【UOB U11 交流专区】大华银行 UNITED OVERSEAS BANK LTD

probet

是時候買進他們了嗎?

hui_wooi

什么时候是时候？什么时候不是时候？

lonely2

DBS 。６。XX JOR～
之前还以为它会的平衡点在８。XX
=＿=＂

虽然６。XX但还是没有子弹买
＞＿＜

hui_wooi

明明讨论的是OCBC、UOB。

臥龍先生

請問你是以長期投資的角度還是短期投資或投機的角度來問這個問題呢 ?

probet

回樓上
一年,s$42,000的資本,我看中這兩只,ocbc目標價3.5,uob 目標價7.2.如何?

臥龍先生

原帖由 probet 于 10-3-2009 03:40 AM 发表
回樓上
一年,s$42,000的資本,我看中這兩只,ocbc目標價3.5,uob 目標價7.2.如何?

短期哦....對不起,  我想這個要技術分析才做得到,  我不會 . 那位高手可以幇忙回答這個問題呢 ? 以長期投資來看 (3年以上), 我覺得現在的價錢非常的便宜了.

hui_wooi

大马股票区有句名言，就是别接往下掉的刀。
问题是，这把刀几时才不往下掉呢？
偶想没有人可以准确判断何时刀才会停下来。
个人觉得，刀应该还会掉。
四万是不小的数目（很有钱下），可以分几次进场，可以拉低自己的价格。
还有一年的投资，还真的是太短了些。

csh2006

银行股跌势未尽？

星展银行大华银行 股价跌至10年最低

（2009-03-10）

● 李韵琳

　　自雷曼兄弟事件以来，世界各地大小银行股跌跌不休，身价大缩水，本地三家银行股也无法幸免，身价锐减一半以上。虽然本地三家银行所受的打击不比欧美银行来得大，市值也超越了过去的龙头老大花旗银行，但星展银行和大华银行股价已跌至10年来低点，接近亚洲金融危机时的水平，华侨银行股价则退低至6年来低点。

　　本地股市昨天跌破1500点支持水平，由银行股领跌，一天内蒸发掉25亿6560万元市值。其中，大华银行股价跌幅最大，下滑7％或62分，报8.20元，是该股自1999年5月以来最低水平。

　　接着是星展银行，其股价下跌6.5％或45分，报6.45元，为1999年2月19日以来的低点；而华侨银行股价则跌破4元，下跌4.6％或19分，报3.95元，为2003年7月10日以来的最低水平。

　　相比2007年历来最高点，本地三家银行的股价已折去介于60％至70％之间的价值，让一些投资者犹豫该不该进场捡便宜？

银行股跌势未尽？

　　分析师指出，本地银行虽走出债务担保凭证曝险的坑，却掉入不良贷款深渊，因此认为，本地银行股的跌势未见尽头，如果经济萎缩10％，致坏账情况激增，股价可能跌破亚洲金融危机时历来最低水平。

　　1998年亚洲金融危机高峰期时，星展银行股价于1999年9月4日跌至2.90元的低点，大华银行则是在同年9月10日，以每股2.65元收低，而华侨银行同年9月3日跌至1.08元，历来最低。

　　Netresearch亚洲董事经理史各力（Kevin Scully）认为，本地银行股的下跌空间还很大，目前的坏账拨款远远落后欧美银行。由于大手笔减损坏账和债务，欧美银行如花旗银行、美国银行、巴克莱银行和苏格兰皇家银行的股价已锐减80％以上，花旗银行甚至一度沦为少过1美元的低价股。

　　本地银行第四季的不良贷款比例介于1.5％至2％，星展集团研究预计，坏账比例可能在今年提高至2.4％至2.7％，而在明年进一步上涨至2.6％至3.1％。

由于坏账情况料加剧，花旗集团证券研究指出，参考1985年和1998年的情况，银行股总会在熊市尾段跳水，因此提醒投资者不要太早行动，否则将损失惨重或影响回报。

　　分析师举例，一名投资者若在1998年5月，以6.28元买入市账率为0.77倍的星展银行股（等同于该股目前的市账率），三个月后，其股价竟跌破3元，耗损一半投资额。

　　虽然本地银行股现价相当吸引人，但花旗集团证券研究的研究显示，投资者若在经济走出谷底时才进场，回报会更丰厚。

　　三家银行当中，分析师普遍看淡星展银行。花旗集团证券研究认为，其今年的每股盈利可能减少10％至14％，主要因为贷款额减少、同业拆息率可能跌至45基点的历来最低水平，将打击盈利、坏账拨备提高以及香港和中国的资产素质下降。

