Glenn Thum Reiterates Hold on UOB, Maintains S$37 Price Target Amid Stable Margins but Softer Fee Momentum

Analyst Glenn Thum of Phillip Securities has reiterated a Hold rating on UOB, maintaining a price target of S$37. The decision is based on stable net interest margins and earnings that met expectations, despite underperforming fee-related revenues and ongoing credit issues in Greater China. Management's guidance indicates modest loan growth and targeted fee income expansion. Thum sees limited upside in the near term due to weaker fee momentum and competitive challenges in wealth management, leading to a neutral stance on UOB shares. DBS also holds a similar position with a S$35.70 price target.