UOB - CGS-CIMB Research 2021-11-04: The Clouds Are Clearing

UOB - The Clouds Are Clearing

UNITED OVERSEAS BANK LTD (SGX:U11) | SGinvestors.ioUNITED OVERSEAS BANK LTD (SGX:U11)
  • UOB (SGX:U11)’s FY22F outlook is positive. Key targets:
    1. stable NIMs (with possible upside),
    2. lower credit costs (< 23bp), and
    3. mid-to-high single digit loan growth.
  • Writeback of management overlays (over S$1bn) unlikely until COVID-19 truly blows over. Credit quality of moratorium portfolio remains healthy.
  • Reiterate ADD rating on UOB.
  • Key risks of asset quality concerns from SME and ASEAN portfolio has been well contained.
  • Current UOB's valuation is inexpensive at 1.0x FY22F P/BV.




Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.




Andrea CHOONG CGS-CIMB Research | LIM Siew Khee CGS-CIMB Research | https://www.cgs-cimb.com 2021-11-04
SGX Stock Analyst Report ADD MAINTAIN ADD 30.30 UP 29.000




Read also CGS-CIMB's most recent report:
2022-11-16 United Overseas Bank - Still Positive On Growth In ASEAN

Target prices by 3 other brokers at UOB Target Prices.
Listing of broker reports at UOB Analyst Report.

Relevant links:
UOB Share Price History,
UOB Announcements,
UOB Dividends & Corp Actions,
UOB News Articles





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