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DBS Group (DBS19) fair value: what the stock is really worth

As of Oct 12, 2026: fair value of DBS Group THB 10.64, price THB 19.40, upside -45.2%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Financial Services · TH · Based in Singapore · ISIN SG1L01001701

DG Thin data Sep 29, 2026

DBS Group

DBS19 · BK

Stretched ValuationStrong overvaluation with only moderate quality.

Quality 70/100
Healthy Growth (revenue 3y +11.6 %/yr in SGD)
Highly profitable · 49.2% net margin (TTM)
Generates free cash flow
13.0% dividend yield · Sustainable
Wide moat 90/100 · thin data
Fair value 10.64 THB · Strongly overvalued (−45.2%)
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

20.70 THB 8.59 THB Fair Value 10.64 THB Aug 2024 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

26‑month range 8.59 THB – 20.70 THB · fair‑value band 7.99 THB – 13.30 THB · the 19.40 THB price screens above the 10.64 THB fair value. Dashed = 300-day average. As of Sep 29, 2026.

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Company profile

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.

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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.

Stock analysis

DBS Group (DBS19) currently trades at 19.40 THB, while our model-based Fair Value estimate is 10.64 THB, 45.2% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 8.91 THB per share, and 0 of the 4 models we run sit above the 19.40 THB price.

Bear case: the Asset-Based group reads lowest at 4.26 THB, and 4 of the 4 models stay below the price. Evidence for this calculation is low.

Scenario range: 7.99 THB (bear) to 13.30 THB (bull), the price of 19.40 THB sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 70/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

DBS Group reported revenue of 22.9B SGD in FY2025 versus 16.5B SGD in FY2022, a compound +11.6%/yr. Reported net income was 10.9B SGD in FY2025, compounding +10.1%/yr from FY2022.

Key figures

Market cap 5.5T THB (≈ $165B) · P/E ratio 19.4 · P/S ratio 9.26 · EPS (TTM) 1.00 THB · Dividend yield 13.0% · Net margin 47.8% · Operating margin 60.0% · Revenue (TTM) 22.3B SGD.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 6% below its 52-week high and 54% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −29% fair-value upside, at −45%, DBS19 screens richer than that median.

Fair Value models

Bear 7.99 THB Fair Value 10.64 THB Bull 13.30 THB
Price 19.40 THB · Upside -45.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income 6.63 THB 8.45 THB 12.71 THB 72
P/E Multiple 9.85 THB 13.14 THB 16.42 THB 63
P/B Multiple 6.68 THB 8.91 THB 11.14 THB 55
All 4 models by family
Multiples
P/E Multiple 9.85 THB 13.14 THB 16.42 THB 63
P/B Multiple 6.68 THB 8.91 THB 11.14 THB 55
Asset-Based
NCAV (Graham) 3.18 THB 4.26 THB 6.36 THB 51
Economic Profit
Residual Income 6.63 THB 8.45 THB 12.71 THB 72

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Quality Score breakdown

Overall quality 70/100

Of which business quality 64 · Market factors (momentum, volatility) 86

Profitability 47
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 84
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 78
Price trend over the last 3–12 months (market factor)
52W Momentum 87
Distance to the 52-week high (market factor)
Net Issuance 81
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.6%
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+19.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.1%
Dividend (yield on the price)13.0%

DBS19 screens overvalued: fair value 45% below the price. Compare with China Merchants Bank Co →

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Peer Groupⓘ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.Banks - Regional · 1054 stocks

Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 70 · Top 25%
Profitability
Return on assets 0.0% · Bottom 25%
Net margin (TTM) 49.2% · Top 25%
Operating margin (TTM) 60.0% · Top 25%
Growth and dividend
Revenue growth 3.2% · Below median
Dividend yield (TTM) 13.0% · Top 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (TTM) 19.4× · Priciest 25%
P/B 2.44× · Priciest 25%
P/S (TTM) 7.55× · Priciest 25%
P/FCF 16.0× · Priciest 25%
PEG 3.60× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.46 ¥9.43 +73% vs DBS19
China Merchants Bank Co 600036 ¥42.76 ¥52.73 +23% vs DBS19
BNP Paribas SA BNP €95.09 €105.99 +11% vs DBS19
UniCredit S.p.A UCG €77.72 €77.12 −1% vs DBS19
CaixaBank, S.A CABK €11.93 €8.46 −29% vs DBS19
Oversea-Chinese Banking Corporation O39 29.06 SGD 19.78 SGD −32% vs DBS19
Intesa Sanpaolo S.p.A ISP €6.24 €4.06 −35% vs DBS19
Mizuho Financial Group MFG $11.03 $6.80 −38% vs DBS19
HDFC Bank Limited HDFCBANK ₹702.75 ₹406.44 −42% vs DBS19
ICICI Bank Limited ICICIBANK ₹1,358 ₹615.71 −55% vs DBS19

