SINGAPORE (Nov 2): United Overseas Bank’s better-than-expected third quarter results are a reason to upgrade the stock to a “hold” rating from “reduce”, CIMB says, also raising its target price to $20 a share from $18.23 previously.

UOB’s net profit was 6% above consensus estimates, due to one-off gains.

CIMB cites three positives in the results: Strong one-off investment gains; special dividends; and muted credit losses.

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