SINGAPORE (Jan 22): The three local banks — DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank — have risen at a faster pace than the finance companies. Their price-to-book ratios are significantly higher than the three finance companies Hong Leong Finance (HLF), Sing Investments & Finance (SIF) and Singapura Finance (see Chart 1). As a result, the banks’ dividend yields have fallen, while those of finance companies are more attractive.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.


  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply