• 1Q26 earnings of S$1,437mn were within our estimates, at 26% of our FY26e forecast. NII fell 4% YoY to S$2,324mn as 4% loan growth partially offset 18bps NIM compression to 1.82%. NIM held up better QoQ (-2bps) as funding cost management (+15bps) largely offset asset repricing drag (-14bps) from lower SORA and HIBOR.
• Fee income of S$637mn fell 8% YoY against a record 1Q25 base and trading income declined 13% YoY to S$405mn. Total credit costs at 26bps were within guidance, and the NPL ratio was stable at 1.5%, but the NPL ratio in Greater China rose to 3.5% (4Q25: 3.3%) amid continued CRE stress. CET1 strengthened to 15.3%. Management maintained FY26e guidance (NIM at 1.75-1.80%, low-single-digit loan growth, credit costs around 25-30bps, and high-single digit fee income growth) and reaffirmed its ambition to double wealth income by 2030 (off a 2025 base).
• Maintain NEUTRAL with an unchanged target price of S$37.00 as we maintain our FY26e estimates. We assume a 1.26x FY26e P/BV and an ROE estimate of 10.9% in our GGM valuation. We expect UOB’s FY26e earnings to recover by 17% YoY, driven by lower provisions and NIM resilience, which offers modest upside to FY26 guidance of 1.75-1.80%. However, the widening wealth franchise gap vs DBS (AUM S$198bn vs S$492bn) and weak fee momentum remain headwinds. The S$2bn share buyback is 35% completed (S$706mn done), with the balance to be completed by FY27e.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
Continue Reading

Company Profile Geely is one of the leading enterprises in China's self-brand passenger vehicles manufacturers. The Company's products include six major brands: Geely, Lynk, Zeekr, covering the A0 to C-class passenger vehicles market. Investment Summary 26Q1 Sales Remained Largely Flat, with Premiumisation Strategy Showing Bright Spots In the first quarter of 2026, Geely Auto delivered a cumulative 709.4 thousand vehicles, up 0.8% yoy, setting a new record high for the same period in history and regaining the top position among...
Continue Reading