United Overseas Bank

[winston]

UNITED OVERSEAS BANK - RBS cut its target price for United Overseas Bank to S$17.00 from S$18.00, citing the stock's expensive valuation.

It however maintained the stock's "hold" rating as it believes that the bank should relatively outperform DBS and OCBC

Source: Reuters

[winston]

The only bank that we maintain our Outperform rating on is UOB. We roll forward our target price for UOB from S$18.36 (1.8x CY09 P/BV) to S$21.33 (1.9x CY10 P/BV).

UOB scores well on several fronts though the only grouse is that it is not outright
cheap at 1.6x P/BV.

Source: CIMB

[winston]

Very smart people. Did not do a Rights Issue at steep discount when share prices crashed.

===================================================

UOB says Q3 profit up 5.3 pct, beats forecast

SINGAPORE, Oct 30 (Reuters) - Singapore's United Overseas Bank said on Friday its third-quarter net profit rose 5.3 percent, beating forecasts, on higher investment gains that offset a jump in bad debt charges.

UOB posted a net profit of S$500 million ($358 million) in the July-September period, compared with S$475 million a year earlier.

Analysts had predicted a net profit of S$463 million, according to an average forecast from six analysts polled by Reuters.

The outlook for Singapore banks, like their Asian peers, has improved as bad debts are showing signs of peaking for most banks due to a recovery in regional economies, while strong capital markets are boosting income from trading and fees.

Rival Singapore lender OCBC reported on Wednesday an unexpected 12 percent rise in quarterly profit, helped by lower bad debt charges and trading gains that overcame writedowns on toxic debt linked to its insurance unit.

Source: Reuters

[millionairemind]

February 22, 2010, 7.12 pm (Singapore time)

UOI's FY09 net profit up 138%

By ANGELA TAN

United Overseas Insurance Limited, part of the UOB Group, reported on Monday a net profit of S$23.14 million for 2009, up 138 per cent from 2008.

Gross premiums increased marginally by 1.7 per cent to $84.5 million.

UOI, primarily engaged in underwriting general insurance business, saw underwriting profit increase by 22.2 per cent to S$17.5 million due mainly to higher net earned premiums and lower management expenses.

Competition is expected to remain intense in the general insurance market. It expects to remain profitable this year.

Its directors are recommending a final dividend of 12 cents a share. In 2008, it paid a final dividend of 3 cents a share.

[LenaHuat]

Any1 noticed that WCY has not surfaced for a pretty long time?

[winston]

Well, he was busy selling UOB Life

[kennynah]

Any1 noticed that WCY has not surfaced for a pretty long time?

maybe went fishing.... yachting .... enjoying his golden years.... but now maybe at VVIP room in RWS?

[millionairemind]

Feb 26, 2010
UOB Q4 profit up 57.2%
By Gabriel Chen
SINGAPORE'S third largest bank, United Overseas Bank UOB) posted a 57.2 per cent rise in net profit to $522 million in the fourth quarter, from a year ago, largely on the back of reduced impairment charges.

Total operating income fell 7.9 per cent to $1.2 billion as both net interest income and non-interest income contracted during the same period. Total operating expenses rose 4.1 per cent to $554 million, mainly on higher staff costs.

The results were boosted by the sharp fall in provisions for bad debt.

Impairment charges for the three months ended Dec 31 plunged 88.3 per cent to $44 million, compared to the same quarter a year earlier.

UOB Group's deputy chairman and chief executive Wee Ee Cheong said that 2010 will be volatile as the "de-leveraging process" takes time to work through.

'Asia is well-positioned for the post-crisis era, barring major shocks in the global system,' he said in a statement.

[winston]

UNITED OVERSEAS BANK United Overseas Bank, Singapore's third-biggest bank, expects high single-digit loan growth in 2010 and is trying to maintain loan margins for corporate customers, CEO Wee Ee Cheong told a news conference.

Source: Reuters

[millionairemind]

This ticker got hammered 3 days in a row liao. Nearing $18 support...