DBS shares (SGX: D05) made history!

On 4 September 2026, DBS shares (SGX: D05) made history as it crossed the magical $79.00. The explosive form of DBS shares pushed its market capitalization beyond $220 billion, consolidating its position as the biggest listed company in SGX. For perspective, DBS alone makes up the single largest weight in the Straits Times Index (STI).

The enthralling form of DBS shares (SGX: D05) made me invest in the banking giant on 19 July 2026. Frankly speaking, I have never seen any blue chips like this in my 25 years of investing experience. Most blue chips in SGX usually rise steadily and then plateau. Very rarely do you see big cap stocks surging within weeks and months like DBS shares (SGX: D05). This current rally started from December 2023 when the counter was trading at around $28 and it doesn’t seem like fizzling out any time soon based on its latest form.

Previously, I talked up the possibility of DBS shares (SGX: D05) hitting the target price of $80. At the point of writing, it seems that DBS is destined to hit that milestone in a matter of days. Question now is what would be the next mountain to climb – $100 or $120? Thus far, no SGX stock has hit that audacious levels, so I can imagine investors laughing off this idea. But in life, never say never.

The interesting thing about DBS shares (SGX: D05) is that institutional funds have been net selling the stock while retail buyers have been buying. I have compiled the data based on the SGX Fund Flow Weekly Tracker. Note that the data below is just an estimate. There were some weeks in which DBS shares did not feature in the Top Ten Institutional or Retail Net Flows List. Hence, the data may not be 100% accurate.

Based on the tabulated data, institutional funds actually net sold a whopping $1.67 billion worth of DBS in the first 8 months of 2026. However, this amount had been absorbed by retail investors, who accumulated $2 billion worth of DBS shares. Interestingly, the month of June saw both institutional and retail investors net buying DBS shares. This could explain the bull run for the past 2 months as the counter surged from $65 to the current $78 levels.

In this article, I will share my thought process for investing in DBS. I need to clarify that this is not inducement for readers to buy DBS shares. Note that this is an opinion article and not meant to be a financial advice. Please do your due diligence or engage financial advisors before investing in the stock market.

DBS shares (SGX: D05) could remain bullish!

While institutional funds had been selling DBS shares, presumably to take profits, retail investors have been mopping up the shares. The key reason may be due to the possibility of a special dividend in early 2027.  So far, the bank has only utilized roughly 12% of its massive $3 billion share buyback mandate. It is highly probable that management intentionally pulled the brakes on buybacks because the soaring share price made accumulating DBS shares less value-accretive. Given that the leadership remains fiercely committed to returning excess capital to shareholders, they aren’t just going to sit on that cash pile. Instead of buying back expensive shares, there is a very strong likelihood that DBS management could dish out special dividends, possibly in early 2027 to make good on their capital return promise.

In the short term, I strongly believe the anticipation of a special dividend will act as an irresistible magnet for retail income investors. The sheer buying pressure could catapult the DBS share price to another whole new world.In my last article, I had also highlighted that another massive catalyst could come from [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]

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