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STOCK COMPARISON

Chang Hwa Commercial Bank vs DBS Group Holdings: Fair Value & Quality

Both stocks run through our valuation models. Here is how Chang Hwa Commercial Bank (2801) and DBS Group Holdings (D05) compare, as of Sep 24, 2026.

As of Sep 24, 2026, Fair Value Calculator sees Chang Hwa Commercial Bank as the less overvalued of the two: Chang Hwa Commercial Bank trades at TWD 27.75 versus a fair value of TWD 17.45 (-37%), while DBS Group Holdings trades at S$77.69 versus S$40.48 (-48%).
Chang Hwa Commercial Bank
2801.TW · TWD · Financials
-37%
upside to fair value
overvalued
PriceTWD 27.75
Fair ValueTWD 17.45
Quality36/100
DBS Group Holdings
D05.SG · SGD · Financials
-48%
upside to fair value
overvalued
PriceS$77.69
Fair ValueS$40.48
Quality65/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Chang Hwa Commercial BankDBS Group Holdings
Valuation
18.6×P/E (TTM)20.3×
7.48×P/S (TTM)7.74×
1.49×P/B2.50×
9.2×EV/EBITDAn/a
2.88×PEG3.44×
−37.1%Fair value upside−47.9%
2.9%Dividend yield3.7%
TWD 0.80Dividend per shareS$2.85
Profitability
53%Operating margin60%
0.98×EBIT margin trend (5Y)0.99×
9%Return on equity16%
1%Return on assets1%
Growth
14%Revenue growth (YoY)3%
24.3%Avg. growth/yr (3Y)11.6%
21.0%Avg. growth/yr (5Y)9.4%
+16.2%Value creation/yr+12.7%
Balance & size
0.4×Interest coverage (EBIT/interest)0.6×
0.25×Debt / equity0.69×
$10BMarket cap$173B
expensiveGrowth qualityhealthy

Chang Hwa Commercial Bank leads: 9 to 5 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Chang Hwa Commercial Bankof which business quality 31 · market factors 71 DBS Group Holdingsof which business quality 61 · market factors 93
ProfitabilityMargins and returns on capital today
28
38
Quality GrowthAre margins and returns improving?
52
54
CashflowEarnings quality: real cash, not paper profit
0
84
Fin. StrengthBalance sheet, leverage, solvency risk
18
56
InvestmentDisciplined investing over empire-building
71
78
Low VolatilityCalm price path (market factor)
50
100
MomentumPrice trend over the last 3–12 months (market factor)
80
86
52W MomentumDistance to the 52-week high (market factor)
79
98
Net IssuanceShare count: buybacks or dilution?
46
65

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyChang Hwa Commercial BankPrice TWD 27.75DBS Group HoldingsPrice S$77.69
Dividend Discount-68%below the priceTWD 8.97-29%below the priceS$54.87
Multiples-18%below the priceTWD 22.66-46%below the priceS$42.04
Asset-Based-55%below the priceTWD 12.55-79%below the priceS$16.26
Economic Profit-38%below the priceTWD 17.16-59%below the priceS$32.23
Minimum-68%below the priceTWD 8.97-79%below the priceS$16.26
Maximum-18%below the priceTWD 22.66-29%below the priceS$54.87
Median-46%below the priceTWD 14.86-52%below the priceS$37.13
Geometric mean-48%below the priceTWD 14.46-57%below the priceS$33.16

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Chang Hwa Commercial Bank: 6 of 6 models see the stock below the current price.

DBS Group Holdings: 6 of 6 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Chang Hwa Commercial Bank
Price TWD 27.75
Fair Value TWD 17.45
Bear TWD 16.07Bull TWD 23.11
DBS Group Holdings
Price S$77.69
Fair Value S$40.48
Bear S$30.36Bull S$50.60

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Chang Hwa Commercial Bank · Financials

Quality score36 · bottom 25%
Fair value upside-37% · below median

DBS Group Holdings · Financials

Quality score65 · Top 25%
Fair value upside-48% · bottom 25%

Bottom line

As of Sep 24, 2026, Fair Value Calculator sees Chang Hwa Commercial Bank as the less overvalued of the two: Chang Hwa Commercial Bank trades at TWD 27.75 versus a fair value of TWD 17.45 (-37%), while DBS Group Holdings trades at S$77.69 versus S$40.48 (-48%).

DBS Group Holdings has the higher quality score (65/100).

Open Chang Hwa Commercial Bank live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.