UOBKayhian on 18 Feb 2014
FY12 PE (x): 11.9
FY13 PE (x): 11.1
UOB reported core net profit excluding exceptional items of S$773m (+11.1% yoy, +5.9% qoq) for 4Q13. Benefitting from higher assets yield. Loans expanded 3.1% qoq and 16.8% yoy with growth from Singapore, Malaysia and Greater China. Net interest income registered double- digit growth of 13.2% yoy with NIM edging higher by 3bp to 1.74%. NIM expanded due to higher assets yield. Management guided high single-digit loan growth and double-digit growth for fee income for 2014. UOB will continue to grow its wealth management and wholesale banking businesses by leveraging on intraregional trade flows and rising wealth. UOB increased its final dividend from 40 S cents to 50 S cents and also added a special dividend of 5 S cents. Payout ratio was 40.8% for the full year. The scrip dividend scheme will be applied to the final and special dividend.
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