Delayed
Other stock markets
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5-day change | 1st Jan Change | |
31.87 SGD | -0.09% | +0.41% | -6.04% |
Valuation
Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Capitalization 1 | 60 448 | 66 101 | 63 879 | 83 882 | 87 297 | 82 275 | - | - |
Enterprise Value (EV) 1 | 60 448 | 66 101 | 63 879 | 83 882 | 87 297 | 82 275 | 82 275 | 82 275 |
P/E ratio | 11,0x | 10,5x | 13,8x | 12,5x | 10,8x | 8,09x | 8,23x | 8,17x |
Yield | 5,07% | 4,75% | 3,47% | 3,67% | 4,42% | 6,38% | 6,84% | 7,37% |
Capitalization / Revenue | 4,59x | 4,54x | 4,38x | 5,87x | 5,22x | 4,10x | 3,98x | 3,89x |
EV / Revenue | 4,59x | 4,54x | 4,38x | 5,87x | 5,22x | 4,10x | 3,98x | 3,89x |
EV / EBITDA | - | - | - | - | - | - | - | - |
EV / FCF | - | - | - | - | - | - | - | - |
FCF Yield | - | - | - | - | - | - | - | - |
Price to Book | 1,31x | 1,35x | 1,25x | 1,52x | 1,60x | 1,36x | 1,27x | 1,22x |
Nbr of stocks (in thousands) | 2 551 616 | 2 554 122 | 2 551 066 | 2 568 342 | 2 573 629 | 2 579 142 | - | - |
Reference price 2 | 23,7 | 25,9 | 25,0 | 32,7 | 33,9 | 31,9 | 31,9 | 31,9 |
Announcement Date | 17/02/19 | 12/02/20 | 09/02/21 | 13/02/22 | 13/02/23 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Annual data)
Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Net sales 1 | 13 183 | 14 544 | 14 592 | 14 297 | 16 709 | 20 080 | 20 656 | 21 129 |
EBITDA | - | - | - | - | - | - | - | - |
EBIT 1 | 7 385 | 8 286 | 8 434 | 7 828 | 9 412 | 11 966 | 12 027 | 12 499 |
Operating Margin | 56,0% | 57,0% | 57,8% | 54,8% | 56,3% | 59,6% | 58,2% | 59,2% |
Earnings before Tax (EBT) 1 | 6 659 | 7 583 | 5 368 | 7 776 | 9 382 | 11 749 | 11 650 | 11 769 |
Net income 1 | 5 577 | 6 391 | 4 721 | 6 805 | 8 193 | 10 191 | 10 065 | 10 210 |
Net margin | 42,3% | 43,9% | 32,4% | 47,6% | 49,0% | 50,8% | 48,7% | 48,3% |
EPS 2 | 2,15 | 2,46 | 1,81 | 2,61 | 3,15 | 3,94 | 3,88 | 3,90 |
Free Cash Flow | - | - | - | - | - | - | - | - |
FCF margin | - | - | - | - | - | - | - | - |
FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
Dividend per Share 2 | 1,20 | 1,23 | 0,87 | 1,20 | 1,50 | 2,03 | 2,18 | 2,35 |
Announcement Date | 02/17/19 | 02/12/20 | 02/09/21 | 02/13/22 | 02/13/23 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Quarterly data)
Fiscal Period : December | 2020 S2 | 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 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales 1 | 6 840 | 3 854 | 3 589 | 3 561 | 3 293 | 3 747 | 3 792 | 4 544 | 4 626 | 4 936 | 5 045 | 5 192 | 4 981 | 5 216 | 5 220 | 5 261 |
EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBIT 1 | 3 721 | 2 267 | 2 046 | 1 893 | 1 622 | 2 103 | 2 134 | 2 719 | 2 456 | 3 054 | 3 114 | 3 154 | - | - | - | - |
