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Dah Sing Banking Group
(2356)
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Rating:77Outperform
Price Target:
HK$17.00
â–²(24.27% Upside)
Action:Reiterated
Date:07/28/26
The score is driven primarily by solid financial fundamentals (improving earnings and a conservatively levered balance sheet) and attractive valuation (low P/E and strong dividend yield). Technicals also support the rating as the share price is above key moving averages. The main risk tempering the score is historical cash-flow volatility despite a strong 2025 rebound.
Positive Factors
Conservative leverage & rising equity
Sustained equity growth and low debt-to-equity provide structural balance-sheet resilience, expanding regulatory and lending headroom. This reduces refinancing and solvency risk, enabling steady credit origination and capital return policies over the next several quarters.
Negative Factors
Volatile operating cash flow
Multi-year swings in operating cash flow reduce predictability of internal funding for lending, dividends and investments. Even with a strong 2025 rebound, inconsistent cash generation increases execution and liquidity risk for sustaining growth or payouts in the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage & rising equity
Sustained equity growth and low debt-to-equity provide structural balance-sheet resilience, expanding regulatory and lending headroom. This reduces refinancing and solvency risk, enabling steady credit origination and capital return policies over the next several quarters.
Read all positive factors
Dah Sing Banking Group (2356) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$19.74B
Dividend Yield5.91%
Average Volume (3M)1.65M
Price to Earnings (P/E)7.4
Beta (1Y)0.57
Revenue Growth-8.00%
EPS Growth19.36%
CountryHK
Employees2,903
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.69
Shares Outstanding1,405,752,200
10 Day Avg. Volume2,194,494
30 Day Avg. Volume1,646,898
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)2.22
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 (1) net interest income, (2) fee and commission income, and (3) other income from financial activities.
1) Net interest income (core earnings driver): The bank takes customer deposits and other funding and ...
Dah Sing Banking Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
82
Very Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.46B | 6.82B | 4.64B | 9.59B | 6.82B |
| Gross Profit | 7.78B | 6.82B | 5.91B | 6.75B | 4.25B |
| EBITDA | 2.47B | 2.77B | 2.49B | 1.66B | 2.39B |
| Net Income | 2.48B | 2.06B | 1.86B | 1.61B | 1.66B |
Balance Sheet | |||||
| Total Assets | 257.91B | 256.34B | 260.74B | 252.09B | 248.98B |
| Cash, Cash Equivalents and Short-Term Investments | 18.68B | 14.79B | 18.96B | 19.26B | 16.04B |
| Total Debt | 5.23B | 4.15B | 5.92B | 3.80B | 4.13B |
| Total Liabilities | 222.68B | 222.52B | 227.85B | 222.17B | 219.07B |
| Stockholders Equity | 35.23B | 33.82B | 32.58B | 29.91B | 29.91B |
Cash Flow | |||||
| Free Cash Flow | 5.93B | -2.59B | 199.26M | 5.08B | 3.38B |
| Operating Cash Flow | 6.33B | -2.23B | -1.14B | 5.35B | 3.68B |
| Investing Cash Flow | -173.75M | -223.47M | -38.89M | -36.47M | -86.21M |
| Financing Cash Flow | -1.44B | -7.71B | 883.17M | 2.31B | 1.96B |
Dah Sing Banking Group Technical Analysis
Neutral
13.68
Price Trends
13.58
Positive
12.89
Positive
11.87
Positive
Market Momentum
0.17
Positive
48.63
Neutral
35.92
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 14.28, above the 50-day MA of 13.58, and above the 200-day MA of 11.87, indicating a neutral trend. The MACD of 0.17 indicates Positive momentum. The RSI at 48.63 is Neutral, neither overbought nor oversold. The STOCH value of 35.92 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | HK$19.74B | 7.45 | 7.49% | 5.91% | -8.00% | 19.36% | |
74 Outperform | HK$1.24T | 7.08 | 12.33% | 4.37% | -0.16% | 5.69% | |
71 Outperform | HK$546.61B | 13.24 | 11.60% | 6.71% | -8.24% | 3.38% | |
69 Neutral | HK$551.08B | 6.97 | 9.34% | 5.05% | -3.15% | 1.80% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | HK$48.30B | 14.65 | 3.30% | 3.66% | -8.57% | -24.85% | |
56 Neutral | HK$201.31B | 5.96 | 5.88% | 6.89% | -7.38% | -19.59% |
* Financial Sector Average
HK:2356
Dah Sing Banking Group
14.22
4.64
48.45%
HK:0023
Bank of East Asia
18.60
6.71
56.49%
HK:2388
BOC Hong Kong (Holdings)
52.30
15.57
42.41%
HK:6818
China Everbright Bank Co
2.86
-0.52
-15.28%
HK:0998
China CITIC Bank
8.46
1.58
22.96%
HK:3968
China Merchants Bank Co
51.95
6.05
13.18%
Dah Sing Banking Group Corporate Events
Dah Sing Banking Group Wins Full Shareholder Backing at 2026 AGM
Jun 5, 2026
Dah Sing Banking Group shareholders approved all resolutions at the 5 June 2026 annual general meeting, including the adoption of the 2025 audited financial statements, declaration of a final dividend, and re-election of three directors to the boa...
Dah Sing Banking Group Sets June 2026 AGM With Dividend and Share Issue Mandate on Agenda
Apr 28, 2026
Dah Sing Banking Group has called its annual general meeting for 5 June 2026 at the Hong Kong Convention and Exhibition Centre, where shareholders will vote on routine corporate matters including the adoption of the 2025 audited financial statemen...
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.