United Overseas Bank's integrated Asean strategy could catalyze fee and credit growth, says Thilan Wickramasinghe, Maybank Securities head of research.

The U.S.-China trade war is increasing corporate shifts to the Asean region, he writes in a note. Unlike past multinational companies' relocations, which moved with their entrenched global banking relationships, the current group of relocators has fewer relationships, he adds.

"This gives UOB's integrated Asean platform an advantage." It could also help UOB diversify its loan book toward higher-quality credit in growth sectors, such as data centers and the digital economy, he adds.

Maybank raises UOB's target price to S$44.32 from S$38.75 while maintaining a buy rating. Shares are 0.3% higher at S$38.70.