Financials DBS Group Holdings Ltd

Equities

D05

SG1L01001701

Banks

Market Closed - Singapore S.E. Other stock markets 04:10:41 2025-12-12 am EST			5-day change	1st Jan Change
55.04 ^SGD	+1.20%		+1.62%	+25.89%

Dec. 09	Asian investors flock to Gulf debt in hunt for yield and growth	RE
Dec. 05	Singapore Shares End Week in Red Amid Cautious US Interest Rate Expectations	MT

Projected Income Statement: DBS Group Holdings Ltd

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	14,592	14,297	16,709	20,180	22,297	23,282	23,736	24,849
Change	-	-2.02%	16.87%	20.77%	10.49%	4.42%	1.95%	4.69%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	8,434	7,828	9,412	12,124	13,402	13,934	13,950	14,671
Change	-	-7.19%	20.24%	28.81%	10.54%	3.97%	0.11%	5.17%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	5,368	7,776	9,382	11,486	12,884	13,334	13,334	13,998
Change	-	44.86%	20.65%	22.43%	12.17%	3.5%	-0%	4.98%
Net income ¹	4,721	6,805	8,193	10,062	11,289	11,278	11,270	11,875
Change	-	44.14%	20.4%	22.81%	12.19%	-0.1%	-0.07%	5.36%
Announcement Date	2/9/21	2/13/22	2/13/23	2/7/24	2/9/25	-	-	-

¹SGD in Million

Estimates

Fiscal Period: December	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	3,577	3,263	3,854	3,589	3,561	3,293	3,747	3,792	4,544	4,626	4,936	5,045	5,192	5,007	5,557	5,482	5,753	5,505	5,905	5,732	5,932	5,625	5,946	5,951	6,133	5,927	6,090	6,265
Change	-	-8.78%	18.11%	-6.88%	-0.78%	-7.53%	13.79%	1.2%	19.83%	1.8%	6.7%	2.21%	2.91%	-3.56%	10.98%	-1.35%	4.94%	-4.31%	7.27%	-2.93%	3.49%	-5.18%	5.71%	0.08%	3.07%	-3.37%	2.76%	2.86%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,038	1,683	2,267	2,046	1,893	1,622	2,103	2,134	2,719	2,456	3,054	3,114	3,154	2,802	3,478	3,310	3,504	3,110	3,691	3,462	3,539	-	-	-	-	-	-	-
Change	-	-17.42%	34.7%	-9.75%	-7.48%	-14.32%	29.65%	1.47%	27.41%	-9.67%	24.35%	1.96%	1.28%	-11.16%	24.13%	-4.83%	5.86%	-11.24%	18.68%	-6.2%	2.22%	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,484	1,106	2,257	1,967	1,963	1,589	2,048	2,088	2,541	2,705	2,956	3,084	3,001	2,445	3,388	3,219	3,434	2,966	3,437	3,388	3,476	3,121	3,354	3,413	3,420	3,154	3,480	3,587
Change	-	-25.47%	104.07%	-12.85%	-0.2%	-19.05%	28.89%	1.95%	21.7%	6.45%	9.28%	4.33%	-2.69%	-18.53%	38.57%	-4.99%	6.68%	-13.63%	15.88%	-1.43%	2.6%	-10.2%	7.44%	1.79%	0.21%	-7.8%	10.35%	3.07%
Net income ¹	1,297	1,012	2,009	1,703	1,700	1,393	1,801	1,815	2,236	2,341	2,571	2,629	2,593	2,269	2,951	2,789	3,027	2,522	2,897	2,824	2,954	2,537	2,816	2,866	2,872	2,564	2,922	3,012
Change	-	-21.97%	98.52%	-15.23%	-0.18%	-18.06%	29.29%	0.78%	23.2%	4.7%	9.82%	2.26%	-1.37%	-12.5%	30.06%	-5.49%	8.53%	-16.68%	14.87%	-2.52%	4.6%	-14.12%	11%	1.79%	0.21%	-10.73%	13.97%	3.08%
Announcement Date	11/4/20	2/9/21	4/29/21	8/4/21	11/5/21	2/13/22	4/28/22	8/3/22	11/2/22	2/13/23	5/1/23	8/2/23	11/5/23	2/7/24	5/1/24	8/7/24	11/6/24	2/9/25	5/8/25	8/6/25	11/5/25	-	-	-	-	-	-	-

¹SGD in Million

Estimates

Forecast Balance Sheet: DBS Group Holdings Ltd

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	2/9/21	2/13/22	2/13/23	2/7/24	2/9/25	-	-	-

Estimates

Cash Flow Forecast: DBS Group Holdings Ltd

Fiscal Period: December	2019	2020	2021	2022	2023	2024
CAPEX ¹	586	547	567	669	718	916
Change	-	-6.66%	3.66%	17.99%	7.32%	27.58%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	3/9/20	3/8/21	3/8/22	3/8/23	3/5/24	3/5/25

¹SGD in Million

Estimates

Forecast Financial Ratios: DBS Group Holdings Ltd

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-	-
EBIT Margin (%)	-	57.8%	54.75%	56.33%	60.08%	60.11%	59.85%	58.77%	59.04%
EBT Margin (%)	-	36.79%	54.39%	56.15%	56.92%	57.78%	57.27%	56.18%	56.33%
Net margin (%)	-	32.35%	47.6%	49.03%	49.86%	50.63%	48.44%	47.48%	47.79%
FCF margin (%)	-	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-	-
Profitability
ROA	-	0.75%	1.02%	1.12%	1.38%	1.45%	1.32%	1.25%	1.27%
ROE	-	9.1%	12.5%	15%	18%	18%	16.46%	16.06%	16.63%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	0.7909	1.091	1.364	1.745	2.22	3.058	3.284	3.484
Change	-	-	37.93%	25%	28%	27.19%	37.74%	7.38%	6.09%
Book Value Per Share ¹	-	18.25	19.52	19.25	21.04	23.38	24.49	25.28	25.83
Change	-	-	6.92%	-1.4%	9.31%	11.14%	4.75%	3.22%	2.19%
EPS ¹	-	1.645	2.373	2.864	3.518	3.94	3.967	4.006	4.245
Change	-	-	44.2%	20.69%	22.86%	11.99%	0.68%	0.99%	5.95%
Nbr of stocks (in thousands)	-	2,806,173	2,825,176	2,830,992	2,837,056	2,839,624	2,837,558	2,837,558	2,837,558
Announcement Date	-	2/9/21	2/13/22	2/13/23	2/7/24	2/9/25	-	-	-