# United Overseas Bank (UOB.F)

Canonical: https://gigainvestors.com/s/UOB.F

Analysis as of: 2026-10-02T00:47:46.453Z. Financial observations: FY2013–FY2025.

Listing currency: EUR. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: EUR 28.49 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.52×

- FY2017: 0.48×

- FY2018: 0.55×

- FY2019: 1.20×

- FY2020: 0.78×

- FY2021: 0.69×

- FY2022: 0.89×

- FY2023: 1.39×

- FY2024: 1.45×

- FY2025: 1.23×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.6%

- ROIC, second-lowest year: 6.9%

- Years with nonpositive capital: 7

- Capital spending / revenue: 6.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.9%

- FY2017: 6.4%

- FY2018: 7.2%

- FY2019: 22.3%

- FY2020: 13.8%

- FY2021: 12.5%

- FY2022: >100%

- FY2023: 19.4%

- FY2024: 97.4%

- FY2025: 47.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 24B

- Net income, five-year total: SGD 25B

- Return on incremental invested capital: 21.6%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 3.4 pp

- Working capital / revenue, final three-year average: 22.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: 0.99×

- FY2024: 0.97×

- FY2025: 0.88×

### management: pass

- $1 retained earnings test: 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.9% vs 47.2%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: SGD 16B

- Cumulative retained earnings: SGD 15B

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.0%

- Per-share value change: SGD 1.01

- Per-share value, starting three-year median: SGD 2.41

- Per-share value, ending three-year median: SGD 3.41

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 0.5%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: SGD 7.3B

- Cumulative net income, 10 years: SGD 43B

- ROIC, first three-year median: 6.9%

- ROIC, last three-year median: 47.2%

### accounting: pass

- Sloan accruals: 0.6%

- Receivables to sales index (DSRI): 1.02×

- Stock compensation / operating cash flow: 6.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.28×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.8%

- FY2017: -0.1%

- FY2018: 2.0%

- FY2019: -1.0%

- FY2020: -1.6%

- FY2021: 1.6%

- FY2022: -1.1%

- FY2023: -1.0%

- FY2024: 3.9%

- FY2025: 0.6%

## Holders

## Price story

Price needs cash profits to shrink 23% a year for ten years · sales -3.5%

Story as of 2026-10-03T17:10:00Z; price observation 2026-10-02.

Price needs cash profits to shrink 23% a year for ten years

- 2025-05-06: Singapore's UOB pauses 2025 guidance due to US tariffs, posts stable Q1 net profit ([finance.yahoo.com](https://finance.yahoo.com/news/singapores-uob-pauses-2025-guidance-231504061.html))

- 2025-08-06: Singapore bank DBS keeps 2025 outlook, UOB trims expectations after mixed Q2 results ([finance.yahoo.com](https://finance.yahoo.com/news/singapore-bank-dbs-second-quarter-224116848.html))

- 2025-11-14: China's $1.2 Billion Loan Shock Hits HSBC, UOB as Real Estate Crisis Deepens ([finance.yahoo.com](https://finance.yahoo.com/news/chinas-1-2-billion-loan-142006325.html))

### Sales · FY2024–2025

sales -3.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-02.

- FY2016: SGD 7.2B 

- FY2017: SGD 8.0B 

- FY2018: SGD 8.5B 

- FY2019: SGD 9.3B 

- FY2020: SGD 9.2B 

- FY2021: SGD 9.8B 

- FY2022: SGD 12B 

- FY2023: SGD 14B 

- FY2024: SGD 14B 

- FY2025: SGD 14B 

### Gross margin · FY2017

gross margin 98.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-02.

