Stock Analysis Report

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United Overseas Bank

Executive Summary

United Overseas Bank Limited, together with its subsidiaries, provides banking products and services.

Snowflake Analysis

Excellent balance sheet established dividend payer.

Similar Companies

Share Price & News

How has United Overseas Bank's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: U11's share price has been volatile over the past 3 months.

Market Performance

7 Day Return




SG Banks


SG Market

1 Year Return




SG Banks


SG Market

Return vs Industry: U11 matched the SG Banks industry which returned -17.2% over the past year.

Return vs Market: U11 exceeded the SG Market which returned -20.1% over the past year.

Shareholder returns

7 Day0.2%2.2%0.8%
30 Day-4.1%-1.3%-1.3%
90 Day-20.3%-12.1%-15.9%
1 Year-15.2%-17.0%-14.0%-17.2%-16.9%-20.1%
3 Year-7.5%-16.5%-5.6%-15.7%-16.5%-25.6%
5 Year2.7%-14.4%-6.4%-23.3%-12.5%-27.4%

Price Volatility Vs. Market

How volatile is United Overseas Bank's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is United Overseas Bank undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: U11 (SGD19.5) is trading below our estimate of fair value (SGD20.82)

Significantly Below Fair Value: U11 is trading below fair value, but not by a significant amount.

Price To Earnings Ratio

PE vs Industry: U11 is good value based on its PE Ratio (8x) compared to the Banks industry average (8.2x).

PE vs Market: U11 is good value based on its PE Ratio (8x) compared to the SG market (11.4x).

Price to Earnings Growth Ratio

PEG Ratio: U11 is good value based on its PEG Ratio (0.7x)

Price to Book Ratio

PB vs Industry: U11 is overvalued based on its PB Ratio (0.9x) compared to the XA Banks industry average (0.6x).

Next Steps

Future Growth

How is United Overseas Bank forecast to perform in the next 1 to 3 years based on estimates from 17 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: U11's forecast earnings growth (11.6% per year) is above the savings rate (2.2%).

Earnings vs Market: U11's earnings (11.6% per year) are forecast to grow faster than the SG market (7.3% per year).

High Growth Earnings: U11's earnings are forecast to grow, but not significantly.

Revenue vs Market: U11's revenue (5.3% per year) is forecast to grow faster than the SG market (3.8% per year).

High Growth Revenue: U11's revenue (5.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: U11's Return on Equity is forecast to be low in 3 years time (8.7%).

Next Steps

Past Performance

How has United Overseas Bank performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: U11 has high quality earnings.

Growing Profit Margin: U11's current net profit margins (43.1%) are lower than last year (44.7%).

Past Earnings Growth Analysis

Earnings Trend: U11's earnings have grown by 7.5% per year over the past 5 years.

Accelerating Growth: U11's earnings growth over the past year (2%) is below its 5-year average (7.5% per year).

Earnings vs Industry: U11 earnings growth over the past year (2%) underperformed the Banks industry 3.9%.

Return on Equity

High ROE: U11's Return on Equity (10.4%) is considered low.

Next Steps

Financial Health

How is United Overseas Bank's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: U11's Assets to Equity ratio (10.1x) is moderate.

Allowance for Bad Loans: U11 has a low allowance for bad loans (78%).

Low Risk Liabilities: 89% of U11's liabilities are made up of primarily low risk sources of funding.

Loan Level: U11 has an appropriate level of Loans to Assets ratio (66%).

Low Risk Deposits: U11's Loans to Deposits ratio (81%) is appropriate.

Level of Bad Loans: U11 has an appropriate level of bad loans (1.5%).

Next Steps


What is United Overseas Bank's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Upcoming Dividend Payment

Dividend Yield vs Market

Notable Dividend: U11's dividend (6.67%) is higher than the bottom 25% of dividend payers in the SG market (2.74%).

High Dividend: U11's dividend (6.67%) is in the top 25% of dividend payers in the SG market (6.55%)

Stability and Growth of Payments

Stable Dividend: U11's dividend payments have been volatile in the past 10 years.

