- Upgrade DBS (SGX:D05) to BUY from Neutral, with DBS's target price rises to S$36.10 from S$34.70, 11% upside with ~ 7% FY24F yield.
- - Read this at SGinvestors.io -
- A reduced rates leverage and ample overlay buffers are added “bonuses”.
4Q23 results in line …
- DBS’s 4Q23 results are in line, and it is broadly retaining its 2024 guidance. with FY23 core net profit of S$10bn (+26% y-o-y) making up 99-101% of our and consensus FY23F PATMI.
- - Read this at SGinvestors.io -
- The final dividend of 54 cents (4Q23F: 52 cents; 4Q22: 42 cents ordinary plus 50 cents special dividend) brings DBS's dividend for FY23 to S$1.92 (FY22: S$2.00, inclusive of the special dividend). This translates to a payout ratio of 49% (FY22: 63% total payout or 47% payout on ordinary dividend).
- A 1-for-10 bonus issue has also been proposed. See DBS's bonus issue date.
… with reported net profit down 12% q-o-q (-3% y-o-y).
- Read more at SGinvestors.io.
