Brokers' take

United Overseas Bank | Reduce Target price: S$19.20 May 2 close: S$22.80 Phillip Research, May 2

Q1 FY17 profit after tax and minority interests of S$807 million missed our estimate by 6.7 per cent. Surprise came from higher-than-expected trading income in Q117. But the quarter-on-quarter growth of 2 per cent in net interest income was in line with our expectations. Maintain "reduce" with a higher target price of S$19.20 (previously S$18.92) pegged at unchanged 0.95 times FY17 forecast profit before price-to-book ratio (excluding preference shares).

First Resources | Buy Target price: S$2.15 May 2 close: S$1.865 UOB Kay Hian Research, May 2