UOB (SG:U11)
SGX:U11
Want to see SG:U11 full AI Analyst Report?
Top Page
UOB
(SGX:U11)
Select Model
Select Model
Rating:66Neutral
Price Target:
S$43.00
▲(14.97% Upside)
Action:Reiterated
Date: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
Diversified fee income growth
Sustained, record fee income and guided high single-digit fee growth show a structural shift toward non‑interest revenue. Diversified fees from wealth, payments and trade reduce reliance on net interest income, smoothing earnings across rate cycles and supporting long‑term margin resilience.
Negative Factors
Net interest margin pressure
NIM is the bank's primary earnings engine; guidance for lower 2026 NIM implies a structurally weaker core revenue base. Sustained margin compression reduces room to absorb costs or incremental provisions, pressuring medium‑term profitability and limiting earnings leverage from asset growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified fee income growth
Sustained, record fee income and guided high single-digit fee growth show a structural shift toward non‑interest revenue. Diversified fees from wealth, payments and trade reduce reliance on net interest income, smoothing earnings across rate cycles and supporting long‑term margin resilience.
Read all positive factors
UOB (U11) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$65.68B
Dividend Yield6.49%
Average Volume (3M)3.33M
Price to Earnings (P/E)10.3
Beta (1Y)1.16
Revenue Growth-9.13%
EPS Growth-21.93%
CountrySG
Employees32,071
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.88
Shares Outstanding1,664,183,200
10 Day Avg. Volume2,818,957
30 Day Avg. Volume3,331,667
Financial Highlights & Ratios
PEG Ratio-0.57
Price to Book (P/B)1.23
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$37.48Price Target Upside0.21% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)3.38
Revenue Forecast (FY)S$14.18B
UOB Business Overview & Revenue Model
Company Description
United Overseas Bank Limited, along with its subsidiaries, functions as a diversified financial institution delivering a comprehensive suite of banking solutions. Its operations are structured across three primary segments: Group Retail, Group Who...
How the Company Makes Money
UOB primarily makes money by earning interest and fees from providing banking and financial services. The main revenue streams typically include: (1) Net interest income: UOB takes deposits and other funding and uses them to extend loans and credi...
UOB Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 07, 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 | 76.18B | 64.13B | 71.66B | 68.16B | 52.17B |
| Total Liabilities | 520.57B | 487.71B | 477.05B | 463.43B | 418.84B |
| Stockholders Equity | 48.50B | 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 | -1.15B | -771.00M | -645.00M | -3.71B | -440.00M |
| Financing Cash Flow | -1.83B | 1.13B | 19.27B | 34.30B | 32.63B |
UOB Technical Analysis
Positive
37.40
Price Trends
37.65
Positive
37.10
Positive
35.76
Positive
Market Momentum
0.64
Negative
66.72
Neutral
90.25
Negative
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 37.4 is below the 20-day moving average (MA) of 38.83, below the 50-day MA of 37.65, and above the 200-day MA of 35.76, indicating a bullish trend. The MACD of 0.64 indicates Negative momentum. The RSI at 66.72 is Neutral, neither overbought nor oversold. The STOCH value of 90.25 is Negative, 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | S$324.07B | 7.02 | 8.19% | 5.05% | ― | ― | |
74 Outperform | S$111.72B | 7.53 | 24.77% | 4.71% | -5.80% | -2.09% | |
72 Outperform | S$185.93B | 17.04 | 15.87% | 5.06% | -5.26% | -3.07% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | S$65.68B | 10.26 | 9.22% | 6.49% | -9.13% | -21.93% |
* Financial Sector Average
SG:U11
UOB
39.80
5.56
16.24%
SG:D05
DBS Group Holdings
65.43
23.04
54.33%
SG:O39
OCBC
24.86
9.31
59.89%
SG:HBND
Bank of China Ltd UnSp Singapore Depositary Receipt Repr 1 Sh
0.85
0.11
15.75%
SG:HSHD
HSBC Holdings PLC UnSp Singapore Depositary Receipt Repr 1/5 Sh
4.89
1.92
64.92%
SG:IBKD
PT Bank Central Asia Tbk Shs UnSp Singapore Depositary Receipt Repr 2/1 Sh
0.85
-0.26
-23.08%
UOB Corporate Events
UOB reshapes board governance and launches technology committee
Jun 24, 2026
United Overseas Bank is establishing a new Board Technology Committee from 1 July 2026 to steer its technology and digital strategy while overseeing technology risk, operational resilience and governance. The move underscores the bank’s emph...
UOB leans on resilient core franchise to sustain steady growth in early 2026
Jun 22, 2026
UOB reported a steady performance in the first quarter of 2026, underpinned by its resilient core franchise and diversified regional footprint across ASEAN and Greater China. The bank’s balance sheet remained robust, with gross loans rising ...
UOB AGM underscores resilient 2025 earnings, ASEAN growth push and capital return commitment
May 13, 2026
United Overseas Bank reported a resilient performance for 2025, delivering operating profit of $7.7 billion despite a lower interest rate environment, supported by diversified income, record fee and customer-related treasury contributions, and str...
UOB posts steady first-quarter profit as resilient core franchise offsets rate pressures
May 12, 2026
United Overseas Bank reported a steady first-quarter performance, with net profit of $1.4 billion supported by resilient retail, wholesale and markets franchises despite lower benchmark rates and market volatility. Net interest margin held at 1.82...
UOB underscores resilient first-quarter performance and strong capital buffer
May 12, 2026
UOB reported steady performance in the first quarter of 2026, underpinned by disciplined balance sheet management and a resilient core franchise across its regional network. Customer loans rose 4% year-on-year to SGD354 billion, while customer dep...
UOB Delivers Stable 1Q26 Profit on Diversified Income and Strong Balance Sheet
May 7, 2026
UOB reported first-quarter 2026 net profit of S$1.4 billion, up 2% quarter on quarter but 4% lower year on year amid a softer operating environment and lower interest rates. The bank’s diversified income streams, including steady loan growth...
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.