DBS Bank
DBS Bank Ltd.
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.
Company history
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.
- 1968Development Bank of Singapore established by the government
- 1998Acquires POSBank, becoming Southeast Asia's largest bank
- 2001Acquires Dao Heng Bank and control of Vickers Ballas
- 2003Renamed DBS Bank Ltd.
- 2025Tan Su Shan becomes chief executive
Research
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. Its absolute total-return scale runs Strong Buy, Buy, Hold, Fully Valued and Sell; Buy and Hold thresholds differ for small and large caps, and Strong Buy and Sell carry three-month horizons.
Coverage12M
- Stocks
- 3
- Ratings
- 3
- Price targets
- 0
- Upgrades
- 1
- Downgrades
- 1
- Initiations
- 1
- Reiterations
- 0
- Positive67%2
- Neutral33%1
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 BIDUBaidu, Inc. | Buy | — |
 EHEHang Holdings Limited | Hold | — |
| JMJMHLY | Buy | — |
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
| EHang Holdings LimitedEH | Downgrade | Buy →Hold | Aug 28 |
| JMJMHLY | Initiate | Buy | Jul 13 |
| Baidu, Inc.BIDU | Upgrade | Hold →Buy | Sep 25, 2025 |
 Sea LimitedSE | Downgrade | Buy →Hold | Jun 28, 2024 |
| Sea LimitedSE | Downgrade | Buy →Hold | Dec 11, 2023 |
 Airbnb, Inc.ABNB | Downgrade | Buy →Hold | Dec 8, 2023 |
 PDD Holdings Inc.PDD | Upgrade | Hold →Buy | Jan 14, 2022 |
| NONoah Holdings LimitedNOAH | Reiterate | Buy | Oct 12, 2021 |
 New Oriental Education & Technology Group Inc.EDU | Downgrade | Buy →Hold | Jun 25, 2021 |
| Sea LimitedSE | Upgrade | Sell →Buy | Aug 20, 2020 |
| YUYum China Holdings, Inc.YUMC | Reiterate | Buy | Aug 6, 2019 |
References
- DBS Bank - Wikipediaen.wikipedia.org
- Chief Executive Officers - DBS Heritagedbs.com
- DBS Group Holdings Annual Report 2001 - Notes to the Financial Statementsdbs.com
- Institutional - DBS Vickersdbsvickers.com
- DBS Equity Picks, March 2026 (rating definitions)dbs.com
- Our Approach - DBS Group Researchdbs.com.hk