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SG Banks appear to be enjoying renewed investor interest amid a shift in rate expectations, continued strong wealth momentum and fee income generation coupled with a fairly comfortable outlook ahead that the banks hold, despite uncertainties from the Middle East conflict.
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For now, we stay NEUTRAL on UOB (SGX:U11) as while valuation looks very decent, we believe this also fairly reflects asset quality risks and its lower provision coverage level vs the sector.
Renewed interest in SG Banks amid shift in rate expectations.
- - Read this at SGinvestors.io -
- shift in investor focus to banks’ non-II from NII. In particular, the wealth business has been a bright spark given the continued strong inflows into the country; and
- post 1Q26 reporting quarter outlook, where some of the banks appear fairly comfortable with provision buffers built up as well as business momentum ahead
Recap of 1Q26 briefing highlights.
- Read more at SGinvestors.io.
