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DBS Gr Hldgs

DBS Group is a Singapore-based banking group offering a full range of services to consumers, small to midsize enterprises, and corporations and institutions. Its main presence is in Singapore and Greater China. The acquisition of Lakshmi Vilas Bank has strengthened DBS' operations in India, and the acquisition of Citibank's Taiwan operation should bring additional growth in Greater China. DBS' wealth management division is one of the largest in Asia, with assets under management of SGD 401 billion as of September 2024.

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China has proposed a draft regulation to control the expansion of its solar industry, in response to global concerns over the overcapacity of solar panels.

After Trump, Biden And Yellen&#39;s Criticism, China Proposes Rules To Cut Down On Solar Panel Overcapacity

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Investors might want to bet on DBS Group Holdings Ltd (OTC: DBSDY), as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.

DBS Group Upgraded to Strong Buy: Here&#39;s What You Should Know

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HSBC Holdings PLC (NYSE: HSBC) is reportedly set to acquire the China consumer wealth management business of Citigroup Inc (NYSE: C).

HSBC To Buy Citigroup&#39;s China Consumer Wealth Management Business

DBS GROUP HLDGS LTD S/ADR by DBS Group Holdings Ltd.

DBS Group Holdings Ltd

China has proposed a draft regulation to curb the expansion of its solar industry in response to global <a href="https://www.benzinga.com/news/24/04/38105150/yellen-kicks-off-china-visit-warns-of-global-risks-from-manufacturing-overcapacity">concerns about solar panel overcapacity</a>. This move follows criticism from President Joe Biden, former President Donald Trump, and Treasury Secretary Janet Yellen.
What Happened: The Chinese government has introduced a draft regulation to limit the expansion of its solar industry, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-07-09/china-releases-draft-rule-to-curb-excessive-solar-expansion">reported</a> on Tuesday. This move comes as domestic companies face losses due to oversupply and intense competition.
The regulation, released for public consultation by the Ministry of Industry and Information Technology on Tuesday, will restrict new manufacturing projects that merely increase existing capacity. Companies will be directed to focus on improving quality and reducing production costs.
China&#8217;s solar manufacturers have seen their capacity exceed demand in recent years, leading to record-low prices and forcing many to sell below cost. The industry has repeatedly called for government intervention to alleviate the oversupply.
The draft regulation also mandates higher efficiency in products from existing and new factories, along with minimum requirements for research and development spending.
See Also: <a href="https://www.benzinga.com/markets/asia/24/07/39595146/trumps-trade-tariffs-would-be-highest-in-the-postwar-period-and-increase-inflation-says-goldman-sach?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Trade Tariffs Would Be &#8216;Highest In The Postwar Period&#8217; And Increase Inflation, Says Goldman Sachs</a>
Why It Matters: The proposed regulation is a response to global concerns over the overcapacity of solar panels. This issue has been a point of contention in international trade discussions, particularly between China and the U.S.
In April, U.S. Treasury Secretary Yellen voiced concerns about Chinese industrial policies, including government subsidies and manufacturing overcapacity, which have led to a <a href="https://www.benzinga.com/news/24/04/38146989/treasury-secretary-janet-yellen-sees-flood-of-chinese-exports-wiping-out-us-green-energy-industry">flood of cheap clean-energy product exports</a> around the world.
Yellen also discussed potential strategies to counter threats from China's excess industrial capacity. In May, President Joe Biden announced <a href="https://www.benzinga.com/markets/asia/24/05/38824198/biden-announces-massive-tariffs-on-chinese-imports-to-protect-us-industries-clean-energy-solar-stock">massive tariffs on a range of Chinese goods</a> to protect the American economy and safeguard domestic jobs, a move aimed at countering China's heavily subsidized production.
China has <a href="https://www.benzinga.com/markets/asia/24/05/39026678/china-slams-us-and-other-g7-countries-for-hyping-up-trade-overcapacity-attempts-to-set-obstacles-and">responded to the G-7 nations' criticism</a> of its trade practices, accusing them of exaggerating the issue of overcapacity. The proposed regulation is a significant step by China to address these concerns and stabilize its solar industry.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/07/39567244/chinas-central-bank-could-embrace-federal-reserve-model-in-a-major-reform-under-governor-pan-gongshe?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">China&#8217;s Central Bank Could Embrace Federal Reserve Model In A Major Reform Under Governor Pan Gongsheng</a></li>
</ul>
Photo courtesy: Unsplash
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