Operating Margin | 54,4% | 58,8% | 57,0% | 53,2% | 49,3% | 56,1% | 56,3% | 59,8% | 53,1% | 61,9% | 61,7% | 60,7% | - | - | - | - |
Earnings before Tax (EBT) 1 | - | 2 257 | 1 967 | 1 963 | 1 589 | 2 048 | 2 088 | 2 541 | 2 705 | 2 956 | 3 084 | 3 001 | 2 792 | 2 970 | 3 007 | 3 005 |
Net income 1 | - | 2 009 | 1 703 | 1 700 | 1 393 | 1 801 | 1 815 | 2 236 | 2 341 | 2 571 | 2 629 | 2 593 | 2 414 | 2 568 | 2 600 | 2 598 |
Net margin | - | 52,1% | 47,5% | 47,7% | 42,3% | 48,1% | 47,9% | 49,2% | 50,6% | 52,1% | 52,1% | 49,9% | 48,5% | 49,2% | 49,8% | 49,4% |
EPS 2 | - | 0,79 | 0,67 | 0,65 | 0,53 | 0,70 | 0,70 | 1,15 | 0,59 | 1,01 | 1,01 | 1,00 | 0,95 | 1,02 | 1,00 | 0,98 |
Dividend per Share 2 | - | 0,18 | 0,33 | 0,33 | 0,36 | 0,36 | 0,36 | 0,36 | 0,42 | 0,42 | 0,48 | 0,48 | 0,54 | 0,54 | 0,54 | 0,54 |
Announcement Date | 09.02.21 | 29.04.21 | 04.08.21 | 05.11.21 | 13.02.22 | 28.04.22 | 03.08.22 | 02.11.22 | 13.02.23 | 01.05.23 | 02.08.23 | 05.11.23 | - | - | - | - |
1SGD in Million2SGD
Estimates
Balance Sheet Analysis
Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Net Debt | - | - | - | - | - | - | - | - |
Net Cash position | - | - | - | - | - | - | - | - |
Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
Free Cash Flow | - | - | - | - | - | - | - | - |
ROE (net income / shareholders' equity) | 12,1% | 13,2% | 9,10% | 12,5% | 15,0% | 17,6% | 16,3% | 15,6% |
Shareholders' equity 1 | 46 091 | 48 417 | 51 879 | 54 440 | 54 620 | 57 861 | 61 890 | 65 429 |
ROA (Net income/ Total Assets) | 1,05% | 1,13% | 0,75% | 1,02% | 1,12% | 1,35% | 1,26% | 1,24% |
Assets 1 | 531 143 | 565 575 | 629 467 | 667 157 | 731 518 | 755 233 | 796 771 | 821 238 |
Book Value Per Share 2 | 18,1 | 19,2 | 20,1 | 21,5 | 21,2 | 23,5 | 25,2 | 26,3 |
Cash Flow per Share | - | - | - | - | - | - | - | - |
Capex | - | - | - | - | - | - | - | - |
Capex / Sales | - | - | - | - | - | - | - | - |
Announcement Date | 17.02.19 | 12.02.20 | 09.02.21 | 13.02.22 | 13.02.23 | - | - | - |
1SGD in Million2SGD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating :
Investor Rating :
ESG Refinitiv :
B-
Sell
Buy

Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
31.90SGD
Average target price
37.44SGD
Spread / Average Target
+17.35%
EPS Revisions
1st Jan change | Capi. | |
---|---|---|
-5.87% | 61 623 M $ | |
+16.96% | 453 B $ | |
-6.52% | 245 B $ | |
-7.21% | 223 B $ | |
+9.03% | 163 B $ | |
+1.06% | 150 B $ | |
+17.14% | 147 B $ | |
-7.57% | 146 B $ | |
-4.47% | 142 B $ | |
-3.42% | 128 B $ |
- Stock
- Equities
- Stock DBS Group Holdings Ltd - Singapore Stock Exchange
- Financials DBS Group Holdings Ltd