UOB (U11): UNITED OVERSEAS BANK LTD Price Target

Highlights

Stock Price Target

SGX: UOB

Last Price	Avg Target Price	Upside/Downside	Price Call
29.43	33.83	+4.40 (14.95%)

* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.

** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).

Date	Open Price	Target Price	Upside/Downside	Price Call	Source
16/12/2022	30.77	34.90	+4.13 (13.42%)	BUY	RHB
31/10/2022	27.38	35.70	+8.32 (30.39%)	BUY	PHILLIP CAPITAL
01/08/2022	27.79	29.30	+1.51 (5.43%)	HOLD	RHB
01/08/2022	27.79	35.70	+7.91 (28.46%)	BUY	PHILLIP CAPITAL
29/07/2022	28.46	32.28	+3.82 (13.42%)	BUY	Maybank Kim Eng
05/05/2022	30.45	35.70	+5.25 (17.24%)	BUY	PHILLIP CAPITAL
04/05/2022	30.20	32.70	+2.50 (8.28%)	HOLD	RHB
07/04/2022	31.61	38.10	+6.49 (20.53%)	BUY	RHB

Price Target Research Article/News (past 6 months)
16/12/2022	RHB	United Overseas Bank - NIM Expansion and Citi Acquisition to Lift ROE; Keep BUY
31/10/2022	PHILLIP CAPITAL	United Overseas Bank Limited – Surge in Net Interest Margins
01/08/2022	RHB	United Overseas Bank - Taking a Cautious Stance for 2H22
01/08/2022	PHILLIP CAPITAL	United Overseas Bank Limited – Boosted by Higher Net Interest Income
29/07/2022	Maybank Kim Eng	United Overseas Bank - Cautious Growth
05/05/2022	PHILLIP CAPITAL	United Overseas Bank Limited – Let Down by Weaker Fee and Non-interest Income
04/05/2022	RHB	United Overseas Bank - Headwinds to Moderate FY22 Growth; D/G NEUTRAL
07/04/2022	RHB	Banks- to Grind Higher Despite Increased Volatility

Social Forum

Comment

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jack_ng Price target reduced to $15.5 by Maybank Kim Eng. It is time to take profit?

"2Q12 results, due Aug 7, are likely to be softer QoQ, in our view. Some features that we expect include a) stable loan expansion, b) a normalization of trading income and c) QoQ NIM contraction. The stock has outperformed its peers YTD (+22% vs 20% for DBS, 12% for OCBC). However, valuations are no longer cheap, in our view, with the stock trading at a 2012 P/BV of 1.4x for an ROE of 11.5% vs 1.1x for DBS (10.8% ROE) and 1.4x for OCBC (12.2% ROE). Our TP of SGD15.50 (P/BV 1.1x) is maintained."

18/07/2012 10:48 AM

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