United Overseas Bank Ltd

U11: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 56.00	Vdyzdm	Wzlhlwqs

United Overseas Bank Earnings: In Line As Net Interest Margin Offsets Higher Credit Costs

Michael Makdad

Jul 27, 2023

Second-quarter earnings from Singapore’s United Overseas Bank, or UOB, were in line with our expectations. We maintain our fair value estimate of SGD 38, equivalent to 1.5 times book value and 32% above the current price.

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