United Overseas Bank Ltd.

United Overseas Bank is bank in Asia with a network of offices in 19 countries and territories in Asia Pacific, Western Europe and North America. Co. provides a range of financial services including personal financial services, private banking, business banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, brokerage and clearing services, asset management, venture capital management and insurance. Co. operates within three main operating segments: Group Retail, Group Wholesale, and Global Markets and Investment Management. As of Dec 31 2014, Co. had total assets of S$306.74 billion.
  • TickerU11
  • ISINSG1M31001969
  • ExchangeSingapore Exchange
  • SectorBanks
  • CountrySingapore
UOB
Arsit Pamaranont ...
  • Chong Lee Len
  • Jayson Kong
  • Jie Ying Chloe Tan
  • John Cheong Ming Chern
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Kong Ho Meng
  • Kowit Pongwinyoo
  • Llelleythan Tan Tan
  • Neo Chen Wentao
  • Peerawat Dentananan
  • Raphon Prima
  • Sandra Huang Jieqiong
  • Tham Mun Hon

Regional Morning Notes - Friday, May 08, 2020

GREATER CHINA Economics Trade: Apr 20: Positives from export beat masked by stuttering domestic demand. Results China Molybdenum (3993 HK/BUY/HK$2.48/Target: HK$3.00): 1Q20: Slight beat; upgrade to BUY on undemanding valuation. INDONESIA Update Indosat (ISAT IJ/BUY/Rp2,100/Target: Rp2,930): No impact from discontinuing unlimited plan; expecting 11-12% EBITDA growth for 2020-21. MALAYSIA Sector Banking: Ministry of Finance stands firm that banks should not charge additional interest on HP loans and this could lead to sizeable modification losses. Maintain MARKET WEIGHT. Banking: Prevailing un...

UOB
Jonathan Koh

United Overseas Bank (UOB SP) - 1Q20: Beats expectations

UOB posted a slow 1Q20 with net interest income flat on a yoy basis. Fees grew 8% yoy, driven by wealth management and loan-related fees, offset by declines in trading and investment income. Total provisions came in at S$286m or 36bp. UOB also transferred S$260m from retained earnings to RLAR. Including the transfer, total credit costs are expected to have been higher at 69bp. Management guided base case credit costs of 50-60bp for 2020 (provisions expected to be more significant in 2H20).

UOB
Chong Lee Len ...
  • Jie Ying Chloe Tan
  • John Cheong Ming Chern
  • Jonathan Koh
  • Llelleythan Tan Tan

Singapore Daily - Friday, May 08, 2020

KEY HIGHLIGHTS Initiate Coverage Riverstone Holdings (RSTON SP/BUY/S$1.21/Target:S$1.46): Beneficiary of industry tailwinds from COVID-19. Results StarHub (STH SP/HOLD/S$1.49/Target: S$1.40): 1Q20: Earnings in line but we expect a weaker 2Q20 outlook; we cut our FY20F EPS by 15%. United Overseas Bank (UOB SP/NOT RATED/S$19.88): 1Q20: Beats expectations. Small/Mid Cap Highlights Sunningdale Tech (SUNN SP/HOLD/S$0.98/Target: S$1.02): 1Q20: Results below expectations; cautious outlook due to COVID-19. TRADERS’ CORNER Koufu Group (KOUFU SP): Trading Buy Keppel Corp (KEP SP): Trading Buy

UOB
Jonathan Koh

Banking - Is this the best time or the worst to buy banks?

Banks’ share prices are near five-year lows. Based on our sensitivity analysis, current share prices of DBS and OCBC have factored in NPL ratio reaching 4.0-4.5% by end-21, which are higher than their peak of 2.9% and 1.7% respectively during the GFC. The sell-down could persist a little longer but a trough is in sight. Our top pick is OCBC as its 2020F P/B of 0.74x is below trough P/Bs for five out of the past six crises. BUY DBS for 2020 dividend yield of 7.8%. Maintain OVERWEIGHT.

UOB
Jonathan Koh

Singapore Daily - Tuesday, March 24, 2020

KEY HIGHLIGHTS Sector Banking: Is this the best time or the worst to buy banks? TRADERS’ CORNER Singapore Press Holdings (SPH SP): Trading Sell Keppel DC REIT (KDCREIT SP): Trading Buy

1 director bought

A director at United Overseas Bank Ltd bought 25,000 shares at 23.557SGD and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The na...

