United Overseas Bank Ltd

U11: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 99.00	Khvkxsv	Pprxxtz

United Overseas Bank Earnings: Cost Control at Singapore’s UOB Offsets NIM Decline

Michael Makdad

Apr 27, 2023

We maintain our fair value estimate of SGD 38 on Singapore’s United Overseas Bank, or UOB, following its first-quarter results. Our estimate is equivalent to 1.50 times book value as of March 2023 and represents 31% upside.

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