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Dah Sing Banking Group
(2356)
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Rating:69Neutral
Price Target:
HK$14.00
â–²(2.34% Upside)
Action:Downgraded
Date:10/28/26
The score is driven primarily by solid financial performance (strong earnings/revenue momentum and a conservatively levered balance sheet), supported by attractive valuation (low P/E and high dividend yield). These positives are partially offset by weak technical signals (below major moving averages with negative MACD), and cash-flow consistency remains a key financial watch item despite the strong 2025 rebound.
Positive Factors
Revenue and earnings growth
The strong revenue rebound continued into 2025, alongside higher net income and an approximately 21% net margin. This indicates improving operating momentum and provides a stronger earnings base for reinvestment, resilience, and continued expansion of the banking franchise.
Negative Factors
Uneven cash-flow consistency
Repeated negative operating cash flow over several years makes the latest rebound less dependable as a standalone indicator of normalized cash generation. Continued volatility could complicate capital planning, reduce funding flexibility, and weaken confidence in internally generated liquidity.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and earnings growth
The strong revenue rebound continued into 2025, alongside higher net income and an approximately 21% net margin. This indicates improving operating momentum and provides a stronger earnings base for reinvestment, resilience, and continued expansion of the banking franchise.
Read all positive factors
Dah Sing Banking Group (2356) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$18.78B
Dividend Yield6.29%
Average Volume (3M)1.17M
Price to Earnings (P/E)7.0
Beta (1Y)0.81
Revenue Growth-7.92%
EPS Growth19.36%
CountryHK
Employees2,903
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.91
Shares Outstanding1,405,752,200
10 Day Avg. Volume1,149,062
30 Day Avg. Volume1,165,420
Financial Highlights & Ratios
PEG Ratio0.31
Price to Book (P/B)0.43
Price to Sales (P/S)1.31
P/FCF Ratio2.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.2
Revenue Forecast (FY)HK$8.51B
Dah Sing Banking Group Business Overview & Revenue Model
Company Description
Dah Sing Banking Group Limited serves as an investment holding company, delivering a comprehensive array of banking, financial, and related services throughout Hong Kong, Macau, and mainland China. The group's activities are structured into four m...
How the Company Makes Money
The group primarily makes money through banking and financial-services income generated by its operating subsidiaries (notably Dah Sing Bank). Key revenue streams typically include: (1) Net interest income: earning interest on loans (e.g., residen...
Dah Sing Banking Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
82
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.08B | 11.46B | 6.82B | 4.64B | 9.59B | 6.82B |
| Gross Profit | 5.39B | 7.78B | 6.82B | 5.91B | 6.75B | 4.25B |
| EBITDA | 2.84B | 2.47B | 2.77B | 2.49B | 1.66B | 2.39B |
| Net Income | 2.68B | 2.48B | 2.06B | 1.86B | 1.61B | 1.66B |
Balance Sheet | ||||||
| Total Assets | 267.54B | 257.91B | 256.34B | 260.74B | 252.09B | 248.98B |
| Cash, Cash Equivalents and Short-Term Investments | 7.43B | 18.68B | 14.79B | 18.96B | 19.26B | 16.04B |
| Total Debt | 9.28B | 5.23B | 4.15B | 5.92B | 3.80B | 4.13B |
| Total Liabilities | 231.26B | 222.68B | 222.52B | 227.85B | 222.17B | 219.07B |
| Stockholders Equity | 36.28B | 35.23B | 33.82B | 32.58B | 29.91B | 29.91B |
Cash Flow | ||||||
| Free Cash Flow | 6.62B | 5.93B | -2.59B | 199.26M | 5.08B | 3.38B |
| Operating Cash Flow | 7.94B | 6.33B | -2.23B | -1.14B | 5.35B | 3.68B |
| Investing Cash Flow | 140.67M | -173.75M | -223.47M | -38.89M | -36.47M | -86.21M |
| Financing Cash Flow | -2.18B | -1.44B | -7.71B | 883.17M | 2.31B | 1.96B |
Dah Sing Banking Group Technical Analysis
Neutral
13.68
Price Trends
14.19
Negative
13.52
Negative
12.52
Positive
Market Momentum
-0.35
Positive
43.13
Neutral
47.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2356, the sentiment is Neutral. The current price of 13.68 is below the 20-day moving average (MA) of 13.72, below the 50-day MA of 14.19, and above the 200-day MA of 12.52, indicating a neutral trend. The MACD of -0.35 indicates Positive momentum. The RSI at 43.13 is Neutral, neither overbought nor oversold. The STOCH value of 47.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:2356.
Dah Sing Banking Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$1.31T | 7.46 | 12.33% | 4.16% | -0.16% | 5.69% | |
72 Outperform | HK$583.93B | 7.28 | 9.32% | 4.91% | -0.51% | 2.52% | |
71 Outperform | HK$533.93B | 12.78 | 11.60% | 4.17% | -8.24% | 3.38% | |
69 Neutral | HK$18.78B | 6.99 | 7.49% | 6.29% | -7.92% | 19.36% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | HK$47.25B | 14.02 | 3.30% | 3.82% | -8.52% | -24.85% | |
46 Neutral | HK$204.24B | 6.11 | 5.88% | 7.21% | -7.38% | -19.59% |
* Financial Sector Average
HK:2356
Dah Sing Banking Group
13.36
3.03
29.33%
HK:0023
Bank of East Asia
17.80
4.92
38.24%
HK:2388
BOC Hong Kong (Holdings)
50.50
14.25
39.31%
HK:6818
China Everbright Bank Co
2.74
-0.27
-8.83%
HK:0998
China CITIC Bank
8.70
1.69
24.07%
HK:3968
China Merchants Bank Co
54.55
8.21
17.72%
Dah Sing Banking Group Corporate Events
Dah Sing Banking Group Strengthens Governance With Expanded Nomination and Pay Oversight
Aug 28, 2026
Dah Sing Banking Group has formalised detailed terms of reference for its Nomination and Remuneration Committee, which oversees board composition, senior management appointments, and remuneration structures for the group and Dah Sing Bank. The com...
Dah Sing Banking Group Strengthens Governance With Updated Nomination and Remuneration Committee Mandate
Aug 28, 2026
Dah Sing Banking Group has set out detailed terms of reference for its Nomination and Remuneration Committee, which oversees director and senior management appointments for the group and Dah Sing Bank. The committee is tasked with reviewing board ...
Dah Sing Banking Group Declares HKD 0.35 Interim Dividend for First Half of 2026
Aug 28, 2026
Dah Sing Banking Group Limited has declared an interim ordinary cash dividend of HKD 0.35 per share for the six months ended 30 June 2026, for the financial year ending 31 December 2026. The dividend reflects the group’s ongoing capital retu...
Dah Sing Banking Group Delivers Higher Interim Profit and Dividend for First Half of 2026
Aug 28, 2026
Dah Sing Banking Group reported unaudited profit attributable to shareholders of HK$1,780.5 million for the six months ended 30 June 2026, with basic earnings per share rising to HK$1.27 and diluted earnings per share to HK$1.18. The board declare...
Dah Sing Banking Group Sets Date to Approve Interim Results and Dividend Plan
Aug 14, 2026
Dah Sing Banking Group has scheduled a Board Committee meeting for 28 August 2026 to approve the announcement of its consolidated interim results for the six months ended 30 June 2026. The committee will also consider the payment of an interim div...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.