After Trump, Biden And Yellen's Criticism, China Proposes Rules To Cut Down On Solar Panel Overcapacity

Investors might want to bet on DBS Group Holdings Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dbsdy#OTC">DBSDY</a>), as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.
The sole determinant of the Zacks rating is a company&#39;s changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
Therefore, the Zacks rating upgrade for DBS Group basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company&#39;s future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That&#39;s partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company&#39;s shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
For DBS Group, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company&#39;s underlying business. And investors&#39; appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988.
Earnings Estimate Revisions for DBS Group
This company is expected to earn $10.31 per share for the fiscal year ending December 2024, which represents a year-over-year change of -3.9%.
Analysts have been steadily raising their estimates for DBS Group. Over the past three months, the Zacks Consensus Estimate for the company has increased 3.3%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of &#39;buy&#39; and &#39;sell&#39; ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a &#39;Strong Buy&#39; rating and the next 15% get a &#39;Buy&#39; rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
The upgrade of DBS Group to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
<a href="https://www.zacks.com/stock/news/2295172/dbs-group-dbsdy-upgraded-to-strong-buy-here-s-what-you-should-know?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_12_zacks_rank_upgrade-2295172">To read this article on Zacks.com click here.</a>

DBS Group Upgraded to Strong Buy: Here's What You Should Know

HSBC Holdings PLC&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>) is reportedly set to acquire the China consumer wealth management business of&nbsp;Citigroup Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>).
The deal will also include attaining &quot;a few hundred&quot; of Citi&#39;s China-based employees.&nbsp;
The deal&#39;s financial details were not immediately known and will be announced as soon as next month, Reuters said.
Citigroup&#39;s China consumer wealth management business manages over $3 billion in assets and will likely expand HSBC&#39;s presence in China&#39;s $3.94 trillion fund management market.
Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/07/33216959/hsbc-expands-green-finance-and-bond-teams-in-china-amid-geopolitical-uncertainties" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HSBC Expands Green Finance and Bond Teams in China Amid Geopolitical Uncertainties</a>
Earlier In May, HSBC reportedly headed to buy out its China fund management joint venture, HSBC Jintrust Fund Management,&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/05/32262799/hsbc-inks-pact-to-take-over-china-fund-management-joint-venture-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">in which it owns a 49% stake</a>.
On the other hand, Citigroup is also reportedly aiming to sell some of its portfolios for winding down its China retail banking business and exit consumer franchises across Asia, Europe, the Middle East, Africa, and Mexico.
Last month, Citigroup closed the sale and full migration of its Taiwan consumer businesses to&nbsp;DBS Group Holdings Ltd&nbsp;(OTCPK: DBSDF) (OTCPK: DBSDY), expected to drive a&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/33957298/citigroup-ceo-to-split-its-biggest-division-to-gain-more-control-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">capital benefit of about $1.2 billion</a>.
Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34542460/citigroups-organizational-restructure-ceo-shakes-up-higher-executive-ranks" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Citigroup&#39;s Organizational Restructure: CEO Shakes Up Higher Executive Ranks</a>&nbsp;
Price Action: HSBC shares are trading higher by 0.64% at $39.40, while Citigroup shares are up 0.37% at $40.62 premarket on the last check Thursday.