　　同样不看好星展银行的德意志摩根建富证券研究部主任凌诚俊认为，其不良贷款比率可能会上升得比另外两家同行快，理由是它过去几年积极放贷，四年的贷款年复合增长率为15.9％，较另外两家银行的10.7％高，而且贷款增长一直都集中在制造业和普通商业等，在上个世纪90年代末造成银行不良贷款飙升的领域。

　　相比之下，大华银行过去四年把焦点放在房屋贷款上，而这方面坏账情况即使在经济萧条时期也不算太严重。此外，大华银行在第四季里的坏账拨款为三家银行当中最多。

　　至于华侨银行，虽然该银行增加对制造业的贷款，较整体贷款额增长来得多，但其14.9％一级资本(tier-1 capital)足够率非常高，无需通过配售新股提高来筹集资金。

　　在香港挂牌上市的汇丰银行股，由于英国母公司计划配售新股，股价昨天猛跌24.1％。

[ 本帖最后由 csh2006 于 10-3-2009 08:24 PM 编辑 ]

icy97

黄一宗：大华银行对ING亚洲资产管理业务有兴趣
http://www.zaobao.com/cs/cs120808_004.shtml

（2012-08-08）
由于继续从加强区域业务获益，使得所有业务单位都出现强劲增长，大华银行（UOB）今年上半年的税后净利同比上升12.3％，达到14亿元。其第二季度税后净利环比增加3.6％，达到7亿1300万，至于同比则增加12.1％。

大华银行昨天宣布派发每股20分的中期股息。

大华银行副主席兼行长黄一宗指出，尽管面对来自西方国家的问题，大华银行仍然相信亚洲的韧力。大华银行通过掌握区域内的贸易流量和消费者的财富情况，正沿着达致它所设下的区域增长目标的道路前进。

在亚洲经营银行业务需要对市场有深入的认识，黄一宗说：“大华银行在这个区域有长久经营的历史和知识，在这方面有显著的优势。”

在上半年，由于贷款量更高，大华银行的净利息收入增加10.9％至20亿元。新加坡和区域的贷款总共达1500亿元，增加14.2％。

区域的贷款增长为22.8％，比本地的12.6％来的快。净利息差距（Net Interest Margin）在上半年是1.95％，提高了四个基点。

收入和佣金收入在上半年增加12％，达到7亿4800万元。取得重大增长的有企业金融、财富管理、贸易和贷款相关活动。交易和投资收入是3亿5400万元，比去年同期来的高，这主要是由脱售投资所得所带动。

集团的融资与资金流动性仍然强劲，整体贷款存款比率是87.1％，而美元的贷款存款比率也改善，达到95.2％。在各个地区的存款增长13.8％，至1亿6900万元。其中，本地存款增长7.3％，而区域国家则增长高达31.1％。为了进一步分散集团的融资组合，大华银行在欧元中期票据计划（Euro Medium Term Note Programme）下发出超过8亿美元的优先票据。

黄一宗昨天也确定大华银行对荷兰国际集团（ING）在亚洲的资产管理业务的兴趣，并表明主要取决于价格。银行对于在资产管理业务方面进行收购与兼并持开放态度。

他说：“作为一个机构，我们的资金雄厚，因此我们必须加以善用。”

大华银行的核心一级资本（core tier one capital）比率是12.3％，比金融管理局设定的最低标准高出许多。

icy97

大华银行锁定于区域小型企业贷款
http://www.sharesinv.com/zh/articles/34555/

2012年10月05日
大华银行(United Overseas Bank)希望其发放给东南亚小型企业的贷款能在2015年前增加一倍，并预期泰国及印尼的贷款将会强劲增长。为从小型企业的资金需求中受惠，公司计划在明年投资于新科技及增聘至少100名客户关系经理，以把区域业务团队扩大至少10%。新加坡方面，公司的销售团队在过去两年扩大了50%，从而得以让所有的67家分行均有商业银行经理值班提供服务。公司的商业银行部门主任Victor Lee表示：“新加坡每两家小型企业中便有一家是公司的客户，并占公司商业银行业务的一半。”因此他认为，下个增长浪潮将来自马来西亚、泰国及印尼。这三个市场对商业银行收入的个别贡献应在2015年之前至少与新加坡业务看齐。

