UOB

UOB: SCB maintaining its Neutral call on the counter, where they highlight that while UOB has outperformed its domestic peers YTD, as it is viewed as less risky because of smaller exposure to the Greater China region, think that this outperformance is unlikely to continue, as UOB’s valuations are relatively richer than OCBC and DBS and believe its growth may lag because of its conservative stance towards the China region. Hold and TP of $22.40.