DBS Group - RHB Invest 2024-02-08: Better Clarity On Dividend Commitment; Upgrade To BUY

DBS Group - Better Clarity On Dividend Commitment; Upgrade To BUY

DBS (SGX:D05) | SGinvestors.ioDBS (SGX:D05)
  • 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.

Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-02-08

Read also RHB's most recent report:
2024-03-26 DBS - Upcoming 1Q24 Results Unlikely To Surprise.

Previous report by RHB:
2024-03-22 DBS's ESG - Moving In The Right Direction Towards Sustainability.

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 Dividends & Corporate Actions,
DBS News Articles


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