启示：尽管银行放贷活动的增长在今年大致上放缓，由于经济前景不明朗，但发放予小型企业的贷款到目前为止保持不变。在本地，公司发放予企业的产业贷款强劲增长，由于资产买气旺盛；而在区域内其他地方，设备融资是当地业务的支柱。

icy97

Further upside for Singapore banks limited: Macquarie
http://www.theedgesingapore.com/the-daily-edge/business/40475-further-upside-for-singapore-banks-limited-macquarie.html

Wed, 10 Oct 16:46  
Further upside for Singapore banks will be limited as growth momentum eases in 2H12 and beyond, Macquarie says. “The stocks are no longer as compelling value ideas as they were earlier this year, but their solid balance sheets and cash yields should sustain valuations.” It keeps the sector at Neutral.

It expects the sector’s 3Q12 operating earnings to rise 18% on-year, mainly on a low 3Q11 base for OCBC and UOB, with earnings to decline 2% on-quarter, amid tightening margins and slowing loan growth. It notes downside risk from credit costs as the city-state enters a “technical recession,” while slowing GDP growth could pressure the SGD, reducing the cash-yield’s attractiveness.

“But overall, we think that the sector is still defensive and on base case assumptions any valuation downside should be limited.” It keeps UOB as its top pick as it has been the most conservative on organic growth and is the least likely to engage in value-destructive M&A; it rates UOB Outperform with $20.79 target. It sets OCBC’s target at $9.41 and DBS’ at $14.56, rating both Neutral.

OCBC is down 1.1% at $9.37, UOB is down 1.7% at $19.19, while DBS is down 1% to $14.06.

icy97

UOB Q3 net profit up 36%; beats expectations
http://www.theedgesingapore.com/the-daily-edge/business/41031-uob-q3-net-profit-up-36-beats-expectations.html

Wed, 7 Nov 18:00
United Overseas Bank, the smallest of Singapore’s three banking groups, posted an almost 36% rise in third-quarter net profit, helped by strong fee and commission income and trading gains.

UOB earned $707 million in the three months ended in September, compared to $522 million a year earlier. The results beat the $652 million average estimate of five analysts polled by Thomson Reuters.

The Singapore bank said net interest income in the third quarter grew 6.1% to $971 million from a year earlier even though interest rate margins were weak. Trading and investment income tripled to $173 million.

大华银行报3Q12净利上升35.5%，比预测来得高
http://www.sharesinv.com/zh/articles/35412/

2012年11月08日
在昨天发布的盈利报告中，大华银行(United Overseas Bank)截至2012年9月30日的第3季净利上升35.5%至7亿零700万元。路透社(Thomson Reuters)访问分析师所得出的预测为6亿5,200万元。大华的表现改善是由于利息收入攀升8.2%，收费与佣金收入及交易收益强劲也进一步令表现提高。净息差年比下滑5个基点，季比则下跌8个基点。其9M12净利年比提高19.1%至21亿元。大华是继星展集团(DBS Group Holdings)之后，公布第3季业绩的第二家新加坡银行，它在家庭贷款额方面超越了其最大的竞争对手。大华本季的家庭贷款额为443亿元，星展的贷款额则为441亿元。

启示：尽管其盈利高于市场预测，但对大华而言是喜忧参半，因为继续带来盈利的非利息收入部门不可能是长期盈利来源。

icy97

大华银行与中国当局合作促进东南亚及中国贸易
http://www.sharesinv.com/zh/articles/35626/

2012年11月19日
大华银行(United Overseas Bank)同中国国际贸易促进委员会签署了谅解备忘录，这也是后者首次与东南亚银行合作。委员会的副会长张伟表示：“许多中国中小型企业缺乏到国外发展的知识。”他也指出，大华银行将提供跨国银行服务，如贸易融资、贷款、投资及存款服务，以协助中国企业从东南亚的商机中受惠。公司表示，在海外营运的中国企业(主要是在东南亚)的贷款大幅度增长。公司的商务银行集团主任Eric Tham指出，中国庞大的国内市场具有吸引力，并表示：“中国被称为世界工厂，而许多欧美国际企业都在当地设厂，因此有不少新加坡企业也希望能效仿这些大企业。”

启示：上述的谅解备忘录给予中国企业一个可利用大华银行广大区域网络的平台，并希望借此吸引更多中国企业到新加坡来挂牌上市。另一方面，中国国际贸易促进委员会将有助大华银行的客户在中国拓展业务，如天津、江苏及济南等城市及上海和北京。

icy97

UOBAM plans $16m acquisition of ING Funds (Thailand)
http://www.theedgesingapore.com/the-daily-edge/business/41203-uobam-plans-16m-acquisition-of-ing-funds-thailand.html

Tue, 20 Nov 09:15
United Overseas Bank announces that its wholly-owned subsidiary, UOB Asset Management (UOBAM), has entered into a Sale & Purchase Agreement with the ING Group for the acquisition of all the shares in ING Funds (Thailand).

