0723 GMT - UOB likely offers investors shelter from expected continuing market volatility following the U.S. elections, given its Asean-centric portfolio, RHB Research says in a note. The Singapore-listed bank's benefits include positioning the wholesale banking business to better capture connectivity and foreign-direct-investment flows into Asean region, RHB's Singapore research team says. There might be further upside to UOB's return of capital to investors via higher dividends and/or share buybacks, given it has a better "line of sight" on excess capital as Basel III reforms have gone live, the team adds. RHB raises the stock's rating to buy from neutral and the target price to S$40.20 from S$35.60. Shares are 0.3% lower at S$36.32. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
November 20, 2024 02:23 ET (07:23 GMT)
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