Stock Name: UOB
Company Name: UNITED OVERSEAS BANK LTD
UOB is forecast to deliver 21% loan growth this year on the back of sustained strength in business loans, JPMorgan said, adding that the Singapore bank is targeting higher growth in regional countries.
Company Name: UNITED OVERSEAS BANK LTD
| Research House: JP Morgan Chase | Price Call: BUY | Target Price: 21.00 |
JPMorgan has raised its target price on Singapore’s United Overseas Bank (UOBH.SI) to $21.00 from $19.80 and maintained its neutral rating.
JPMorgan expects UOB to report net profits of $622 million for its second quarter, up two percent quarter-on-quarter and three percent year-on-year. The bank will report its results on Aug 12.
JPMorgan expects UOB to report net profits of $622 million for its second quarter, up two percent quarter-on-quarter and three percent year-on-year. The bank will report its results on Aug 12.
UOB is forecast to deliver 21% loan growth this year on the back of sustained strength in business loans, JPMorgan said, adding that the Singapore bank is targeting higher growth in regional countries.
However, JPMorgan said the key downside risks are the increasing margin pressure at UOB, which has started in the fourth quarter of 2010, as well as lower-than-expected volume growth.
At 10:21 a.m., shares of UOB were up 0.6% at $19.59 on a volume of 350,000 shares. The stock has risen 7.6% since the start of the year.
No comments:
Post a Comment