Growing Dividend: U11's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (45.3%), U11's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: U11's dividends in 3 years are forecast to be covered by earnings (53.3% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Ee Cheong Wee (66yo)





Mr. Ee Cheong Wee, B.Sc.(Bus Admin), M.A.(Applied Econs), has been the Chief Executive Officer of United Overseas Bank Limited since April 27, 2007. Mr. Wee has been the Chief Executive Officer of Far East ...

CEO Compensation Analysis

Compensation vs Market: Ee Cheong's total compensation ($USD7.47M) is about average for companies of similar size in the SG market ($USD6.32M).

Compensation vs Earnings: Ee Cheong's compensation has been consistent with company performance over the past year.

Leadership Team

Ee Cheong Wee
Deputy Chairman & CEO13.08yrsS$10.56m2.59% SGD843.8m
Wai Lee
MD & Group CFO14.92yrsno datano data
Wai Hwee
Head of Group Technology & Operationsno datano datano data
Shih Tung Lin
Head of Investor Relationsno datano datano data
Vinh Tri Ngo
Head of Group Compliance3.08yrsno datano data
Ming Sia
Head of Group Legal & Company Secretaryno datano datano data
Chee Tong
Head of Group Human Resourcesno datano datano data
Boo Jin Khoo
Head of Group Retailno datano datano data
Kok Chan
MD & Group Chief Risk Officer7.67yrsno datano data
Wah Wong
Head of Group Strategy & International Managementno datano datano data


Average Tenure


Average Age

Experienced Management: U11's management team is seasoned and experienced (10.4 years average tenure).

Board Members

Ee Cheong Wee
Deputy Chairman & CEO13.08yrsS$10.56m2.59% SGD843.8m
Sai Lam
President Director of PT Bank UOB Indonesia4.33yrsno datano data
Cho-Yaw Wee
Chairman Emeritus & Honorary Adviser7.08yrsS$617.00k8.52% SGD2.8b
Alexander Charles Hungate
Non-Executive & Independent Director2.83yrsS$175.00k0.00018% SGD58.6k
Jown Leam Lien
Non-Executive & Non-Independent Director2.83yrsS$175.00kno data
Cher Siang Koh
Non-Executive Independent Director7.67yrsS$220.00k0.00023% SGD74.9k
Khirn Hai Yeo
Non-Executive & Independent Director2.83yrsS$200.00k0.00037% SGD120.5k
Yew Huat Ong
Non-Executive & Independent Director7.33yrsS$402.00kno data
Hwee Hua Lim
Non-Executive & Independent Director5.83yrsS$220.00kno data
Kan Seng Wong
Independent Chairman of the Board2.17yrsS$960.00kno data


Average Tenure


Average Age

Experienced Board: U11's board of directors are considered experienced (5.1 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

United Overseas Bank Limited's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: United Overseas Bank Limited
  • Ticker: U11
  • Exchange: SGX
  • Founded: 1935
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: S$32.554b
  • Shares outstanding: 1.67b
  • Website:

Number of Employees


  • United Overseas Bank Limited
  • UOB Plaza
  • 80 Raffles Place
  • Singapore
  • 48624
  • Singapore


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
UOVE.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
U11SGX (Singapore Exchange)YesOrdinary SharesSGSGDJan 1992
UOBDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992


United Overseas Bank Limited, together with its subsidiaries, provides banking products and services. The company’s Group Retail segment provides deposits, insurance, card, wealth management, investment, and loan and trade financing products for personal and small enterprise customers. Its Group Wholesale Banking segment provides financing, trade services, cash management, capital markets solutions, and advisory and treasury products for medium and large enterprises, local corporations, multi-national corporations, financial institutions, government-linked entities, and financial sponsors. The company’s Global Markets segment offers foreign exchange, interest rate, credit, commodities, equities, and structured investment products; and manages funding and liquidity. Its Other segment provides investment management, property, and insurance services. The company also provides mobile and internet banking services. It operates through a network of approximately 500 branches, including wealth and privilege banking centres, private bank suites, business and commercial banking centres, and offices in 19 countries and territories in the Asia Pacific, Europe, and North America; and 1.3 million automated teller machines. The company was formerly known as United Chinese Bank and changed its name to United Overseas Bank Limited in 1965. United Overseas Bank Limited was founded in 1935 and is headquartered in Singapore. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/30 12:34
End of Day Share Price2020/05/29 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.