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

The Investing Iguana

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

Get everything, zero-day access on both platforms, full Red Zone watchlist, institutional-grade cheatsheets, with Iggy's Elite Investors, S$12/month.

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

Cheers, Iggy 🦖

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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My Screen Says the Real Problem Is the Yield","html":"<html><head></head><body><p></p>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ede3d7b641180a75d9879e2071fd3caa\" tg-width=\"1920\" tg-height=\"1080\"></p>\n<p><strong>Iggy's Journal: UOB Kay Hian Says DBS Is Too Expensive. My Screen Says the Real Problem Is the Yield</strong></p>\n<p>2 September 2026, AM</p>\n<p></p>\n<p>New Video</p>\n<p>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.</p>\n<p></p>\n<p>My Personal Take</p>\n<p>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.</p>\n<p></p>\n<p>📺 https://youtu.be/3udV6XvlZYo</p>\n<p>📩 https://investingiguana.com/p/uob-kay-hian-says-dbs-is-too-expensive</p>\n<p>Get everything, zero-day access on both platforms, full Red Zone watchlist, institutional-grade cheatsheets, with Iggy's Elite Investors, S$12/month.</p>\n<p>Not financial advice. Iggy's Forensic Compliance Standards apply.</p>\n<p></p>\n<p>Cheers, Iggy 🦖</p></body></html>","htmlText":"<html><head></head><body><p></p>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ede3d7b641180a75d9879e2071fd3caa\" tg-width=\"1920\" tg-height=\"1080\"></p>\n<p><strong>Iggy's Journal: UOB Kay Hian Says DBS Is Too Expensive. My Screen Says the Real Problem Is the Yield</strong></p>\n<p>2 September 2026, AM</p>\n<p></p>\n<p>New Video</p>\n<p>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.</p>\n<p></p>\n<p>My Personal Take</p>\n<p>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.</p>\n<p></p>\n<p>📺 https://youtu.be/3udV6XvlZYo</p>\n<p>📩 https://investingiguana.com/p/uob-kay-hian-says-dbs-is-too-expensive</p>\n<p>Get everything, zero-day access on both platforms, full Red Zone watchlist, institutional-grade cheatsheets, with Iggy's Elite Investors, S$12/month.</p>\n<p>Not financial advice. Iggy's Forensic Compliance Standards apply.</p>\n<p></p>\n<p>Cheers, Iggy 🦖</p></body></html>","text":"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 Get everything, zero-day access on both platforms, full Red Zone watchlist, institutional-grade cheatsheets, with Iggy's Elite Investors, S$12/month. Not financial advice. Iggy's Forensic Compliance Standards apply. Cheers, Iggy 🦖","highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":1,"favoriteSize":0,"link":"https://ttm.financial/post/603320064615872","repostId":0,"isVote":1,"tweetType":1,"viewCount":21,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1194,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/603320064615872"}