UOB (SG:U11)
SGX:U11
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UOB
(SGX:U11)
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Rating:66Neutral
Price Target:
S$40.00
▲(8.55% Upside)
Action:ReiteratedDate:03/26/26
The score is driven mainly by solid fundamentals with improved leverage but tempered by cash-flow volatility and softer 2025 profitability. Valuation is a clear positive (moderate P/E and high yield), while technical signals are mildly weak. The earnings call adds support via strong capital and ongoing capital returns, but NIM and credit-cost guidance remain notable near-term constraints.
Positive Factors
Capital & Liquidity Strength
A CET1 ratio of 15.1% alongside LCR 147% and NSFR 116% provides a durable regulatory and liquidity cushion. This capacity supports continued capital returns, cushions loan-loss volatility, and preserves strategic optionality for lending, investment or buybacks over the medium term.
Negative Factors
Net Interest Margin Pressure
Guided NIM compression and a year-over-year NII decline indicate structural pressure on the bank's primary profit engine. Sustained lower margins reduce core earnings power, constrain return-on-equity expansion and limit room to absorb higher credit costs or fund growth without reducing payouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital & Liquidity Strength
A CET1 ratio of 15.1% alongside LCR 147% and NSFR 116% provides a durable regulatory and liquidity cushion. This capacity supports continued capital returns, cushions loan-loss volatility, and preserves strategic optionality for lending, investment or buybacks over the medium term.
Read all positive factors
UOB (U11) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$60.88B
Dividend Yield6.49%
Average Volume (3M)3.33M
Price to Earnings (P/E)12.7
Beta (1Y)1.13
Revenue Growth-0.76%
EPS Growth4.96%
CountrySG
Employees32,071
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.83
Shares Outstanding1,665,972,200
10 Day Avg. Volume2,818,957
30 Day Avg. Volume3,331,667
Financial Highlights & Ratios
PEG Ratio-0.57
Price to Book (P/B)1.16
Price to Sales (P/S)2.28
P/FCF Ratio13.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$37.78Price Target Upside2.53% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)3.38
Revenue Forecast (FY)S$14.21B
UOB Business Overview & Revenue Model
Company Description
United Overseas Bank Limited, together with its subsidiaries, provides banking products and services. It operates through three segments: Group Retail, Group Wholesale Banking, and Global Markets. The company offers loan products, including overdr...
How the Company Makes Money
UOB makes money primarily by earning interest income, fees/commissions, and trading/investment-related income across its banking and wealth businesses. (1) Net interest income: UOB takes deposits and other funding and deploys them into interest-ea...
UOB Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and strategic positives — record fee income, robust wealth inflows and digital wealth growth, trade and CASA expansion, strong capital and liquidity, disciplined costs and active capital returns. Offsetting these were pressure on net interest income and margins, a one-off provision top-up for credit hotspots (Greater China and U.S.), lower trading/investment income versus an exceptional prior year, and muted loan growth guidance. Management emphasized proactive provisioning, strong coverage and a cautious but constructive outlook for ASEAN. On balance the positives (diversified fee-led growth, liquidity/capital strength, trade and wealth momentum, and proactive risk actions) materially outweigh the negatives, which are being actively managed.Positive Updates
Resilient Operating Profit and Net Profit
Full-year 2025 operating profit of $7.7 billion (down 4% YoY) and net profit of $4.7 billion, demonstrating resilience despite a softer rate environment.
Negative Updates
Net Interest Income and Margin Pressure
Full-year net interest income fell ~3% YoY; full-year NIM 1.89% with moderation from higher prior rates. Guidance for 2026 NIM is 1.75%–1.80%, and exit NIM at end-January was ~1.82%.
Read all updates
Q4-2025 Updates
Positive
Negative
Resilient Operating Profit and Net Profit
Full-year 2025 operating profit of $7.7 billion (down 4% YoY) and net profit of $4.7 billion, demonstrating resilience despite a softer rate environment.
