Iggy's Journal: UOB Kay Hian Says DBS Is Too Expensive. My Screen Says the Real Problem Is the Yield

2 September 2026, AM

New Video

New video is up. UOB Kay Hian and a blended fair value model looked at the same DBS share price this week and landed in different places. UOB Kay Hian calls the 2.97 times 2027 price to book stretched and trimmed its stance. The blended model puts fair value at S$85 against a S$76.85 price, still room to run on that read. Both are defensible on their own terms. Neither one answers the question a retirement portfolio actually needs answered.

My Personal Take

The number I keep coming back to is the yield, not the multiple. A fresh buyer at S$76.85 locks in 4.18%, short of my 4.7% hurdle. Someone who bought DBS years ago at S$30 is sitting on the same dividend and a yield closer to 10.6% on their original capital. Same stock, same payout, two completely different income realities depending on when you got in. Iggy's Forensic Zone: Zone 4, Caution. November earnings, and whatever dividend comes with them, is where this arithmetic moves next.

📺 https://youtu.be/3udV6XvlZYo

📩 https://investingiguana.com/p/uob-kay-hian-says-dbs-is-too-expensive

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Not financial advice. Iggy's Forensic Compliance Standards apply.

Cheers, Iggy 🦖