UOB

UOB: 1Q11 results on 6 May, 1230pm. DB maintains Hold with TP$21.00 expects better underlying trends forecasts 1Q11 Net profit at $604m, inline with consensus $616m and -14% from the 4Q10 reported profit of $706m, as 4Q10 included a $124m post-tax gain on the sale of an equity interest. A better NIM outcome seems likely in 1Q11. Loan growth rebound set to continue