Deep Value: cash covers more than 100% of the stock price

This company holds roughly $240.4B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

DBS Group Holdings

D05.SI

SES

Exchange

SES

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Weak

Stability

Strong

Valuation

Good

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Winston Score History

The full picture

DBS Group Holdings is a large bank based in Singapore. It offers everyday banking services like savings accounts, loans, and credit cards to regular people, as well as more complex financial services like investment banking, trade finance, and wealth management to businesses and wealthy clients. DBS is the largest bank in Southeast Asia by assets.

DBS makes money mainly by charging interest on loans and collecting fees for services like managing investments and processing transactions. It operates primarily in Singapore, Hong Kong, China, India, and other parts of Asia, and reported total assets of over SGD 700 billion in recent fiscal periods. Its strong brand, large customer base, and deep roots in Singapore's economy give it a durable competitive position. The key growth driver is expanding its digital banking platform and capturing more customers across Southeast Asia's fast-growing middle class, though rising interest rate volatility and credit risk in regional markets remain ongoing concerns.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+10.1% YoY

YoY Growth Rate

Steady EPS growth

Cash Position

Cash flow positive

S$660.6B cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

DBS Group Holdings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

30.0%

Excellent — 30.0% operating margin

Return on the money invested

ROCE

10.5%

Below par — 10.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+19.6%

Fast-growing sales (+19.6% YoY)

Profit growth

EPS YoY

+0.0%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.23

Elevated debt (1.23)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.2x

Fair value — P/E 19.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.8

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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