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'Buy' UOB for possible broad-based growth in FY2022: RHB

Felicia Tan
Felicia Tan1/11/2022 12:45 PM GMT+08  • 3 min read
'Buy' UOB for possible broad-based growth in FY2022: RHB
RHB says it remains “upbeat” on the bank’s prospects in FY2022 despite likely softness in the near-term due to the Omicron variant
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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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