- UOB (SGX:U11) has the largest ASEAN exposure amongst peers. We turn cautious due to potential sequential impact from an escalating trade war environment.
“Bazooka” US tariffs to have more widespread and long-term implications on regional economies and yields vs 2018.
- - Read this at SGinvestors.io -
- While negotiations are set to commence in upcoming weeks, we believe there are longer term implications on global economic growth and yields arising from a broader disruption of supply chains compared to the previous trade war.
Assuming slower loan growth and wealth management activities.
- - Read this at SGinvestors.io -
- Wealth management income and card activities in ASEAN are likely to take a hit with weaker market activity and consumer sentiment. As such, we have revised downwards our loan growth assumption from 8% to 6.5% for FY25F.
Risks of increasing Fed cuts with focus shifted to growth over inflation – downside to net interest income on the horizon.
- Read more at SGinvestors.io.
