NRA Capital Pte Ltd

Written by: Lynn Look

Friday 31 Oct 2014

UOB - 3Q14 results update

Results above expectation

At S$24.46, there is still another 15% upside to UOB’s revised fair value of S$25.90 (adjusted up from S$25.40 with the latest NTA and revaluation surplus), derived based on a projected 2-year average ROE of 11.8% and valuing the stock at 12% premium to average market PER of 11X.

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