UOB: Greater China has been one of UOB’s fastest-growing regions, thanks to rising trade flows between Greater China and ASEAN. During its Greater China Corporate Day, UOB voiced its belief that its competitive edge lies in:
1) Its ability to leverage non-banking relationships to drive banking business, and
2) Having one of the strongest ASEAN networks.
However, UOB’s Greater China business remains the smallest among the Singapore banks and CIMB sees limited ability to expand quickly in a crowded market. The biggest concern for UOB remains its ASEAN exposure where NPL formation has accelerated. House maintains its Reduce call and TP of $18.23 (1.03x 2015 P/B).
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