First Read: UOB-Kay Hian "Investor feedback post-initiation and key takeaways"

研报英文原文证据摘录

First Read: UOB-Kay Hian "Investor feedback post-initiation and key takeaways"

he proportion of the 12/28E 0.33 0.37

customer base linked to Mainland China and the potential earnings downside under

more restrictive regulatory outcomes. While disclosure granularity remains limited, our Benjamin Tan

Analystview is that the likely impact should be minimal and manageable, and that the recent

benjamin.tan-yx@ubs.com

pull-back in the share price over the past couple of weeks may have been somewhat

+65-6495 3239

overdone.

Aakash Rawat, CFA

AnalystOther key discussion topics and 1H26 outlook

aakash.rawat@ubs.com

Other topics discussed include the sustainability of the margin lending business, the +65-6495 8283

strategic relationship with UOB, and competitive pressures from fintech platforms,

particularly on the pricing side, with investors asking whether UOBKH has had to lower

pricing to defend market share. Investors also discussed whether there is any upside

optionality to dividend payouts. We further covered whether there could be some

upside to upcoming 1H26 results, noting that trading activity remains elevated, with

June traded values tracking above May levels so far, which could be supportive for

results. In addition, investors asked how we would position UOBKH relative to other

stocks under our coverage, such as iFast and SGX, particularly in the context of differing

exposures to market activity, structural growth drivers, and valuation. Please feel free to

reach out if you would like to discuss any of the above in more detail.

Highlights (S$m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 597 698 767 940 981 1,021 1,067 1,116

EBIT (UBS) 243 293 311 386 405 421 441 461

Net earnings (UBS) 170 224 239 300 316 329 344 360