Read all positive updates
Company Guidance
UOB’s 2026 guidance calls for low single‑digit loan growth, a full‑year net interest margin of 1.75–1.80% (exit NIM 1.82% at end‑January; FY2025 NIM 1.89%; Q4 NIM 1.84%), high single‑digit fee income growth, low single‑digit operating cost growth, and total credit cost of 25–30 basis points; the bank also highlighted a strong starting position with CET1 at 15.1% (fully diluted Basel‑IV ~14.9%), LCR 147%, NSFR 116%, CASA ≈58.4%, FY2025 operating profit $7.7bn and net profit $4.7bn, and reiterated a core payout ratio of ~50% (FY dividend $1.56/share; final dividend $0.71/share) alongside a $3bn capital return plan through 2027 with more than half of it already executed (including $1bn special dividends and buybacks).UOB Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
67
Positive
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 26.10B | 27.87B | 26.50B | 16.10B | 9.13B |
| Gross Profit | 12.74B | 13.36B | 13.01B | 10.97B | 9.13B |
| EBITDA | 6.41B | 21.38B | 20.02B | 10.84B | 7.22B |
| Net Income | 4.68B | 6.04B | 5.71B | 4.57B | 4.08B |
Balance Sheet | |||||
| Total Assets | 572.06B | 537.66B | 523.52B | 504.26B | 459.32B |
| Cash, Cash Equivalents and Short-Term Investments | 74.25B | 76.01B | 87.44B | 78.67B | 69.88B |
| Total Debt | 44.99B | 64.13B | 71.66B | 68.16B | 52.17B |
| Total Liabilities | 520.57B | 487.71B | 477.05B | 463.43B | 418.84B |
| Stockholders Equity | 51.25B | 49.73B | 46.23B | 43.37B | 42.63B |
Cash Flow | |||||
| Free Cash Flow | 4.39B | -15.72B | 5.60B | 5.36B | 4.11B |
| Operating Cash Flow | 5.66B | -14.85B | 6.47B | 6.06B | 4.66B |
| Investing Cash Flow | -21.44B | -771.00M | -645.00M | -3.71B | -440.00M |
| Financing Cash Flow | 29.64B | 1.13B | 19.27B | 34.30B | 32.63B |
UOB Technical Analysis
Positive
36.85
Price Trends
37.42
Negative
36.04
Positive
35.55
Positive
Market Momentum
-0.13
Negative
50.48
Neutral
53.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:U11, the sentiment is Positive. The current price of 36.85 is above the 20-day moving average (MA) of 36.42, below the 50-day MA of 37.42, and above the 200-day MA of 35.55, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 50.48 is Neutral, neither overbought nor oversold. The STOCH value of 53.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:U11.
UOB Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | S$96.94B | 12.12 | 24.77% | 4.71% | 0.69% | -0.06% | |
73 Outperform | S$162.39B | 14.63 | 15.25% | 5.06% | 2.67% | 6.32% | |
72 Outperform | S$3.47B | ― | 9.75% | 4.63% | 7.87% | -4.03% | |
71 Outperform | S$1.14B | 18.75 | 2.98% | 4.87% | -10.51% | -15.79% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | S$60.88B | 12.70 | 9.22% | 6.49% | -0.76% | 4.96% | |
49 Neutral | S$870.11M | -1.88 | -0.19% | 3.76% | -9.47% | 131.72% |
* Financial Sector Average
SG:U11
UOB
36.85
1.12
3.14%
SG:D05
DBS Group Holdings
57.15
13.35
30.47%
SG:O39
OCBC
21.57
5.27
32.31%
SG:U10
UOB-Kay Hian Holdings Limited
3.53
1.81
105.35%
SG:S41
Hong Leong Finance Limited
2.53
0.10
4.12%
SG:YF8
Yangzijiang Financial Holding Ltd.
0.25
-0.09
-26.90%
UOB Corporate Events
UOB Highlights Resilient Earnings and Stable ASEAN Franchise
Feb 27, 2026
UOB Group reported resilient earnings and stable franchise growth across ASEAN, underscoring the strength of its regional banking operations despite broader market, financial and political risks. The group emphasised that the information provided ...
UOB underscores resilient ASEAN growth while cautioning investors on risks
Feb 27, 2026
UOB Group has presented material highlighting its resilient earnings and stable franchise growth across ASEAN, positioning itself as a steady player in the regional banking sector. The release frames the information as general background rather th...
UOB Explores Market Interest for One Raffles Place Stake
Feb 20, 2026
United Overseas Bank has confirmed that it is working with OUB Centre Limited to gauge market interest for iconic commercial property One Raffles Place in Singapore, following media reports suggesting a potential multi-billion-dollar sale. OUB Cen...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.