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DBS Group · Fair Value
10.64 THB −45%Fair Value
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Cite: Fair Value Calculator (2026). "DBS Group Fair Value". https://www.fairvalue-calculator.com/stock/DBS19

Frequently asked questions

Is DBS Group (DBS19) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of 10.64 THB versus a price of 19.40 THB, about −45% upside (overvalued).
What is the fair value of DBS19?
Our model-based fair value for DBS Group is 10.64 THB (as of Sep 29, 2026), built from audited fundamentals. The current price: 19.40 THB.
What is the quality score of DBS19?
DBS Group has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for DBS Group (DBS19)?
Our model-based price target is the fair value of 10.64 THB (as of Sep 29, 2026) from 4 valuation models. Cautious scenario 7.99 THB, optimistic scenario 13.30 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the DBS Group stock forecast for 2026?
Our models put fair value at 10.64 THB, about −45% upside versus a price of 19.40 THB (overvalued). Cautious scenario 7.99 THB, optimistic scenario 13.30 THB. The calculation is refreshed regularly with new filings.
What is the revenue of DBS Group (DBS19)?
DBS Group reported trailing-twelve-month revenue of about 22.3B SGD (latest available figure, as of Sep 29, 2026).
Does DBS Group pay a dividend?
DBS Group currently shows a dividend yield of about 12.99% relative to its recent price (as of Sep 29, 2026).
What is the intrinsic value of DBS Group (DBS19)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DBS Group it is 10.64 THB per share (as of Sep 29, 2026), against a price of 19.40 THB. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is DBS Group stock overvalued or undervalued in 2026?
As of Sep 29, 2026, DBS19 trades above its calculated fair value: price 19.40 THB, fair value 10.64 THB, a gap of about −45% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DBS19?
No. The price is what the market pays today (19.40 THB); the fair value is what the company's own numbers justify (10.64 THB). For DBS Group the two are 8.76 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is DBS Group worth?
The market values DBS Group at about 5.5T THB (market capitalisation, as of Sep 29, 2026). Per share that is 19.40 THB; our models calculate a fair value of 10.64 THB per share.
What do the bullish and bearish scenarios say about DBS19?
Our models span a range for DBS Group: cautious scenario 7.99 THB, base 10.64 THB, optimistic 13.30 THB per share (as of Sep 29, 2026, price 19.40 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DBS19?
DBS Group trades at a price-to-earnings ratio of 19.4 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 10.64 THB is built from several models across several years. Other multiples: PEG 3.6, P/B 2.4, P/S 7.5.
What is the PEG ratio of DBS19?
The PEG ratio of DBS Group is 3.60 (P/E divided by earnings growth, as of Sep 29, 2026). That is above 1, so the growth is already paid for in the price.
How far is DBS19 from its 52-week high?
DBS Group trades at 19.40 THB, about 6% below its 52-week high of 20.70 THB and 54% above the low of 12.58 THB (as of Oct 12, 2026). Distance from the high says nothing about value: that is what the fair value of 10.64 THB is for.
Which stocks are comparable to DBS Group?
From the same area (Financial Services) we also value China Merchants Bank Co, UniCredit S.p.A, Mizuho Financial Group, Intesa Sanpaolo S.p.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is DBS Group stock attractive at the current price?
The data as of Sep 29, 2026: price 19.40 THB, calculated fair value 10.64 THB (−45%), Quality Score 70/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DBS19 calculated?
We run DBS Group through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 10.64 THB, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.8 % above its aggregate fair value. DBS Group itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of DBS Group (DBS19)?
The closing price on Oct 12, 2026 was 19.40 THB. Our model-based fair value is 10.64 THB, about −45% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DBS Group right now?
A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (13.30 THB). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of DBS Group

How large is the market capitalisation of DBS Group (DBS19)?
The market capitalisation of DBS Group is 5.5T THB (≈ $165B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of DBS Group (DBS19)?
The price-to-sales ratio of DBS Group is 9.26 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of DBS Group (DBS19)?
Earnings per share at DBS Group are 1.00 THB (price ÷ EPS = P/E 19.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DBS Group (DBS19)?
The dividend yield of DBS Group is 13.0%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of DBS Group (DBS19)?
The net margin of DBS Group is 47.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the operating margin of DBS Group (DBS19)?
The operating margin of DBS Group is 60.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at DBS Group (DBS19)?
Revenue at DBS Group is growing +3.2% versus a year earlier (3y avg +11.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does DBS Group (DBS19) generate?
The free cash flow of DBS Group is 10.5B SGD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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