DBS Is About 14% Away From My 4.7% Dividend Hurdle, UOB 27% and OCBC 67%

The Investing Iguana

DBS Is About 14% Away From My 4.7% Dividend Hurdle, UOB 27% and OCBC 67%

⭐ Members Edition, made free for everyone this weekend

Sun 4 Oct 2026 | Longform

The Numbers

At the 2 October close, trailing dividends gave DBS a 4.12% yield, UOB 3.69% and OCBC 2.81%, all below my 4.7% Minimum Yield Hurdle. Measured as the rise in dividend per share each bank would need, DBS is about 14% away, UOB about 27% and OCBC about 67%. OCBC's S$0.16 special dividend is excluded. The ranking depends on one judgment. DBS pays a recurring S$0.15 capital return each quarter, and without it DBS moves from about 14% away to about 41%, past UOB's 27%. DBS's Ledger entry of 6 August 2026 is Zone 4+, built on a 4.23% yield at S$75.10. At Friday's close the shortfall to the hurdle is 58 basis points, past the 50 basis point line for the suffix, so the Ledger refresh is pending.

My Personal Take

Yesterday I wrote that OCBC's 3.3% was at least two payments with different chances of returning. Today's question is the same one from the other side. DBS's capital return has arrived every quarter in the window, and I count it because management has said it intends to continue. A board controls it, though, and I cannot call it settled. It took me a while to see that the order of the three banks hangs on that one choice. If DBS changed the programme, I would drop it from the count. 🦖

⭐ Members Edition YouTube: https://youtu.be/Pt1JUtvTO9c

📩 Substack: https://investingiguana.com/p/dbs-is-about-14-away-from-my-dividend

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

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.

Comments

chizzoo
10-05
chizzoo
DBS's quarterly capital return is the swing factor here, and counting it with caution feels fair. That 67% gap for OCBC looks more like a conservative ordinary dividend policy than just the special payout effect