- FY2017: 98.4% 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Annual sales are SGD 13.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02T00:47:46.453Z); FY2025: revenue 13807000000; operatingIncome 16978000000; margin = operatingIncome / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); UOB.F: United Overseas Bank Limited, together with its subsidiaries, provides banking products and services worldwide. It operates through three segments: Group Retail, Group Wholesale Banking, and Global Markets. The company offers deposit products; loan products, including overdraft, cash credit, short term, and long-term loans; and buyers credit, structured trade finance, ECBs, SGD bonds, loan syndication, and M and A services. It provides forex, documentary collection, credit, export and import finance services. In addition, the company offers inward and outward remittances, FX" spot and forward, current account, and time deposit services; letter of credit advising and negotiation/discounting services; and import and export services comprising of inward and outward bill collection services, bank guarantee, as well as standby letter of credit. Further, it provides interest rate, credit, commodities, equities, and structured investment products; private, commercial and corporate, and investment banking services; and is involved in property, insurance, and investment management activities. Additionally, the company offers corporate finance, treasury, futures broking, asset management, venture capital management, insurance, stockbroking, cash management, and wealth management services; and engages in capital market, credit card, and private residential home loan businesses. The company was incorporated in 1935 and is headquartered in Singapore.

### Why customers stay

It earns 16.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02T00:47:46.453Z); FY2023: operatingIncome / revenue = 139.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02T00:47:46.453Z); FY2024: operatingIncome / revenue = 145%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02T00:47:46.453Z); FY2025: operatingIncome / revenue = 123%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02T00:47:46.453Z); 10-year return on capital observations [[2016,0.06949391997496858],[2017,0.06377319505799843],[2018,0.07248562944602066],[2019,0.22260449015314415],[2020,0.13759956969267256],[2021,0.1251347547674337],[2022,5.020324650956104],[2023,0.19367568806082872],[2024,0.9742425496971824],[2025,0.47164311207673226]]; median 0.16563762887675065. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 3 years; bought back SGD 770 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02T00:47:46.453Z); FY2023: growth capex 0; upkeep 872000000; owner earnings 5396000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02T00:47:46.453Z); FY2024: growth capex 103569966.8618052; upkeep 763430033.1381948; owner earnings 5873569966.861805. Growth capex / owner earnings = 0.0176332226305532.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02T00:47:46.453Z); FY2025: growth capex 0; upkeep 1272000000; owner earnings 4109000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02T00:47:46.453Z); Dividend observations: [[2023,2681000000],[2024,2896000000],[2025,3781000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02T00:47:46.453Z); FY2025: cash repurchases 770000000 SGD.

### Are managers owners

Insiders own 21.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); UOB.F SharesStats.PercentInsiders = 21.78 percentage points; cache date 2026-10-02.

### What the price says

The price assumes cash profits shrink 19.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02T00:47:46.453Z); Ten-year compound average after fade. Initial solved rate -0.2814874994038238. Price 30.45; FX 0.6946581861851177; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-01.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 12.04 per share

