DBS Group - CGS-CIMB Research 2024-02-07: Keep Yielding On

• 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

• - Read this at SGinvestors.io -
• 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).
• - Read this at SGinvestors.io -

NII may hold steady in FY24F despite Fed fund rate cuts to come

• Read more at SGinvestors.io.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

Previous report by CGS-CIMB:
2023-12-12 DBS Group - Regional Financial Conference Takeaways.

Price targets by 5 other brokers at DBS Target Prices.

Listing of research reports at DBS Analyst Reports.

Relevant links:
DBS Share Price History,
DBS Announcements,
DBS Dividend Payout Dates & Corporate Actions,
DBS News