Are Local Banks Dangerously Overvalued? What DBS, OCBC, and UOB Aren’t Telling Shareholders

The Smart Investor

09/02

Most people invest in the shares of Singapore’s banking trio – DBS Group Holdings Ltd (SGX: D05), OCBC Ltd (SGX: O39), and UOB Ltd (SGX: U11) – with the humble expectation of beating inflation with ...

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What DBS, OCBC, and UOB Aren’t Telling Shareholders\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-09-02 14:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/are-local-banks-dangerously-overvalued-what-dbs-ocbc-and-uob-arent-telling-shareholders/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Most people invest in the shares of Singapore’s banking trio – DBS Group Holdings Ltd (SGX: D05), OCBC Ltd (SGX: O39), and UOB Ltd (SGX: U11) – with the humble expectation of beating inflation with ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/are-local-banks-dangerously-overvalued-what-dbs-ocbc-and-uob-arent-telling-shareholders/\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0516422366.SGD","symbol_name":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","start_time":0,"source_url":"https://thesmartinvestor.com.sg/are-local-banks-dangerously-overvalued-what-dbs-ocbc-and-uob-arent-telling-shareholders/","article_id":"2664998728","we_media_id":null,"thumbnails":["https://thesmartinvestor.com.sg/wp-content/uploads/2026/09/Pics-for-TSI-Site-2-300x200.png"],"rights":{"source":"thesmartinvestor_highlight","url":"https://thesmartinvestor.com.sg/are-local-banks-dangerously-overvalued-what-dbs-ocbc-and-uob-arent-telling-shareholders/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2664998728","pubTimestamp":1788328800,"columns":[],"sourceInfo":{"source_id":"thesmartinvestor_highlight","name":"The Smart Investor"},"weMediaInfo":null,"summary":"Singapore’s three local banks have delivered strong profits, rising dividends, and impressive share price gains. 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Templeton Asian Growth A (acc) SGD-H1","LU0210637038.USD":"HSBC GIF THAI EQUITY \"AD\" INC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0823417737.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC","LU1522347837.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC A","LU0738912210.USD":"Blackrock Asia Pacific Equity Income A6 USD"},"translate_title":"当地银行是否被危险地高估了？星展银行、华侨银行和大华银行没有告诉股东什么","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/b86c63d331200ea675fc7ba1a4881bf1","symbols_score_info":{"D05.SI":1.96,"U11.SI":1.95,"G07.SI":1.85,"O39.SI":1.95},"content_text":"Most people invest in the shares of Singapore’s banking trio – DBS Group Holdings Ltd (SGX: D05), OCBC Ltd (SGX: O39), and UOB Ltd (SGX: U11) – with the humble expectation of beating inflation with their juicy dividend payouts.\n\nBut, lo and behold, over the last two years, their returns look more like those of high-growth tech stocks.\n\nDespite the intoxicating euphoria, the hard question remains: Have the local banks become too expensive?\n\nInstead of letting prices control your emotions, let’s dig into their business to find out whether the upsides at current prices are still bankable.\n\nLocal Banks, Different Strengths\nEach of the banks pursues growth with unique approaches.\n\nIn the first half of 2026 (1H2026), DBS’s wealth management fee income surged 33% year on year (YoY) to S$1.83 billion, accompanied by growth in its AUM (assets under management) to S$516 billion, above the half-trillion mark.\n\nThat’s a new AUM-peak for Singapore’s largest bank by market capitalisation, cementing its dominance in regional wealth management.\n\nThe second-largest bank, OCBC, operates a more diversified financial services business with its major insurance subsidiary, Great Eastern Holdings Limited (SGX: G07), or GEH.\n\nAlthough OCBC’s 1H2026 insurance income from GEH jumped 49% to S$791 million, its net wealth management fees and commissions also climbed 39% to S$892 million, driving its net profit up 13% to a record S$4.19 billion for the period.\n\nUOB? It’s the smallest of the trio. But its ambitions aren’t limited by its size.