UOB fell after revising its loan growth forecast for 2024. What’s the price to look at UOB again?
Financial Performance:
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 highlighted here
3. Based on Elliott Wave projection, the downside target (strong support) is around 26.30
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Some short-term instruments for UOB:
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