UOB Reports Mixed 1Q Result; FVE of SGD 30 Reaffirmed
Despite United Overseas Bank reported a mixed first-quarter result, our thesis on the bank is unchanged. Our fair value estimate of SGD 30 and our 3-star rating are reaffirmed, requiring a larger margin of safety despite the bank trading a 13% discount to our fair value. Net profit was 15% higher against last quarter and 8% compared with the same period last year, underpinned by stronger trading income. However, net fee and commission income growth was weaker than expected and net interest incom...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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