SINGAPORE (Apr 12): Overseas growth will help drive earnings and share price of United Overseas Bank (UOB), according to Maybank Kim Eng, which continues to rate the bank a “buy” with an unchanged target price of $29.71.
In a Thursday report, analyst Thilan Wickramasinghe believes that concerns of weak earnings growth in Singapore are to blame for UOB’s 6% YTD underperformance, as compared to DBS. But, Wickramasinghe says, “This is the wrong place to look.”
Increasingly, UOB’s growth is generated overseas – from SE Asia and Greater China – not Singapore.
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