- 2016-11: EUR 13.33 per share

- 2016-12: EUR 13.13 per share

- 2017-01: EUR 13.68 per share

- 2017-02: EUR 14.36 per share

- 2017-03: EUR 14.62 per share

- 2017-04: EUR 14.16 per share

- 2017-05: EUR 14.69 per share

- 2017-06: EUR 14.61 per share

- 2017-07: EUR 14.84 per share

- 2017-08: EUR 14.64 per share

- 2017-09: EUR 14.45 per share

- 2017-10: EUR 15.39 per share

- 2017-11: EUR 16.23 per share

- 2017-12: EUR 16.30 per share

- 2018-01: EUR 16.79 per share

- 2018-02: EUR 17.13 per share

- 2018-03: EUR 16.94 per share

- 2018-04: EUR 18.83 per share

- 2018-05: EUR 18.06 per share

- 2018-06: EUR 16.97 per share

- 2018-07: EUR 16.99 per share

- 2018-08: EUR 16.68 per share

- 2018-09: EUR 16.74 per share

- 2018-10: EUR 15.20 per share

- 2018-11: EUR 15.80 per share

- 2018-12: EUR 15.33 per share

- 2019-01: EUR 15.79 per share

- 2019-02: EUR 15.83 per share

- 2019-03: EUR 16.23 per share

- 2019-04: EUR 17.81 per share

- 2019-05: EUR 14.93 per share

- 2019-06: EUR 16.46 per share

- 2019-07: EUR 16.89 per share

- 2019-08: EUR 15.85 per share

- 2019-09: EUR 16.76 per share

- 2019-10: EUR 17.32 per share

- 2019-11: EUR 16.80 per share

- 2019-12: EUR 17.22 per share

- 2020-01: EUR 16.65 per share

- 2020-02: EUR 15.73 per share

- 2020-03: EUR 12.31 per share

- 2020-04: EUR 13.20 per share

- 2020-05: EUR 12.15 per share

- 2020-06: EUR 12.76 per share

- 2020-07: EUR 12.33 per share

- 2020-08: EUR 11.86 per share

- 2020-09: EUR 11.76 per share

- 2020-10: EUR 11.70 per share

- 2020-11: EUR 13.85 per share

- 2020-12: EUR 13.87 per share

- 2021-01: EUR 14.21 per share

- 2021-02: EUR 15.09 per share

- 2021-03: EUR 16.24 per share

- 2021-04: EUR 16.39 per share

- 2021-05: EUR 15.94 per share

- 2021-06: EUR 15.90 per share

- 2021-07: EUR 16.20 per share

- 2021-08: EUR 16.01 per share

- 2021-09: EUR 16.15 per share

- 2021-10: EUR 16.92 per share

- 2021-11: EUR 16.45 per share

- 2021-12: EUR 17.38 per share

- 2022-01: EUR 19.48 per share

- 2022-02: EUR 19.62 per share

- 2022-03: EUR 21.18 per share

- 2022-04: EUR 20.68 per share

- 2022-05: EUR 19.77 per share

- 2022-06: EUR 18.06 per share

- 2022-07: EUR 19.62 per share

- 2022-08: EUR 19.46 per share

- 2022-09: EUR 18.56 per share

- 2022-10: EUR 19.76 per share

- 2022-11: EUR 21.64 per share

- 2022-12: EUR 21.41 per share

- 2023-01: EUR 20.77 per share

- 2023-02: EUR 21.06 per share

- 2023-03: EUR 20.61 per share

- 2023-04: EUR 19.09 per share

- 2023-05: EUR 19.15 per share

- 2023-06: EUR 18.78 per share

- 2023-07: EUR 20.40 per share

- 2023-08: EUR 19.27 per share

- 2023-09: EUR 19.74 per share

- 2023-10: EUR 18.41 per share

- 2023-11: EUR 18.48 per share

- 2023-12: EUR 19.97 per share

- 2024-01: EUR 19.41 per share

- 2024-02: EUR 19.23 per share

- 2024-03: EUR 20.04 per share

- 2024-04: EUR 20.67 per share

- 2024-05: EUR 20.85 per share

- 2024-06: EUR 21.24 per share

- 2024-07: EUR 21.95 per share

- 2024-08: EUR 21.45 per share

- 2024-09: EUR 22.28 per share

- 2024-10: EUR 22.45 per share

- 2024-11: EUR 25.11 per share

- 2024-12: EUR 25.27 per share

- 2025-01: EUR 26.77 per share

- 2025-02: EUR 27.32 per share

- 2025-03: EUR 25.92 per share

- 2025-04: EUR 23.04 per share

- 2025-05: EUR 24.10 per share

- 2025-06: EUR 23.89 per share

- 2025-07: EUR 24.90 per share

- 2025-08: EUR 23.38 per share

- 2025-09: EUR 22.66 per share

- 2025-10: EUR 22.81 per share

- 2025-11: EUR 22.35 per share

- 2025-12: EUR 22.97 per share

- 2026-01: EUR 25.09 per share

- 2026-02: EUR 24.17 per share

- 2026-03: EUR 24.39 per share

- 2026-04: EUR 24.26 per share

- 2026-05: EUR 25.38 per share

- 2026-06: EUR 26.61 per share

- 2026-07: EUR 28.93 per share

- 2026-08: EUR 27.65 per share

- 2026-09: EUR 29.48 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.