UOB - Maybank Research 2026-05-07: Good Targets, Limited Execution Visibility

• UOB (SGX:U11)'s 1Q26 core-earnings were in-line with MIBG/Street expectations.

Still in building mode

• The Group is in building mode where it has kitchen-sinked CRE exposures, and is completing the integration of their Citi-bank acquisition regionally. Now execution remain – especially in accelerating wealth management. Yet timing and form is not yet fully clear.
• - Read this at SGinvestors.io -

Ambitious wealth management target – wait for execution

• Management targets wealth income doubling by 2030. In 1Q26, UOB saw net new money increased S$1bn and deposits were flat q-o-q. By contrast, DBS saw S$10bn of new money and +3% q-o-q deposit growth. Management claims the slower growth is due to the time taken to integrate the Citi franchise that was acquired 4-years ago. This is now complete.
• - Read this at SGinvestors.io -
• We choose to take a wait-and-see approach until clarity emerges. We ambitiously forecast fees (where wealth is a big contributor) to expand at 10% CAGR next 3-years.

Margins, asset quality stable

• Read more at SGinvestors.io.

Thilan Wickramasinghe Maybank Research | https://www.maybanktrade.com.sg/ 2026-05-07

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