD (bull case); at 78.65 SGD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 93% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −49%, D05 screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.6632 SGD per share, which is 1.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Dividend Discount (49.41 SGD) versus Asset-Based (16.26 SGD). Highest evidence: Residual Income (71).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 96
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
DBS Group Holdings Ltd provides commercial banking and financial services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. It operates through Personal Banking; Institutional Banking; and Global Financial Markets segments.
Full company description
DBS Group Holdings Ltd provides commercial banking and financial services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. It operates through Personal Banking; Institutional Banking; and Global Financial Markets segments. The Personal Banking 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 comprise short-term working capital financing and specialized lending; cash management, trade finance, and securities and fiduciary services; treasury and markets products; corporate finance and advisory banking services; and capital markets solutions for bank and non-bank financial institutions, government-linked companies, large corporates, and small and medium sized businesses. The Global Financial Markets segment is involved in the structuring, market-making, and trading in various treasury products. DBS Group Holdings Ltd was founded in 1968 and is headquartered in Singapore.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
DBS Group Holdings Ltd reported revenue of 22.9B SGD in FY2025 versus 14.4B SGD in FY2021, a compound +12.3%/yr. Reported net income was 10.9B SGD in FY2025, compounding +12.6%/yr from FY2021.
D05 screens 94% overvalued. Compare with China Merchants Bank Co →
Peer Group
Banks - Regional · 1071 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
| The PNC Financial Services Group PNC | $242.22 | $192.40 | −21% |
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