DBS Group Holdings

DBSDY

Banks · Financial Services

Price

$223.51

-0.80 (-0.36%)

Market Cap

$158.79B

Exchange

Other OTC

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+10.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 640.6M (2021) → 709.5M (2025)

DBS Group Holdings is one of the largest banks in Southeast Asia, headquartered in Singapore. It offers everyday banking services like savings accounts, loans, credit cards, and mortgages to regular people, as well as more complex services like corporate lending, wealth management, and investment banking for businesses and wealthy clients. DBS is consistently ranked among the world's best banks and is the largest bank in Southeast Asia by assets.

DBS makes money primarily through interest income — charging more on loans than it pays on deposits — plus fees from wealth management, trading, and transaction services. It operates mainly in Singapore, Hong Kong, China, India, and other parts of Asia, with over $500 billion in total assets. Its strong brand, deep regional relationships, and dominant position in Singapore's concentrated banking market give it a durable competitive edge. The key risk is exposure to rising loan defaults if economic conditions in Asia weaken, particularly in China's slowing property sector.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+1.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$621.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

DBS Group Holdings is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

59.0%

Excellent — 59.0% operating margin

ROCE

2.4%

Weak — 2.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+65.6%

Fast-growing sales (65.6% YoY)

EPS YoY

-3.3%

Earnings shrinking (-3.3% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.16

Elevated debt (1.16)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

14.6x

Attractive valuation — P/E 14.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.3

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

4.67%

Healthy income — 4.67% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+31.0%

Dividend growing fast (31.0% YoY)

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