DBS Bank
DBS Bank is Southeast Asia's largest bank by assets and the principal subsidiary of SGX-listed DBS Group Holdings, based in Singapore. Its DBS Group Research unit publishes equity research on companies in Singapore, Hong Kong, China, Thailand and Indonesia.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 312M
- Actions
- 312M
- Ratings / Price targets
- 3 / 0
- Upgrades / Downgrades
- 1 / 1
- Initiations
- 1
- Buy-rated
- 67%of 3 rated
- On record
- Aug 2019 – Aug 2026
Overview
DBS Group Research has more than 50 analysts in Singapore, Hong Kong, China, Thailand and Indonesia covering over 460 listed companies as of 2026, and ranked first for overall Singapore research in the 2020 Asiamoney Brokers poll.
The Singapore government established the Development Bank of Singapore in July 1968 to take over the Economic Development Board's industrial financing. It acquired POSBank in 1998 and, in 2001, Hong Kong's Dao Heng Bank and control of brokerage Vickers Ballas, renamed DBS Vickers. The bank adopted the DBS Bank name in 2003. Tan Su Shan succeeded Piyush Gupta as chief executive in March 2025.
Milestones
- 1968
Development Bank of Singapore established by the government
- 1998
Acquires POSBank, becoming Southeast Asia's largest bank
- 2001
Acquires Dao Heng Bank and control of Vickers Ballas
- 2003
Renamed DBS Bank Ltd.
- 2025
Tan Su Shan becomes chief executive
Firm facts
- Legal name
- DBS Bank Ltd.
- Type
- Full-service
- Founded
- 1968
- Headquarters
- Singapore, Singapore
- Parent
- DBS Group Holdings Ltd
- Listing
- SGX: D05
- Chief Executive Officer
- Tan Su Shan
- Rating scale
- Strong BuyBuyHoldFully ValuedSell12 months (3 months for Strong Buy and Sell)
- Website
- dbs.com
Research philosophy
DBS Group Research has been providing superior insights by employing active bottom-up research with sectoral and macro thematic analysis to identify moneymaking and trading opportunities.
DBS Group Research starts its stock-selection process with the macroeconomic drivers and industry outlook, then examines company fundamentals and share-price technicals. Equity analysts draw on the bank's economists and strategists for the broader economic and market view. As of 2026, its Singapore model portfolio combines blue-chip, dividend and growth stocks with recommended stop-loss levels intended to limit losses.
Rating methodology
DBS uses five ratings based on absolute total returns: Strong Buy, Buy, Hold, Fully Valued and Sell. Buy and Hold thresholds differ between small- and large-cap stocks. The general rating horizon is 12 months, while Strong Buy and Sell use three months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Baidu, Inc.BIDU | Buy | — |
 EHang Holdings LimitedEH | Hold | — |
| JMJMHLY | Buy | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Aug 28 | EHang Holdings LimitedEH | Downgrade | Buy →Hold |
| Jul 13 | JMJMHLY | Initiate | Buy |
| Sep 25, 2025 | Baidu, Inc.BIDU | Upgrade | Hold →Buy |
| Jun 28, 2024 |  Sea LimitedSE | Downgrade | Buy →Hold |
| Dec 11, 2023 | Sea LimitedSE | Downgrade | Buy →Hold |
| Dec 8, 2023 |  Airbnb, Inc.ABNB | Downgrade | Buy →Hold |
| Jan 14, 2022 |  PDD Holdings Inc.PDD | Upgrade | Hold →Buy |
| Oct 12, 2021 | NONoah Holdings LimitedNOAH | Reiterate | Buy |
| Jun 25, 2021 |  New Oriental Education & Technology Group Inc.EDU | Downgrade | Buy →Hold |
| Aug 20, 2020 | Sea LimitedSE | Upgrade | Sell →Buy |
| Aug 6, 2019 | YUYum China Holdings, Inc.YUMC | Reiterate | Buy |