Looking for a trusted Stock Remisier? Augustine works closely with a small group of clients - providing regular market updates, Bazi & astrology wealth insights, and clear guidance to invest with confidence.
Credit Bureau Asia two DWBs launched in Singapore – kicking off one of CBA’s new prospective revenue streams. CBS’s member bureaus will rise from 31 to 36.
We think that DFBs could add at least c.3-6% in incremental revenue by endFY26F depending on the banks’ ramp-up. DWBs will augment this further.
Reiterate Add. Growth prospects abound, though earnings accretion may take time. Meanwhile, ASEAN border re-openings will support growth.
GLDB and ANEXT – 2 new DWBs launched in Singapore
Two of the four digital banking licence awardees in Singapore (Green Link Digital Bank [GLDB] by Greenland Financial’s consortium and ANEXT Bank by Ant Group) launched their digital wholesale banking (DWB) businesses in the past week.
GLDB will focus on integrating technological solutions to supply chain financing for SMEs, while ANEXT aims to serve local and regional micro and SMEs engaging in cross-border operations for global expansion.
Including the two digital full banks (DFBs, Grab and Singtel’s GXS Bank and Sea Limited’s digital bank) and Trust Bank (rebranded from SC Digital Bank), Credit Bureau Asia (CBA) count of bureau members will rise to 36.
Credit Bureau Asia earnings upside will depend on products and value proposition
As Credit Bureau Asia Singapore drives the lion’s share of CBA’s revenues (c.44% of FY21 revenue), additional bureau members offer scope for incremental revenue contribution.
This is based on the volume of credit enquiries from these banks and portfolio risk reviews the banks undertake.
That said, we highlight that most of the incremental income will stem from DFBs given their focus on retail banking (potential transaction volumes in the millions) vs. DWBs (volumes in hundred-thousands).
Further, the ramp-up of operations will depend on the types of products offered (e.g. credit cards garner larger volumes compared to unsecured retail loans or mortgages) and value proposition (e.g. rates, user experience).
Credit cards from DFBs could add c.3-6% revenue upside in FY26F
Our scenario analysis for incremental revenue to CBA from DFBs for new credit enquiries assumes that the DFBs augment the number of credit and charge card holders in the industry by c.2-10% by lending to the unbanked and underserved segments.
This could raise CBA’s revenue by c.3-6% by end-FY26F (Figure 1). Credit enquiries for other retail products and data packets to DWBs (priced at higher rates) could lead to further revenue streams for CBA.
We expect earnings visibility for CBA to emerge only in the medium term once the banks firm up their growth strategies.
Valuation/Recommendation
Reiterate Add with DCF-based TP of S$1.20. Growth prospects abound for CBA (licencing process to collect and use commercial credit information from FIs, regulation of buy-now -pay-later providers by MAS), but these initiatives will likely take time to materialise.
CBA remains on the lookout for synergistic M&A.
Downside risks: rising inflation, suppressing credit demand (and therefore enquiries).
Credit bureau share price
You can find the full report here and the company website here
Be A Valued Client of Augustine in Lim&Tan Securities
Receive Augustine’s regular stock updates via Telegram plus full access to his private client hub with exclusive research, astrology and Bazi insights.
(Exclusive Readings for Clients Only)
Sin Heng Heavy Machinery Limited (SGX: BKA) was in the headlines in 2025 due to a privatization bid by the controlling shareholders. With a history dating back to 1969 as one of Singapore’s leading heavy lifting and equipment rental firms, this possibility raises important questions for shareholders, analysts, and SGX market observers alike. What’s Happened
Copper has gone up more than 3.5% year to date far outpacing the S&P gain of 1.38%. Copper had already gained more than 30% in 2025. At the point of writing this article, the price of silver is USD5.90 per pound. So far there is no bloggers that has written articles on copper. Most bloggers
Many analysts and bloggers have posted an optimistic picture of both the US and Singapore stock market. In this article, I will be on the side of the contrarian and explain why the stock market could crash between 10% to 20% this year. Key Risk Factors That Could Trigger a Crash in 2026 1. Elevated
In today’s falling interest environment, investors are hunting for income that generate money for you while you sleep. But while the spotlight often shines on big-name blue chips and REITs, a quiet group of cash-rich small-cap companies has been steadily rewarding shareholders — without the hype, without the volatility drama. Small-cap stocks are shares of