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Measured as the rise in dividend per share each bank would need, DBS is about 14% away, UOB about 27% and OCBC about 67%. OCBC's S$0.16 special dividend is excluded. The ranking depends on one judgment. DBS pays a recurring S$0.15 capital return each quarter, and without it DBS moves from about 14% away to about 41%, past UOB's 27%. DBS's Ledger entry of 6 August 2026 is Zone 4+, built on a 4.23% yield at S$75.10. At Friday's close the shortfall to the hurdle is 58 basis points, past the 50 basis point line for the suffix, so the Ledger refresh is pending.</p>\n<p></p>\n<p>My Personal Take</p>\n<p>Yesterday I wrote that OCBC's 3.3% was at least two payments with different chances of returning. Today's question is the same one from the other side. DBS's capital return has arrived every quarter in the window, and I count it because management has said it intends to continue. A board controls it, though, and I cannot call it settled. It took me a while to see that the order of the three banks hangs on that one choice. If DBS changed the programme, I would drop it from the count. 🦖</p>\n<p></p>\n<p>⭐ Members Edition YouTube: https://youtu.be/Pt1JUtvTO9c</p>\n<p>📩 Substack: https://investingiguana.com/p/dbs-is-about-14-away-from-my-dividend</p>\n<p></p>\n<p>Not financial advice. Iggy's Forensic Compliance Standards apply.</p></body></html>","htmlText":"<html><head></head><body><p></p>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ad656b614d50b58b4443db6d37064804\" tg-width=\"1536\" tg-height=\"2752\"></p>\n<p><strong>DBS Is About 14% Away From My 4.7% Dividend Hurdle, UOB 27% and OCBC 67%</strong></p>\n<p>⭐ Members Edition, made free for everyone this weekend</p>\n<p>Sun 4 Oct 2026 | Longform</p>\n<p></p>\n<p>The Numbers</p>\n<p>At the 2 October close, trailing dividends gave DBS a 4.12% yield, UOB 3.69% and OCBC 2.81%, all below my 4.7% Minimum Yield Hurdle. Measured as the rise in dividend per share each bank would need, DBS is about 14% away, UOB about 27% and OCBC about 67%. OCBC's S$0.16 special dividend is excluded. The ranking depends on one judgment. DBS pays a recurring S$0.15 capital return each quarter, and without it DBS moves from about 14% away to about 41%, past UOB's 27%. DBS's Ledger entry of 6 August 2026 is Zone 4+, built on a 4.23% yield at S$75.10. At Friday's close the shortfall to the hurdle is 58 basis points, past the 50 basis point line for the suffix, so the Ledger refresh is pending.</p>\n<p></p>\n<p>My Personal Take</p>\n<p>Yesterday I wrote that OCBC's 3.3% was at least two payments with different chances of returning. Today's question is the same one from the other side. DBS's capital return has arrived every quarter in the window, and I count it because management has said it intends to continue. A board controls it, though, and I cannot call it settled. It took me a while to see that the order of the three banks hangs on that one choice. If DBS changed the programme, I would drop it from the count. 🦖</p>\n<p></p>\n<p>⭐ Members Edition YouTube: https://youtu.be/Pt1JUtvTO9c</p>\n<p>📩 Substack: https://investingiguana.com/p/dbs-is-about-14-away-from-my-dividend</p>\n<p></p>\n<p>Not financial advice. Iggy's Forensic Compliance Standards apply.</p></body></html>","text":"DBS Is About 14% Away From My 4.7% Dividend Hurdle, UOB 27% and OCBC 67% ⭐ Members Edition, made free for everyone this weekend Sun 4 Oct 2026 | Longform The Numbers At the 2 October close, trailing dividends gave DBS a 4.12% yield, UOB 3.69% and OCBC 2.81%, all below my 4.7% Minimum Yield Hurdle. Measured as the rise in dividend per share each bank would need, DBS is about 14% away, UOB about 27% and OCBC about 67%. OCBC's S$0.16 special dividend is excluded. The ranking depends on one judgment. DBS pays a recurring S$0.15 capital return each quarter, and without it DBS moves from about 14% away to about 41%, past UOB's 27%. DBS's Ledger entry of 6 August 2026 is Zone 4+, built on a 4.23% yield at S$75.10. At Friday's close the shortfall to the hurdle is 58 basis points, past the 50 basis point line for the suffix, so the Ledger refresh is pending. My Personal Take Yesterday I wrote that OCBC's 3.3% was at least two payments with different chances of returning. Today's question is the same one from the other side. DBS's capital return has arrived every quarter in the window, and I count it because management has said it intends to continue. A board controls it, though, and I cannot call it settled. It took me a while to see that the order of the three banks hangs on that one choice. If DBS changed the programme, I would drop it from the count. 🦖 ⭐ Members Edition YouTube: https://youtu.be/Pt1JUtvTO9c 📩 Substack: https://investingiguana.com/p/dbs-is-about-14-away-from-my-dividend Not financial advice. Iggy's Forensic Compliance Standards apply.","highlighted":1,"essential":2,"paper":2,"likeSize":13,"commentSize":1,"repostSize":2,"favoriteSize":0,"link":"https://ttm.financial/post/614837230223888","repostId":0,"isVote":1,"tweetType":1,"viewCount":1297,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["D05.SI"],"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":1303,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":615184497205600,"commentId":"615184497205600","gmtCreate":1791170535937,"gmtModify":1791184989304,"authorId":9000000000000668,"author":{"id":9000000000000668,"idStr":"9000000000000668","authorId":9000000000000668,"name":"chizzoo","avatar":"https://static.tigerbbs.com/885bb762e4d85abbbfd11f407f1d26d6","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":614837230223888,"objectIdStr":"614837230223888","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"DBS's quarterly capital return is the swing factor here, and counting it with caution feels fair. That 67% gap for OCBC looks more like a conservative ordinary dividend policy than just the special payout effect","text":"DBS's quarterly capital return is the swing factor here, and counting it with caution feels fair. That 67% gap for OCBC looks more like a conservative ordinary dividend policy than just the special payout effect","html":"DBS's quarterly capital return is the swing factor here, and counting it with caution feels fair. That 67% gap for OCBC looks more like a conservative ordinary dividend policy than just the special payout effect","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0,"disclaimerType":0}],"isCommentEnd":false,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/614837230223888"}