The completion of the Acquisition is conditional upon regulatory approvals being obtained in Europe, Thailand and Singapore.

The consideration for all the shares in ING Funds (Thailand) is 10 million ($16 million) and will be satisfied in cash on completion using UOBAM’s internal resources. The consideration was arrived at on a willing-buyer-willing-seller basis and took into account various factors including the capital, net asset value and assets under management of the Company.

As at 30 September 2012, the net asset value of the ING Funds (Thailand) was THB 105 million ($4 million), and the company had assets under management of THB 113,841 million.

Terence Ong, Chairman of UOBAM, said, “The acquisition of the ING investment management business in Thailand will help us grow the franchise of UOBAM to become one of Asia’s premier asset management companies.”

ING to sell Thai fund unit to UOB For $15.7m
http://www.theedgesingapore.com/the-daily-edge/business/41235-ing-to-sell-thai-fund-unit-to-uob-for-157m.html

Tue, 20 Nov 13:28
ING Groep NV agreed to sell its Thailand asset management unit to Singapore’s United Overseas Bank for 10 million euros ($15.7 million) in cash, as the Dutch financial group pushed ahead with its Asian divestments.

After failing to find a single buyer for its entire Asia business, ING is breaking up the sale along different geographies. The disposal of the Thai unit leaves ING with asset management operations in South Korea, Hong Kong, Malaysia, Taiwan and Japan.

The sale is part of ING’s wider asset disposal programme aimed at repaying the 10-billion-euro ($15.5 billion) state bailout received during the 2008 financial crisis. Last month, ING agreed to sell part of its Asia insurance operations for US$3.8 billion.

UOB, the smallest of Singapore’s three banks, said in a statement on Tuesday that ING’s Thai unit held about 113.8 billion baht ($4.53 billion) of assets as of the end of September. The purchase is not expected to have a material impact on UOB’s earnings, the bank said.

The Thai unit is the third-biggest of ING’s Asian fund management unit. South Korea is the largest and Taiwan the second-biggest.

ING’s Asia investment management business has a book value of 200 million euros and manages about 43.3 billion euros of assets in the Asia-Pacific region, according to company filings.

ING was advised by Credit Suisse, while Nomura Holdings advised UOB, sources with knowledge of the matter said. The Dutch group launched the sale of its Asian insurance and asset management operations in March.

The sale of its entire Asia asset management operations ran into a snag after front runner Ameriprise Financial Inc bowed out of the race, forcing ING to rework its strategy to exit the business, according to the sources.

The sources declined to be identified as they were not authorised to speak about deal publicly.

icy97

UOB set to continue delivering strong results: Phillip
http://www.theedgesingapore.com/the-daily-edge/business/42109-uob-set-to-continue-delivering-strong-results-phillip.html

Fri, 21 Dec 14:52
UOB (U11.SG) is likely to continue to deliver strong results for the next few quarters even as the macro economy remains uncertain, Phillip Securities says.

“Loans growth is expected to be moderate, but positive, mitigating the continued pressure on NIMs. Fees and Commission are expected to grow rapidly, driven by strong transaction banking and wealth management performances. Geographically, contributions from UOB’s overseas subsidiaries are expected to increase. UOB may also benefit from an improvement in the China economy, which may drive higher trade volumes and banking services between China and Asean, in which UOB has strong capabilities.”

It raises its target to $21.00 from $18.00 after increasing its forward P/B multiple to 1.35x and rolling forward to FY13 forecasts. It keeps an Accumulate call, continuing to prefer UOB over DBS (D05.SG) and OCBC (O39.SG). UOB is down 0.8% at $19.69.

icy97

UOB profit climbs 25%, beats estimates on wealth Management: Updated
http://www.theedgesingapore.com/the-daily-edge/business/42935-uob-profit-climbs-25-beats-estimates-on-wealth-management-updated.html

Wed, 27 Feb 20:43
United Overseas Bank, Southeast Asia’s third-largest lender by assets, said profit rose for a fourth straight quarter on higher income from wealth management and capital markets.

