UNITED OVERSEAS BANK LTD (UOB SP)
UNITED OVERSEAS BANK LTD (UOB SP)
Fair Value : SGD 36.50
FY21 RESULTS BEAT.
• FY21 net profit of SGD4.08bn grew 40% yoy.
• Confident of maintaining 50% dividend payout ratio, given healthy balance sheet and recovery of regional economies expected.
• New sustainable financing goal of SGD30bn by 2025, following prior target achieved two years ahead.
• Fair value is raised to SGD36.50. Since our “Buy” reiteration this year, the share price has gained ~21%, outperforming the sector, underscoring our prior recommendations to add positions.
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- pehpeh·2022-02-19thank you1Report