---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000882335.md"
description: "Iggy's Journal: UOB Kay Hian Says DBS Is Too Expensive. My Screen Says the Real Problem Is the Yield2 September 2026, AMNew VideoNew 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 TakeThe 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-expensiveGet 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 🦖"
datetime: "2026-09-02T06:52:24.000Z"
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  - [en](https://longbridge.com/en/topics/100000000882335.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000882335.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000882335.md)
author: "[TheInvestingIguana](https://longbridge.com/en/profiles/22116548.md)"
generator: "portal-rs"
---

# Iggy's Journal: UOB Kay Hian Says DBS Is Too Expen…


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## Comments (2)

- **Fantastic · 2026-09-02T10:37:53.000Z · 👍 1**: the payout is already north of three quarters of trailing earnings, so the dividend behind that hurdle has to come from earnings growth now rather than from a higher payout ratio.
  - **TheInvestingIguana** (2026-09-03T04:01:13.000Z): That's the constraint that matters here. I haven't checked the exact payout ratio myself, but if it's already sitting where you're describing, then yes, the arithmetic only has one lever left. You can


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**