appConfigEntityId

bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

hooksArticlePageAdvertisementConfigArticle

liveArticle

appConfig

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

sectionsV2

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

json

SCMP Reporter

Company: United Overseas Bank Country: Singapore Brokerage: Vickers Ballas Recommendation: Buy UNITED Overseas Bank is a buy; the most profitable bank in Singapore trades at an undemanding price-earnings ratio of between 13 times and 19 times, well behind the other big three banks' 21 times average.

  Its extensive retail network helped it capture a large share of Singapore's lucrative consumer market.

  It is also a leader in the syndicated loan market, corporate finance and treasury activities and enjoys steady rental income from investment properties.

  Its capital adequacy ratio of 23 per cent, well ahead of the Bank for International Settlements' required level, gives it plenty of room to expand assets.

  Its forecast annual earnings growth is 14 per cent in 1995 and 1996, ahead of Singapore's economic growth.

Company: Tenaga Nasional Berhad Country: Malaysia Brokerage: Salomon Brothers Recommendation: Sell POLITICAL and economic pressures may force regulators to defer a decision on further tariff increases to a later date, which will have a negative impact on Tenaga.

  While Tenaga must earn eight per cent on its rate base to meet World Bank debt covenants it is in its interests to fall short of the requirement to convince the government that it needs a rate increase.

Company: United Overseas Bank Country: Singapore Brokerage: Vickers Ballas Recommendation: Buy THAILAND's Sahaviriya Steel Industry is a buy. Thailand's only hot-rolled steel producer has at least a year and a half before it faces any local competition for hot-rolled steel.

  Domestic demand exceeds supply, with annual demand a project two million tonnes in 1995 and in 1996, against Sahaviriya Steel's 1.3 million to 1.65 million tonnes of production. Last year steel was US$310 a tonne in January, rising 35 per cent to $420 in December and averaging $488 in March.



Bank on United Overseas