DBS Group Holdings Ltd

D05: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 77.00	Vwlbvr	Yhrhyydbjl

DBS Earnings: Rebound in Fee Income To Offset Peaking Net Interest Margins

Michael Makdad

May 2, 2023

We keep our fair value estimate of SGD 41 for DBS Group, equivalent to 1.84 times 2023 projected book value and 25% above the current share price.

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