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UOB fell after revising its loan growth forecast for 2024. What’s the price to look at UOB again?
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Quick summary of UOB(U11.SG) earnings: Financial Performance: UOB's FY23 core net profit rose by 26% to a record S$6.1 billion.
Quick summary of UOB(U11.SG earnings:
Financial Performance:
UOB’s FY23 core net profit rose by 26% to a record S$6.1 billion.
UOB’s FY23 core net profit rose by 26% to a record S$6.1 billion.
The total dividend for FY23 will be S$1.70 per ordinary share, representing a payout ratio of approximately 50%.
In 4Q23, net income, excluding one-off expenses, increased by 7% to S$1.5 billion.
Market Outlook:
UOB(U11.SG revised down its loan growth forecast for 2024 to around 2% due to uncertain global economic conditions
Reasons for UOB share price weakness:
Weaker-Than-Expected Net Profit:UOB(U11.SG reported a core net profit increase of 26% for the financial year ended December 31, 2023, but the market may have reacted negatively to the net profit being weaker than expected.
Uncertain Global Growth:The CEO of UOB(U11.SG mentioned uncertain global growth clouding the loan business, leading to a revision down of the 2024 loan growth forecast to around 2%
Technical Outlook:
1. Price didn’t manage to break and close above the previous high, this resulted in a Wash and Rinse.
2. Price is still trapped in the triangle pattern as seen on the chart
3. Based on Elliott Wave projection, the downside target (strong support) is around 26.30
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