United Overseas Bank Ltd

“UOB is a well-capitalized, family-steered ASEAN bank with a genuine regulatory moat and a differentiated retail expansion story via the Citibank acquisition, but its economics are only modestly above cost of equity (ROE 12-13% vs ~11% COE), NIM faces normalization headwinds, and at 1.25x book there is no margin of safety — expected total returns of 10-12% per annum are adequate but insufficient for high conviction deployment when better-spread opportunities exist; the right entry is nearer 1.0-1.1x book on a drawdown.”