\n\nAlthough DBS is taking on Asia-Pacific and OCBC boasts a wealth-and-insurance business, UOB is spreading its wings within the ASEAN region to deepen its consumer and trade connectivity presence.\n\nThe results?\n\nUOB’s 1H2026 ASEAN-4 (Malaysia, Indonesia, Thailand, and Vietnam) wealth management income was up 30% YoY, led by Malaysia and Thailand, while trade loans within this region increased 14%, demonstrating the bank’s cross-border traction.\n\nRed Flags Investors Should Know\nThe high-interest-rate environment has been great for the banks’ margins.\n\nHowever, the net interest margin (NIM) compression of between 17 and 25 basis points from a year ago for all three banks in 1H2026 is a reminder of the transitory nature of this tailwind.\n\nYes, proactive hedging and robust loan and deposit growth cushioned the impact, but further rate cuts can still drive NIM even lower.\n\nRapid growth is great, but with a much larger market capitalisation, the speed bump could be right ahead as the “law of large numbers” kicks in.\n\nDiversification into non-interest income streams helps. But sustaining the momentum in an uncertain global market plagued with geopolitical tensions and elevated inflation risks? These challenges are real.  \n\nDespite their rock-solid balance sheets, as evidenced by their ultra-low non-performing loan (NPL) ratio of less than 2% and a Common Equity Tier 1 (CET1) ratio that’s well above the required 6.5%, credit risks do exist.\n\nNot convinced? \n\nLook no further than UOB’s second quarter of 2026 (2Q2026), which saw a 90% YoY surge in non-performing assets (NPA) because of one real-estate account in Greater China. This is a cautionary tale for investors to stay vigilant.\n\n\nShould You Sell (Or Buy)?\nThe banks’ fortress-like balance sheets and exceptionally favourable CET1 ratios make them local banking champions.\n\nFor current investors, selling these banking champions means letting go of rare high-quality assets with the potential to compound rapidly – not the wisest choice if you haven’t got a better investment opportunity to rotate to.\n\nMoreover, you should already be sitting on enormous capital gains while collecting regular dividend payouts with yields still above risk-free T-bills.\n\nDespite the costly stock prices, the mistake of selling could be costlier in the long run.\n\nFor new investors, the decision-making could be trickier.\n\nIf you are torn between entering at historically high valuations and waiting for a pullback that may not happen, a “middle-ground” approach could make more sense: enter at the current valuation but with a much smaller position.\n\nThis ensures you still have the financial ammunition to average down during market pullbacks.\n\nIf a pullback doesn’t materialise, you are still minimally exposed to these banking champions.\n\nGet Smart: Compounding Matters More Than Timing\nSingapore’s business environment doesn’t mint global movers and shakers like the US’s Magnificent Seven.\n\nYet, her banking trio offers reliable regional banking businesses supported by highly stable balance sheets.\n\nThe recent bear market in 2023 that saw companies with weak financials being hit the hardest demonstrated the importance of investing in businesses with high-quality balance sheets and growth.\n\nThe good news is that these quality compounders often exhibit multiple bull runs in the long run.\n\nYes, in hindsight, missing the boat on the latest banking bull runs is unfortunate.\n\nBut you don’t have to make it worse by missing the next one.\n\nJust ensure your positions are sized appropriately.\n\nStill, don’t mindlessly chase the highs – keep an eye on notable risks such as credit quality, among other growth signals.\n\n2008. 2020. 2022. Three of the toughest stretches for Singapore markets in a generation. We found 6 SGX companies that paid a dividend every single year through all three. Our free report reveals the six companies and what allowed them to keep paying when others couldn’t. Click here to download now.\n\nFollow us on Facebook, Instagram, Telegram and YouTube for the latest investing news and analyses!\n\nDisclosure: Larry L. owns shares of DBS, UOB, and OCBC.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}