Latest news with #DBSGroupHoldings
Independent Singapore
3 days ago
- Business
- Independent Singapore
Singapore firms DBS and Sea Limited surpass US$100B market cap for first time
SINGAPORE: For the first time, two Singapore companies—DBS Group Holdings and Sea Limited—have surpassed the US$100 billion (S$128 billion) market capitalisation mark, according to Companies Market Cap 's data on the 76 largest firms in the city-state by market value. On June 10, DBS became the first Singapore-listed company to surpass the US$100 billion mark in market capitalisation, ranking 22nd among global banks by market value, Bloomberg reported. Morningstar analyst Michael Makdad attributed much of DBS's strong performance to the 'larger growth of its wealth management.' Singapore Business Review also reported that Moody's Ratings projected the bank's solvency and liquidity to remain strong through 2025 and 2026. As of this August, DBS is joined by Singapore-based e-commerce and financial services company Sea Limited, which has a market cap of US$103.01 billion, making it the world's 191st most valuable company by market value, according to Companies Market Cap . Market capitalisation, or market cap, refers to the total market value of a publicly traded company's outstanding shares and is commonly used to measure a company's worth. See also DBS: S-REITs will continue to be net outperformers in 2024 According to Companies Market Cap data, Sea Limited first reached a market capitalisation of US$100 billion by the end of 2020 and came close to US$200 billion in 2021, before its market value fell sharply. The South China Morning Post reported that this 'rebirth' is driven not only by a smooth app and clever pricing but also by SPX Express—Shopee's in-house logistics arm. In the past, Shopee relied largely on external couriers such as J&T Express and Singapore Post. In 2021, a pandemic-fuelled surge in online shopping strained Shopee's delivery network, prompting Sea CEO Forrest Li to commit nearly US$1 billion to build its own logistics system—a risky move amid a nearly 90% share price drop, layoffs, and overseas closures, but one that ultimately paid off. Since the start of 2024, Sea Limited's share price has surged over 300%. While the rise of the second hundred-billion-dollar company in the city-state was hailed by some netizens as 'the best thing that happened to consumers', a netizen said it may be the 'worst thing to happen to retailers'. Meanwhile, another netizen noted that 'Shopee will dominate Southeast Asia within the next decade.' /TISG Read also: Wuthelam Group founder and Singapore billionaire Goh Cheng Liang dies at 98
Yahoo
5 days ago
- Business
- Yahoo
Sea Sales Top Estimates as Online Shoppers Keep Spending
(Bloomberg) -- Sea Ltd.'s soaring sales has brought it close to reclaiming its title as Southeast Asia's most valuable company, with the stock's 19% jump in New York on Tuesday leaving its market capitalization near that of DBS Group Holdings Ltd. Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' New York Warns of $34 Billion Budget Hole, Biggest Since 2009 Crisis Five Years After Black Lives Matter, Brussels' Colonial Statues Remain For Homeless Cyclists, Bikes Bring an Escape From the Streets The Singapore-based e-commerce company is now valued at $103 billion, compared with $113 billion for DBS, the regional banking giant based in the same city. Sea posted sales that topped estimates on Tuesday, as more of Southeast Asia's consumers turn to online shopping for anything from iPhones to daily groceries. The results assuage some worries about the prospects of e-commerce arm Shopee, Sea's biggest unit. The region's top online retail platform is battling deep-pocketed global challengers including ByteDance Ltd.'s TikTok Shop and Alibaba Group Holding Ltd.'s Lazada. Emerging players like Shein and PDD Holdings Inc.'s Temu are also looking to break into the emerging region of 675 million people where more and more shoppers are coming online. The results 'help dismiss earlier concerns on growing competition,' Citigroup analysts led by Alicia Yap said in a note. Sea showed 'encouraging improvement in user conversion, purchasing frequency, basket size, seller adoption to ads and thriving live streaming and short video content ecosystem.' Revenue rose 38% to a record $5.26 billion in the three months through June, topping the $5 billion analysts estimated on average. Shares of Sea had their biggest gain in more than two years and closed at their highest level since early 2022. To attract users, Sea has focused on improving customer experience by building its own in-house delivery network, called SPX Express. That effort helped boost e-commerce gross orders and gross merchandise value by almost 30% during the latest quarter. SPX now handles the majority of Shopee's billions of parcels annually. 'We expect Sea's strong competitive edges to continue supporting its earnings growth,' Jian Xiong Lim, an analyst at CFRA Research, said in a note. These include Sea's 'well-developed delivery network and logistics facilities.' To boost its bottom line, Shopee has been steadily raising the commissions it charges merchants in various core markets by about a third since the start of last year. The hikes, which bring Shopee's fees above its rivals, show that Sea is confident it can attract and retain merchants, helped by a broad user base and well-established delivery services. Shopee's second-quarter revenue rose 34% to $3.8 billion, thanks in part to surging commissions and ad revenue. Sea is also betting on new initiatives including digital finance to grow its dominance and convince investors of its growth potential. Its finance arm — now known as Monee — increased sales 70% last quarter to $882.8 million. Bookings at gaming division Garena rose 23%. 