Breaking expectations: UOB outperforms peers despite weak 1Q14 results

Woes in Greater China plague OCBC, DBS.

Last is indeed not the least when it comes to Singapore's three biggest banks. Contrary to market expectations, UOB’s share price continued to outperform even after posting the weakest 1Q14 results among the three top banks.

A report by Maybank Kim Eng noted that UOB’s share price has risen by 7.1% since the beginning of the year, a number which compares favourably to that of DBS at -0.1% and OCBC -4.3%.

The report further stated that DBS’ significant exposure to Greater China has reduced its investment appeal, while investors are wary of OCBC because of its recent acquisition of Wing Hang Bank.

According to the report, “In our view, UOB’s share-price outperformance can be attributed to reduced appetite for a more aggressive OCBC and its smallest exposure to Greater China. The outperformance is unlikely to reverse, in our view, because its premium valuation remains modest."

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