The Singapore research team at RHB Group Research has kept “buy” on United Overseas Bank (UOB) with a target price of $33.50.
The target price is based on an intrinsic value of $31 based on a Gordon Growth Model (GGM)-derived price-to-book (P/BV) of 1.2 times, near +1 standard deviation from the historical mean.
In its report on Jan 7, RHB says it remains “upbeat” on the bank’s prospects in FY2022 despite likely softness in the near-term on the back of the Omicron variant.
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