UOB

UOB: BoAML reiterates Buy with TP raised from $25.85 to $26.85 after rolling over to FY15E book value. The house expects UOB to be a beneficiary of the potential turn in interest rates, but with a time lag. Historically, UOB’s net interest margins have been closely related to the 3-month SIBOR, an almost 2 year time lag is most likely explained by its high S$LDR.