NRA Capital Pte Ltd

Written by: Lynn Look

Monday 4 May 2015

UOB - 1Q15 results update

Results in line but spike in NIMs a surprise

BUY. Our fair value for UOB is S$26.50 (revised up from S$26 after factoring in latest NTA), arrived at after factoring in an average 3-year forward average ROE of 11.2% (adjusted down from 11.5%) and valuing the shares at a 12% premium to market PER of 11X.

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