UOB
Arsit Pamaranont ...
  • Chong Lee Len
  • Jayson Kong
  • Jie Ying Chloe Tan
  • John Cheong Ming Chern
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Kong Ho Meng
  • Kowit Pongwinyoo
  • Llelleythan Tan Tan
  • Neo Chen Wentao
  • Peerawat Dentananan
  • Raphon Prima
  • Sandra Huang Jieqiong
  • Tham Mun Hon

Regional Morning Notes - Friday, May 08, 2020

GREATER CHINA Economics Trade: Apr 20: Positives from export beat masked by stuttering domestic demand. Results China Molybdenum (3993 HK/BUY/HK$2.48/Target: HK$3.00): 1Q20: Slight beat; upgrade to BUY on undemanding valuation. INDONESIA Update Indosat (ISAT IJ/BUY/Rp2,100/Target: Rp2,930): No impact from discontinuing unlimited plan; expecting 11-12% EBITDA growth for 2020-21. MALAYSIA Sector Banking: Ministry of Finance stands firm that banks should not charge additional interest on HP loans and this could lead to sizeable modification losses. Maintain MARKET WEIGHT. Banking: Prevailing un...

UOB
Jonathan Koh

United Overseas Bank (UOB SP) - 1Q20: Beats expectations

UOB posted a slow 1Q20 with net interest income flat on a yoy basis. Fees grew 8% yoy, driven by wealth management and loan-related fees, offset by declines in trading and investment income. Total provisions came in at S$286m or 36bp. UOB also transferred S$260m from retained earnings to RLAR. Including the transfer, total credit costs are expected to have been higher at 69bp. Management guided base case credit costs of 50-60bp for 2020 (provisions expected to be more significant in 2H20).

UOB
Chong Lee Len ...
  • Jie Ying Chloe Tan
  • John Cheong Ming Chern
  • Jonathan Koh
  • Llelleythan Tan Tan

Singapore Daily - Friday, May 08, 2020

KEY HIGHLIGHTS Initiate Coverage Riverstone Holdings (RSTON SP/BUY/S$1.21/Target:S$1.46): Beneficiary of industry tailwinds from COVID-19. Results StarHub (STH SP/HOLD/S$1.49/Target: S$1.40): 1Q20: Earnings in line but we expect a weaker 2Q20 outlook; we cut our FY20F EPS by 15%. United Overseas Bank (UOB SP/NOT RATED/S$19.88): 1Q20: Beats expectations. Small/Mid Cap Highlights Sunningdale Tech (SUNN SP/HOLD/S$0.98/Target: S$1.02): 1Q20: Results below expectations; cautious outlook due to COVID-19. TRADERS’ CORNER Koufu Group (KOUFU SP): Trading Buy Keppel Corp (KEP SP): Trading Buy

UOB
Jonathan Koh

Banking - Is this the best time or the worst to buy banks?

Banks’ share prices are near five-year lows. Based on our sensitivity analysis, current share prices of DBS and OCBC have factored in NPL ratio reaching 4.0-4.5% by end-21, which are higher than their peak of 2.9% and 1.7% respectively during the GFC. The sell-down could persist a little longer but a trough is in sight. Our top pick is OCBC as its 2020F P/B of 0.74x is below trough P/Bs for five out of the past six crises. BUY DBS for 2020 dividend yield of 7.8%. Maintain OVERWEIGHT.

UOB
Jonathan Koh

Singapore Daily - Tuesday, March 24, 2020

KEY HIGHLIGHTS Sector Banking: Is this the best time or the worst to buy banks? TRADERS’ CORNER Singapore Press Holdings (SPH SP): Trading Sell Keppel DC REIT (KDCREIT SP): Trading Buy

Moody's assigns (P)Baa1 to UOB's Additional Tier 1 capital securities component of EMTN programme

Singapore, February 21, 2017-- Moody's Investors Service has assigned Baa1 rating to the perpetual capital securities component of the existing S $15 billion Euro Medium Term Note Programme of United Overseas Bank Limited. Moody's had previously assigned a Aa1 rating to the senior unsecured component, a A3 rating to the subordinated component, and a Prime-1 rating to the short-term component of the EMTN programme. The terms and conditions of the capital securities...

Moody's assigns A3(hyb) to UOB's SGD contractual non-viability subordinated securities

Singapore, February 20, 2017-- Moody's Investors Service, has assigned an A3 local currency subordinated debt rating to United Overseas Bank Limited's planned SGD subordinated notes. The notes will be issued pursuant to UOB's SGD15 billion Euro medium term note program. The size of the transaction, as well as the coupon rate, are yet to be determined by the issuer.

UNITED OVERSEAS BK.LTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of UNITED OVERSEAS BK.LTD. (SG), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 3, 2020, the closing price was SGD 26.63 and its potential was estimated at SGD 28.25.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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