United Overseas Bank - RHB Invest 2024-11-20: Time To Shine; Upgrade To BUY

• UOB's share price performance has lagged peers for a large part of the past 23 months, but we think this trend is set to reverse. We see four factors underpinning its outperformance and further valuation rerating ahead:
  1. - Read this at SGinvestors.io -
  2. multi-year investments in platforms and synergies from the Citi acquisition are gaining traction and bearing fruit;
  3. superior FY25 earnings growth prospects vs the sector; and
  4. more aggressive capital returns, thanks to an improved capital position.

UOB offers investors a hideout from market volatility…

• We think market volatility is likely to persist following the 2024 US presidential election outcome. With a largely ASEAN-centric portfolio (loan book: 49%/22% is domestic/ASEAN-4), UOB may offer investors a defensive shelter to ride through the volatility ahead.
• - Read this at SGinvestors.io -
• Trade exposure to the US is relatively low but RHB GEMS does have a caveat that the indirect impact via China could be substantial.

…while regional platforms and Citi acquisition bear fruit...

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2026-02-25 UOB - Earnings To Rebound But Not Enough To Lift Yields.

Previous report by RHB:
2025-11-07 UOB - Loans Provision Coverage Build Up Dampens Earnings.

Price targets by 4 other brokers at UOB Target Prices.

Listing of research reports at UOB Analyst Reports.

Relevant links:
UOB Share Price History,
UOB Announcements,
UOB Dividend Payout Dates & Corporate Actions,
UOB News