“The roll-off in Citi integration costs in 2HFY2024 is positive for earnings, and efforts to build up the wholesale platform look to be bearing fruit,” says the team.
The Singapore research team at RHB Bank Singapore is remaining “neutral” on United Overseas Bank (SGX:U11
) (UOB) with an increased target price of $32 from $30.10 previously, following a meeting with UOB’s management. The higher target price comes after the team has rolled its valuation forward to FY2025.
In its July 23 note, the team think UOB’s 2QFY2024 patmi could ease q-o-q provided trading and investment (T&I) income normalises from the high levels seen in 1QFY2024.
