UOB kept at 'neutral' by Goldman Sachs with $25 target price

Stock Name: UOB
Company Name: UNITED OVERSEAS BANK LTD

Research House: Golman Sachs

Price Call: HOLD

Target Price: 25.00

SINGAPORE (Feb 16): Goldman Sachs is maintaining its "Neutral" call for United Overseas Bank (UOB) with an unchanged target price of $25 as the bank's 4QFY15 net profit was within expectations.

UOB reported 4Q14 net profit of $786 million with weaker profits q-o-q due to lower non-interest income.

The bank then held an analyst briefing and here were the main takeaways for Goldman Sachs.

Asset quality remained manageable this year, albeit non-performing loans (NPL) rose 3% q-o-q owing to accounts in Indonesia, Thailand and Singapore.