Price-to-book

The P/B on this site is the SGX screener ratio. We do not recompute it from the balance sheet on the page. If the screener did not send it, the cell is a dash.

A bank's equity is a stock of capital against loans. Earnings in any one year swing with credit costs and net interest margin, so P/E jumps around. Book value moves slower. Among DBS, OCBC and UOB the useful first comparison is P/B, with P/E as a second look. The live table below is those three, on the same snapshot.

Book value can sit above or below what the assets would fetch. A bank that has not written down bad loans looks cheaper on P/B than it is. An S-REIT's book includes investment-property revaluations. Distribution and gearing are the first read there, not P/B.

A P/B below 1 is not a bargain label we apply. It is a ratio from SGX.