United Overseas Bank Limited

SGX:U11 Stock Report

Market Cap: S$59.9b

United Overseas Bank Valuation

Is U11 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of U11 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: U11 (SGD35.84) is trading below our estimate of fair value (SGD71.9)

Significantly Below Fair Value: U11 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for U11?

Key metric: As U11 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for U11. This is calculated by dividing U11's market cap by their current earnings.
What is U11's PE Ratio?
PE Ratio10.3x
EarningsS$5.81b
Market CapS$59.91b

Price to Earnings Ratio vs Peers

How does U11's PE Ratio compare to its peers?

The above table shows the PE ratio for U11 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average9.7x
O39 Oversea-Chinese Banking
9.8x0.9%S$73.7b
D05 DBS Group Holdings
11.2x1.4%S$121.6b
QNBK Qatar National Bank (Q.P.S.C.)
10.5x7.8%ر.ق159.3b
CABK CaixaBank
7.2x-1.3%€36.7b
U11 United Overseas Bank
10.3x5.2%S$59.9b

Price-To-Earnings vs Peers: U11 is expensive based on its Price-To-Earnings Ratio (10.3x) compared to the peer average (9.7x).

Price to Earnings Ratio vs Industry

How does U11's PE Ratio compare vs other companies in the Asian Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
U11 10.3xIndustry Avg. 8.7xNo. of Companies85PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: U11 is expensive based on its Price-To-Earnings Ratio (10.3x) compared to the Asian Banks industry average (8.7x).

Price to Earnings Ratio vs Fair Ratio

What is U11's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

U11 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.3x
Fair PE Ratio10x

Price-To-Earnings vs Fair Ratio: U11 is expensive based on its Price-To-Earnings Ratio (10.3x) compared to the estimated Fair Price-To-Earnings Ratio (10x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst U11 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentS$35.84
S$39.37
+9.8%
5.1%S$43.60S$36.40n/a17
Dec ’25S$36.36
S$38.57
+6.1%
6.4%S$42.00S$31.00n/a17
Nov ’25S$32.10
S$34.42
+7.2%
6.8%S$39.70S$29.00n/a17
Oct ’25S$32.07
S$34.14
+6.5%
7.9%S$39.70S$27.50n/a17
Sep ’25S$31.39
S$34.26
+9.1%
7.5%S$39.70S$27.50n/a17
Aug ’25S$32.04
S$34.37
+7.3%
7.2%S$39.70S$30.00n/a17
Jul ’25S$31.30
S$33.45
+6.9%
7.8%S$39.70S$30.00n/a17
Jun ’25S$30.79
S$33.45
+8.7%
7.8%S$39.70S$30.00n/a17
May ’25S$30.40
S$32.99
+8.5%
8.1%S$39.70S$28.50n/a18
Apr ’25S$29.44
S$32.49
+10.4%
8.3%S$39.70S$28.50n/a18
Mar ’25S$28.19
S$32.17
+14.1%
9.0%S$39.70S$27.00n/a18
Feb ’25S$28.34
S$32.10
+13.2%
9.0%S$39.70S$27.00n/a18
Jan ’25S$28.45
S$32.17
+13.1%
9.3%S$39.70S$27.00n/a17
Dec ’24S$27.31
S$32.20
+17.9%
8.9%S$39.70S$28.00S$36.3617
Nov ’24S$27.14
S$32.17
+18.5%
9.1%S$39.70S$28.00S$32.1017
Oct ’24S$28.50
S$32.63
+14.5%
9.2%S$39.70S$28.00S$32.0717
Sep ’24S$28.44
S$32.66
+14.8%
9.2%S$39.70S$28.00S$31.3917
Aug ’24S$30.16
S$32.53
+7.9%
9.7%S$39.70S$26.80S$32.0417
Jul ’24S$28.00
S$32.13
+14.8%
9.8%S$39.70S$26.80S$31.3017
Jun ’24S$27.84
S$32.13
+15.4%
9.8%S$39.70S$26.80S$30.7917
May ’24S$28.22
S$32.92
+16.7%
10.1%S$39.70S$28.00S$30.4017
Apr ’24S$29.76
S$33.50
+12.6%
9.2%S$39.70S$28.00S$29.4417
Mar ’24S$29.93
S$33.90
+13.3%
7.8%S$38.50S$28.00S$28.1917
Feb ’24S$29.73
S$34.07
+14.6%
8.4%S$40.00S$28.00S$28.3417
Jan ’24S$30.70
S$34.03
+10.8%
8.4%S$40.00S$28.00S$28.4516
Dec ’23S$31.33
S$33.81
+7.9%
8.6%S$40.00S$28.00S$27.3116

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 05:39
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

United Overseas Bank Limited is covered by 42 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Wing San WongBarclays
Wee Siang NgBNP Paribas Securities (Asia)
Anand SwaminathanBofA Global Research