HSBC To Buy Citigroup's China Consumer Wealth Management Business

Citigroup Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>) is reportedly considering separating one of the largest divisions, Institutional Clients Group (ICG), into several businesses.
CEO Jane Fraser plans to split the division into three primary business segments: investment and corporate banking, global markets, and transaction services, reported&nbsp;<a class="editor-rtfLink" href="https://www.ft.com/content/c8349012-5cbf-4434-9486-9a8f0e22d6b3" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Financial Times</a>.&nbsp;
The separated units would be run by their current heads and will report to Fraser.&nbsp;
As per the report, the proposed plan is expected to give Fraser more direct control over the operations.
ICG, which generated&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/07/b33229633/citigroup-reports-second-quarter-2023-results" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">revenue of around $10.4 billion in Q2 FY23&nbsp;</a>(accounting for over 50% of total revenues), offers financial services to institutional investors and governments.
As per the report, the transaction will be the bank&#39;s most significant shake-up of its corporate structure in nearly 15 years.
The move follows the bank&#39;s announcement of the departure of Paco Ybarra, ICG head, by the middle of next year.
The report noted that no final decision had been made and that the plan is one of several options under consideration.
Last week, Citigroup&nbsp;<a class="editor-rtfLink" href="https://www.citigroup.com/global/news/press-release/2023/citi-completes-sale-of-taiwan-consumer-businesses-to-dbs" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">closed&nbsp;</a>the sale and full migration of its Taiwan consumer businesses to&nbsp;DBS Group Holdings Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/dbsdf#OTC">DBSDF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dbsdy#OTC">DBSDY</a>), expected to drive capital benefit of about $1.2 billion.&nbsp;
Price Action: Citigroup shares are trading higher by 0.33% at $42.39 premarket on the last check Monday.

Media

Citigroup CEO To Split Its Biggest Division To Gain More Control: Report

The Nigerian Securities and Exchange Commission (SEC) is currently reviewing applications for digital exchanges on a trial basis, in an effort to expand market participation in Africa&#39;s most populous country, where the central bank has imposed restrictions <a href="https://www.benzinga.com/markets/cryptocurrency/23/04/31997042/shiba-inu-trading-volume-plummets-to-unimaginable-lows-while-solana-and-cardano-struggle-i">on cryptocurrency trading</a>.
Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-05-01/nigeria-s-sec-plans-to-allow-asset-backed-tokens-but-not-crypto?utm_source=google&amp;utm_medium=bd&amp;cmpId=google&amp;sref=3REHEaVI&amp;leadSource=uverify%20wall">quoted&nbsp;</a>Abdulkadir Abbas, head of securities and investment services at the SEC, as saying that the commission is exploring the possibility of allowing tokenized coin offerings on licensed digital exchanges that are supported by assets such as equity, debt, and property, but not cryptocurrencies.
&quot;We always like to start, as a regulator, with a very simple clear proposal before we go into the complex ones,&quot; he said.
This initiative could attract tech-savvy individuals in Nigeria&mdash;a country with over 200 million people and 43% of the population under 14 years old&mdash;to local assets like equities, which have been neglected for years.
Nigeria has the highest volume of cryptocurrency transactions on peer-to-peer trading platforms outside the U.S., as per data from Paxful, an exchange that ceased operations in April.
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/04/32093617/what-are-the-odds-bitcoin-journeys-to-1m-why-a-former-coinbase-exec-is-optimistic">What Are The Odds Bitcoin Journeys To $1M? Why A Former Coinbase Exec Is Optimistic</a>
Other countries, including Singapore, are experimenting with similar tokens. Last year, Singapore initiated &quot;Project Guardian,&quot; a pilot program led by DBS Bank Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dbsdy#OTC">DBSDY</a>), JPMorgan Chase &amp; Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>), and Marketnode Pte, which investigates potential applications of asset tokenization and involves the creation of a permissioned liquidity pool consisting of tokenized bonds and deposits.
While Nigeria&#39;s SEC plans to register fintech companies as digital sub-brokers, crowdfunding intermediaries, robo-advisors, fund managers, and tokenized coin issuers, it will not register cryptocurrency exchanges until an agreement on standards is reached with the central bank, which in 2021 directed commercial banks not to facilitate such transactions.
Abbas explained that prospective digital exchanges will undergo a year of &quot;regulatory incubation,&quot; during which they will offer limited services under SEC supervision to assess their operational patterns and suitability for providing services in Nigeria.
&quot;By the 10th month, we should be able to make a determination whether to register the firm, extend the incubation period, or even ask the <a href="https://www.benzinga.com/markets/cryptocurrency/23/04/31994879/stablecoin-showdown-house-republicans-shake-up-digital-currency-landscape-target-secs-cont">firm to stop operation</a>,&quot; he added.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/04/32090752/blockchain-goes-mainstream-mastercards-new-standards-to-change-the-game">Blockchain Goes Mainstream: Mastercard&#39;s New Standards To Change The Game</a>&nbsp;
Photo: Unsplash

