UOB

UOB: Nomura upgrades to Buy, raises TP to $22.60 from $20.10, tips as top defensive pick. Notes UOB should gain relatively greater NIM traction, underscored by two previous quarters of NIM growth, focus on higher margin Asean-centric lending, and lower-than-peers USD LDR at 88%, which would allow UOB to maximize returns as USD spreads rise. Adds, unlike peers, UOB is free of the M&A, USD liquidity and operating overhangs at peers.