Fourth-quarter net income rose 25% to $696 million from $558 million a year earlier, the bank said in a statement to the Singapore stock exchange today. That beat the $614 million average of nine analysts’ estimates compiled by Bloomberg. Full-year profit rose to a record $2.8 billion.

UOB joins DBS Group Holdings and Oversea-Chinese Banking Corp. in boosting profit amid four years of shrinking loan profitability and 2012 economic growth that was Singapore’s slowest in three years. Cost control and businesses such as credit cards and fund management have helped the city’s banks compensate for the region’s thinnest lending margins.

“These are pretty good results as income from non-lending operations offset tighter loan margin,” said Francis Lun, a Hong Kong-based economist at GE Oriental Financial Group. “Income growth at UOB in 2013 may improve further as the economy in Asia accelerates. However, the earnings momentum will be in non-lending operations.”

Shares of UOB have declined 3.1% this year to $19.2, compared with a 3% gain for the benchmark Straits Times Index.

FEES RISE
UOB’s fourth-quarter fees and commissions advanced 19% from a year earlier to $388 million, led by income from fund management and investment-related services, it said in the statement. Other non-interest income jumped 38% to $238 million on gains from the sale of securities.

Banks in Singapore earn the least on loans in Southeast Asia, based on their average net interest margin of 1.97%, according to data compiled by Bloomberg. UOB’s margin narrowed to 1.76% in the fourth quarter from 1.95% a year earlier, it said today.

Fourth-quarter net interest income, the difference between what the bank makes from lending and pays on deposits, declined 1.2% to $967 million, it said.

The lender’s loan book expanded 8.3% to $152.9 billion at the end of December from a year earlier. It set aside $150 million as loan-loss provisions in the fourth quarter, 34% lower than a year earlier, according to the statement.

icy97

UOB posts 5% higher earnings of $722mil for Q1
http://www.theedgesingapore.com/the-daily-edge/business/43701-uob-posts-5-higher-earnings-of-722mil-for-q1.html

Thu, 2 May 19:56
United Overseas Bank said earnings for the first quarter ending March 31, 2013, rose 4.9% to $722 million on higher fee income and strong loan growth. Compared to the fourth quarter of last year, earnings was up 3.8%. Net interest income of $964 million was 3.5% lower from a year ago due to compressed assets yields, UOB said. Loans grew 13.3% to $167 billion as at March 31 2013 from a year ago.

icy97

大华银行1Q13录得7亿2,200万元净利，创下新纪录
http://www.sharesinv.com/zh/articles/38698/

2013年05月03日
大华银行(United Overseas Bank)在1Q13取得约7亿2,200万元的盈利，比1Q12高出4.9%，也比预期来得高。表现提高主要归功于收费收入增加及贷款强劲增长，尽管增幅因毛利下跌而被抵消。年度化每股盈利为1.73元，比去年的1.64元高。1Q13的净利息收入为9亿6,400万元，比1Q12低了3.5%，由于资产获益率的跌幅比资产量的增幅大。客户贷款毛额提高13.3%至1,670亿元。新加坡的贷款额增长15.5%至1,100亿元，本区域各国的增长则是9.7%。

启示：尽管业绩提高，公司的总裁黄一宗预期，总体增长将会在今年放缓。

icy97

UOB's solid results priced into stock: CIMB
http://www.theedgesingapore.com/the-daily-edge/business/43720-uobs-solid-results-priced-into-stock-cimb.html

Fri, 3 May 12:54  
UOB’s results delivered again on its “formidable” fee franchise, CIMB says, noting 1Q13 net profit of S$722 million was 9% above its estimate.

“Although some elements of the outperformance were due to less recurrent factors, we do not think it is fair to say that the outperformance was illusory.”

It notes the key positive was the strong fee income, which was 19% higher than the preceding three quarters’ average; “Though management indicated that 1Q levels were slightly elevated and should come off in future quarters, this does not detract from a good showing. Fee strength was partly attributed to the closing of some major deals in 1Q13.”

The main negative was margin pressure, with NIM down 6bps at 1.70% vs 4Q12’s 8bp drop, it says. While results were good, “the share price has run ahead already, leaving no room to raise our Neutral rating.” It raises its target to $21.24 from $20.68, based on 1.35X 2013 P/BV vs 1.32X previously.

It increases FY13-15 EPS forecasts by 1%-3% to build in stronger fee income growth. The stock is down 0.8% at $21.82 after rising nearly 7% over the previous six sessions.