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Cryptocurrency

Nigeria's SEC Warms Up To Digital Exchanges, Leaves Cryptos Out In The Cold

<ul>
<li>Alibaba Group Holding Limited&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) fintech affiliate&nbsp;Ant Group Co&#39;s&nbsp;Singapore digital wholesale bank will start offering<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/22/11/b29537750/anext-bank-launches-new-industry-initiative-to-scale-financial-inclusion-for-smes" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">&nbsp;loans to small and medium-sized businesses</a>.</li>
<li>ANEXT Bank, which started its services in June, said it would give smaller companies loans ranging from S$5,000 ($3,530) to S$100,000.&nbsp;</li>
<li>Customers can apply for ANEXT Bank&#39;s loans via IN Financial Technologies and Bizmann System.&nbsp;</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/08/28433964/jack-mas-ant-backed-indonesian-digital-wallet-firm-raises-250m-from-alibaba-and-others-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Jack Ma&#39;s Ant-Backed Indonesian Digital Wallet Firm Raises $250M From Alibaba And Others: Report</a></li>
<li>Ant accelerated digital bank operations in Southeast Asia, replicating strategies in China that catapulted its fintech operations to becoming the country&#39;s most extensive, Bloomberg&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2022-11-03/ant-digital-bank-expands-in-singapore-with-small-business-loans?srnd=technology-vp&amp;sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reported</a>.</li>
<li>The move could help Ant diversify its business and generate growth&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/asia/22/06/27559397/alibabas-sister-company-ant-sets-up-digital-bank-in-singapore-in-big-overseas-push-amid-regulatory-b" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">amid regulatory headwinds at home</a>.</li>
<li>Jack Ma&nbsp;founded fintech significantly marks its foray into an arena dominated by traditional incumbents, including&nbsp;DBS Group Holdings Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/dbsdf#OTC">DBSDF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dbsdy#OTC">DBSDY</a>) and Oversea-Chinese Banking Corp.</li>
<li>Compared with credit offered by traditional banks, Ant&#39;s ANEXTBank Loan baseline product doesn&#39;t require collateral.&nbsp;</li>
<li>For the credit of S$30,000 and below, ANEXT Bank waived off documental formalities. The interest rate will start from 6.8% per annum.</li>
<li>Ant was one of two groups to bag a wholesale digital banking license in December 2020, to serve smaller firms and other non-retail segments.&nbsp;</li>
<li>ANEXT Bank&#39;s dual-currency deposit service went live in August. Ant also started offering a service known as Alipay+ D-store.&nbsp;</li>
<li>Ant Group promised to help four Asian e-wallets expand into South Korea with its cross-border payment service Alipay+, as&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/09/29002736/alibaba-affiliate-becomes-instrumental-in-south-koreas-digital-wallet-push" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">travel restrictions ease across Asia</a>.</li>
<li>Price Action:&nbsp;BABA shares traded lower by 1.89% at $63.48 in the premarket on the last check Thursday.</li>
</ul>

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