United Overseas Bank - Strong Earnings & Higher Dividends | I3investor

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United Overseas Bank - Strong Earnings & Higher Dividends

StockFanatic

Publish date: Fri, 03 Aug 2018, 12:59 PM

Maintain BUY with TP under review pending an analyst briefing later today. UOB's 2Q18 results announced this morning were in line with expectations. Net profit of SGD1.08bn was up 28% YoY (+10% QoQ), while 1H18's earnings represented 52% and 51% of our and consensus full-year forecasts. Whilst 2Q18 NIM of 1.83% was 1bp narrower QoQ, the growth trend is evident from the 8bps YoY widening. 2Q18's loan growth was a respectable 4% QoQ. Our current TP of SGD33.30 is derived from a long-term ROE assumption of 12.8%, consistent with 2Q18's ROE of 12.1% (1Q18: 11%). Read More

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