'In the past, cash flow from Sea's gaming arm Garena was used to grow Shopee and Monee, but now Shopee and Monee are in healthier capital positions,' Hussaini Saifee, an analyst at Maybank Securities, said before the results. 'Sea can now invest in further developing Garena which has also made a strong rebound over the last year and a half.' What Bloomberg Intelligence Says Sea's net income is on track to quadruple in 2025, on growth across all three segments. Shopee's GMV gain could exceed guidance of 20%, supported by solid 1H momentum and continued strength in 3Q. Take rate could rise further, driven by improved ad tech that boosts both the number of sellers advertising and their average spend. Scale benefits, especially in Brazil, could lower cost-per-order and enhance overall e-commerce profitability. First-party logistics remain a competitive edge. -Lea El-Hage and Nathan Naidu, analysts Click here for research Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan Why It's Actually a Good Time to Buy a House, According to a Zillow Economist Dubai's Housing Boom Is Stoking Fears of Another Crash The Social Media Trend Machine Is Spitting Out Weirder and Weirder Results A $340 Million New York Office Makeover Is Converting Boardrooms to Bedrooms ©2025 Bloomberg L.P. Sign in to access your portfolio
BusinessToday
04-08-2025
- Business
- BusinessToday
Singapore Shares Dip At Open As Global Weakness Weighs On Sentiment
Singapore's Straits Times Index (STI) slipped in early trade on Monday, falling 4.39 points or 0.11% to 4,149.44 as of 9:11 am, tracking the cautious mood across Asia following Wall Street's sharp losses on Friday. Market breadth leaned negative with 74 advancers against 121 decliners, while total traded volume stood at 114.47 million shares worth S$190.41 million. Among the blue-chip counters, DBS Group Holdings slid 0.46% to S$47.38, while OCBC Bank and UOB were little changed at S$16.76 and S$36.03 respectively. Singapore Airlines traded flat at S$6.80, and ComfortDelGro eased to S$1.51. The weak open comes as Asian markets broadly tracked Wall Street's retreat after soft US non-farm payrolls data fuelled fears of a slowing economy, even as bets for a September Federal Reserve rate cut increased. The S&P 500 fell 1.6% on Friday, while the Nasdaq 100 shed 2%, marking their steepest one-day declines in months. Oil prices also extended losses in early Asian trade after OPEC+ confirmed a fresh output hike for September, pressuring energy stocks regionally. Meanwhile, Treasury yields tumbled last week as traders priced in a possible 50-basis-point rate cut by the Fed next month. With global sentiment fragile, investors will be eyeing corporate earnings and upcoming central bank signals, while also monitoring currency moves after the US dollar index slid last Friday on expectations of easing US monetary policy.
BusinessToday
19-07-2025
- Business
- BusinessToday
Singapore Shares Climb To New Peak Amid Global Market Rally
Singapore shares ended the trading week on a strong note, with the benchmark Straits Times Index (STI) climbing 0.7% to close at a record high of 4,161.4 on July 18. The rally was fuelled by sustained institutional inflows and positive global cues, particularly from Wall Street. Financial heavyweights led the charge, with DBS Group Holdings gaining ground ahead of its upcoming earnings announcement. The banking sector, along with property and telecommunications stocks, saw broad-based buying interest as investor sentiment remained upbeat. The bullish momentum in Singapore mirrored gains across Asian markets, which tracked the strength in US equities following better-than-expected retail sales and labour market data. Traders interpreted the strong economic readings as signs of resilience, adding to optimism over corporate earnings both in the US and Asia. Foreign participation in the Singapore market also remained firm, supporting large-cap stocks and lifting the STI to fresh highs. Analysts noted that the rally was underpinned by growing confidence in the region's economic outlook and hopes that upcoming earnings releases will validate the market's positive trajectory. Despite lingering concerns over global trade tensions and inflationary pressures, market participants remained focused on fundamentals, with strong corporate guidance and macro indicators offering reassurance. Outlook: With key earnings reports and regional economic data due in the coming weeks, investors will be watching closely to see if the market can maintain its upward momentum or if profit-taking sets in at these elevated levels. Related
Business Times
16-06-2025
- Business
- Business Times
DBS to add 100 wealth bankers in Hong Kong as clients trade more
[HONG KONG] DBS Group Holdings, Singapore's largest lender, is planning to recruit 100 bankers catering to the rich in Hong Kong over the next three years with clients having more appetite to trade. Clients with at least HK$1 million (S$163,138) in investible assets are becoming more active in the financial markets, prompting the firm to add headcount, Ajay Mathur, DBS' head of Hong Kong consumer banking and wealth management, told the South China Morning Post in an interview. Volatility across assets from equity to bonds and currencies attracted investment demand, Mathur said in the article, which was confirmed by DBS. DBS's Hong Kong wealth revenue grew 86 per cent in the first quarter from the corresponding period in 2023, according to Mathur. DBS is also looking to add another wealth management hub in the city next year to offer products including insurance and financial planning services, he said. Its first such local centre opened last year at Queen's Road Central, targeting rich customers from Hong Kong and China. BLOOMBERG
