NRA Capital Pte Ltd

Written by: Lynn Look

Wednesday 6 Nov 2013

UOB - 3Q13 Results Update

Profits ahead, buoyed by MTM gains. UOB remains our only BUY for the sector.

UOB still our only BUY for the sector. At S$20.08, there is still another 22% upside to UOB’s fair value of S$24.40, derived based on a projected 3-year average ROE of 11% and valuing the stock at 10% premium to market PER of 12X. UOB is the only banking stock that is still trading below its fair value and its PER valuations are below its peers.

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