Stock U11 UNITED OVERSEAS BANK LIMITED
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Financials United Overseas Bank Limited

Equities

U11

SG1M31001969

Banks

Market Closed - Singapore S.E.
Other stock markets
 05:10:14 2024-04-26 am EDT 		5-day change 1st Jan Change
30.41 SGD -0.36% Intraday chart for United Overseas Bank Limited +1.60% +6.89%
Apr. 24 DBS Upgrades United Overseas Bank’s Price Target to Buy From Hold, Adjusts Price Target to SG$34.50 From SG$30.30 MT
Apr. 18 Abu Dhabi Islamic Bank in talks to buy $1.1 bln stake in Indonesian lender, sources say RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 44,061 37,789 44,979 51,411 47,581 50,928 - -
Enterprise Value (EV) 1 44,061 37,789 44,979 51,411 47,581 50,928 50,928 50,928
P/E ratio 10.4 x 13.4 x 11.3 x 11.5 x 8.54 x 8.77 x 8.44 x 8.19 x
Yield 4.92% 3.45% 4.46% 4.4% - 5.81% 6% 6.18%
Capitalization / Revenue 4.39 x 4.12 x 4.59 x 4.44 x 3.42 x 3.58 x 3.5 x 3.38 x
EV / Revenue 4.39 x 4.12 x 4.59 x 4.44 x 3.42 x 3.58 x 3.5 x 3.38 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.18 x 0.98 x 1.05 x 1.19 x - 1.07 x 1 x 0.95 x
Nbr of stocks (in thousands) 1,668,334 1,672,815 1,672,063 1,674,609 1,672,438 1,674,696 - -
Reference price 2 26.41 22.59 26.90 30.70 28.45 30.41 30.41 30.41
Announcement Date 2/20/20 2/24/21 2/15/22 2/22/23 2/21/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 10,030 9,176 9,789 11,575 13,932 14,217 14,541 15,063
EBITDA - - - - - - - -
EBIT 1 5,558 4,992 5,476 6,559 8,154 8,043 8,313 8,425
Operating Margin 55.41% 54.4% 55.94% 56.67% 58.53% 56.58% 57.17% 55.93%
Earnings before Tax (EBT) 1 5,174 3,536 4,937 5,785 6,863 7,089 7,395 7,602
Net income 1 4,343 2,915 4,075 4,573 5,711 5,865 6,087 6,272
Net margin 43.3% 31.77% 41.63% 39.51% 40.99% 41.25% 41.86% 41.64%
EPS 2 2.540 1.680 2.380 2.680 3.330 3.467 3.604 3.714
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.300 0.7800 1.200 1.350 - 1.766 1.825 1.878
Announcement Date 2/20/20 2/24/21 2/15/22 2/22/23 2/21/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - - 2,453 2,433 - 2,359 2,702 3,184 3,330 3,524 3,542 3,457 3,410 3,506 3,472 3,488 3,469 3,514
EBITDA - - - - - - - - - - - - - - - - - -
EBIT 1 - - 1,381 1,339 - 1,301 1,519 1,827 1,912 2,083 2,093 2,041 1,937 1,930 - - - -
Operating Margin - - 56.3% 55.03% - 55.15% 56.22% 57.38% 57.42% 59.11% 59.09% 59.04% 56.8% 55.05% - - - -
Earnings before Tax (EBT) 1 - - 1,247 1,246 - 1,152 1,405 1,741 1,488 1,935 1,749 1,818 1,361 1,658 1,659 1,777 1,747 1,776
Net income 1 - - 1,046 1,018 - 906 1,112 1,403 1,152 1,511 1,415 1,382 1,403 1,428 1,372 1,470 1,445 1,469
Net margin - - 42.64% 41.84% - 38.41% 41.15% 44.06% 34.59% 42.88% 39.95% 39.98% 41.14% 40.74% 39.52% 42.15% 41.65% 41.8%
EPS 2 - - 0.6100 0.5950 - 0.5275 0.5900 0.8225 0.7400 0.8800 0.8525 0.8050 0.7925 0.8268 0.8044 0.8650 0.8227 0.8713
Dividend per Share 2 0.7500 0.6000 - 0.6000 0.6000 - 0.6000 - 0.7500 - 0.8500 - - - 0.8500 - 0.8500 -
Announcement Date 2/20/20 8/3/21 11/3/21 2/15/22 2/15/22 4/28/22 7/28/22 10/27/22 2/22/23 4/28/23 7/26/23 10/25/23 2/21/24 - - - - -
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 11.2% 7.4% 10.2% 11.9% - 12.6% 12.5% 12.1%
ROA (Net income/ Total Assets) 1.1% 0.69% 0.92% 0.99% - 1.08% 1.09% 1.07%
Assets 1 396,259 422,464 442,935 461,919 - 541,987 558,562 586,568
Book Value Per Share 2 22.30 23.00 25.50 25.90 - 28.50 30.30 32.10
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/20/20 2/24/21 2/15/22 2/22/23 2/21/24 - - -
1SGD in Million2SGD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for United Overseas Bank Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
30.41 SGD
Average target price
32.99 SGD
Spread / Average Target
+8.48%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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