- DBS Group (SGX:D05)’s 4Q23 earnings briefing was largely centered on its thought process on its dividends and NIM/NII outlook. In lieu of declaring a special dividend in 4Q23 (as it did in 4Q22), DBS announced a 1-for-10 bonus issue, where bonus shares would qualify for dividend payments from 1Q24F onwards.
Bonus issue does not rule out further dividend hike or special dividend from DBS
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- For bonus issue shareholders, we estimate that total effective dividend per share would come to ~S$2.44 for FY24F (inclusive of an estimated ordinary dividend hike in 4Q24F).
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NII may hold steady in FY24F despite Fed fund rate cuts to come
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