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Brokers' take

Published Thu, Jun 20, 2019 · 09:50 PM
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United Overseas Bank | Buy (upgraded) June 20 close: S$26.22 Fair value: S$28.90 OCBC Investment Research, June 20

As at Wednesday's closing, United Overseas Bank's (UOB's) shares rallied for nine straight days or up a strong nine per cent.

Weakness in the banking sector in May and June was largely due to concern of trade war, weakening global and regional economic outlook and more importantly, the rising likelihood of further cuts in interest rates.

In our report dated May 3, 2019 titled Time to lock in som…

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