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United Overseas Bank Ltd (U11) fair value: what the stock is really worth

As of Nov 5, 2026: fair value (intrinsic value) of United Overseas Bank Ltd stock S$35.56, price S$37.81, that is 6.0% below the price, quality 51 out of 100. Rating: fairly valued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services SG · ISIN SG1M31001969

UO United Overseas Bank Ltd logo Some data Nov 6, 2026

United Overseas Bank Ltd

U11 · SG
Fairly valued, in an uptrend

The stock costs about what our calculation considers fair.

Highly profitable · 43.2% net margin (TTM)
4.2% dividend yield · Low payout
Ranks above peers (8/13)
Revenue last quarter +53% vs. a year ago.
Fair value 35.56 SGD · Fairly valued (−6.0%)
Quality 51/100
Expensive Growth (revenue 5y +9.8 %/yr in SGD)
Wide moat 68/100 · thin data
Some data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

44.00 SGD 20.03 SGD Fair Value 35.56 SGD Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range 20.03 SGD – 44.00 SGD · fair‑value band 26.67 SGD – 44.45 SGD · the 37.81 SGD price screens above the 35.56 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

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.

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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.

Stock analysis

United Overseas Bank Ltd (U11) currently trades at 37.81 SGD, while our model-based Fair Value estimate is 35.56 SGD, so the stock looks roughly fairly valued today (gap 6.3%).

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Valuation

Bull case: the Dividend Discount group reads highest at a median of 42.20 SGD per share, and 2 of the 6 models we run sit above the 37.81 SGD price.

Bear case: the Asset-Based group reads lowest at 18.82 SGD, and 4 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 26.67 SGD (bear) to 44.45 SGD (bull), the price of 37.81 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 51/100 (solid quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

United Overseas Bank Ltd reported revenue of 13.8B SGD in FY2025 versus 9.8B SGD in FY2021, a compound +9.1%/yr. Reported net income was 4.7B SGD in FY2025, compounding +3.5%/yr from FY2021.

Key figures

Market cap 62.5B SGD (≈ $48.8B) Large · P/E ratio 6.7 · P/S ratio 2.28 · EPS (TTM) 5.62 SGD · Dividend yield 4.2% · Net margin 33.9% · Return on equity 9.2% · Return on assets (EBIT) 1.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (low confidence).

What moves the price

The share trades about 14% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −6%, U11 screens cheaper than that median.

Fair Value models

Bear 26.67 SGD Fair Value 35.56 SGD Bull 44.45 SGD
Price 37.81 SGD · Downside -6.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (3.42 SGD per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income 27.86 SGD 30.79 SGD 37.64 SGD 76
DDM Multi-Stage 23.46 SGD 42.20 SGD 56.72 SGD 66
Gordon GGM 23.46 SGD 55.04 SGD 102.36 SGD 64
All 6 models by family
Dividend Discount
Gordon GGM 23.46 SGD 55.04 SGD 102.36 SGD 64
DDM Multi-Stage 23.46 SGD 42.20 SGD 56.72 SGD 66
Multiples
P/E Multiple 27.69 SGD 36.92 SGD 46.15 SGD 63
P/B Multiple 25.65 SGD 34.20 SGD 42.74 SGD 55
Asset-Based
NCAV (Graham) 14.04 SGD 18.82 SGD 28.08 SGD 54
Economic Profit
Residual Income 27.86 SGD 30.79 SGD 37.64 SGD 76

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Quality Score breakdown

Overall quality 51/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 34
How much profit the company makes from its sales and capital
Quality Growth 50
Are margins and returns getting better?
Cashflow 15
Do the profits arrive as real cash?
Financial strength 36
Debt, balance sheet and risk of trouble
Investment 70
Does it invest with discipline instead of growing at any price?
Low Volatility 97
How calm the share price moves, does not count
Price momentum 47
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 49
Distance to the 52-week high, does not count
New shares 90
Buys back shares or issues new ones?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 59/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−3.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.8%
Start year 2020 (pandemic). Over 10 years: +6.5% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.8%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+7.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.1%
Dividend (yield on the price)4.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.3.1% vs 4.6%, steady
Pace: the 5-year rate starts in 2020 (pandemic)

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1002 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside −6.0% · Above median
Profitability
Return on equity (12 months) 9.2% · Below median
Return on assets 0.8% · Below median
Net margin (12 months) 43.2% · Top 25%
Operating margin (12 months) 49.7% · Above median
Growth and dividend
Revenue growth (quarter YoY) 53.3% · Top 25%
Dividend yield (12 months) 4.2% · Top 25%
Balance sheet
Debt / equity 0.58× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 6.7× · Cheapest 25%
P/B 0.95× · Cheaper than median
P/S (12 months) 3.78× · Pricier than median
PEG 1.00× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)25 · sector 8
FUTURE (revenue growth)100 · sector 48
PAST (return on equity)37 · sector 43
HEALTH (low debt)71 · sector 85
DIVIDEND (yield)84 · sector 53

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.52 ¥7.59 +38% vs U11
China Merchants Bank Co 600036 ¥42.54 ¥52.73 +24% vs U11
BNP Paribas SA BNP €91.94 €106.01 +15% vs U11
Intesa Sanpaolo S.p.A ISP €6.27 €4.59 −27% vs U11
UniCredit S.p.A UCG €77.18 €50.44 −35% vs U11
Oversea-Chinese Banking Corporation O39 27.93 SGD 18.20 SGD −35% vs U11
Mizuho Financial Group MFG $9.39 $5.90 −37% vs U11
DBS Group D05 71.20 SGD 40.39 SGD −43% vs U11
HDFC Bank Limited HDFCBANK ₹760.00 ₹406.39 −47% vs U11
ICICI Bank Limited ICICIBANK ₹1,500 ₹615.63 −59% vs U11

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United Overseas Bank Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "United Overseas Bank Ltd Fair Value". https://www.fairvalue-calculator.com/stock/U11

Frequently asked questions

Is United Overseas Bank Ltd (U11) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 35.56 SGD versus a price of 37.81 SGD, about 6% lower (fairly valued).
What is the fair value of U11?
Our model-based fair value for United Overseas Bank Ltd is 35.56 SGD (as of Nov 6, 2026), built from audited fundamentals. The current price: 37.81 SGD.
What is the quality score of U11?
United Overseas Bank Ltd has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for United Overseas Bank Ltd (U11)?
Our model-based price target is the fair value of 35.56 SGD (as of Nov 6, 2026) from 6 valuation models. Cautious scenario 26.67 SGD, optimistic scenario 44.45 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the United Overseas Bank Ltd stock forecast for 2026?
Our models put fair value at 35.56 SGD, about 6% lower versus a price of 37.81 SGD (fairly valued). Cautious scenario 26.67 SGD, optimistic scenario 44.45 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of United Overseas Bank Ltd (U11)?
United Overseas Bank Ltd reported trailing-twelve-month revenue of about 12.9B SGD (latest available figure, as of Nov 6, 2026).
Does United Overseas Bank Ltd pay a dividend?
United Overseas Bank Ltd currently shows a dividend yield of 4.21% relative to its recent price (as of Nov 6, 2026).
What is the intrinsic value of United Overseas Bank Ltd (U11)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For United Overseas Bank Ltd it is 35.56 SGD per share (as of Nov 6, 2026), against a price of 37.81 SGD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is United Overseas Bank Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, U11 trades above its calculated fair value: price 37.81 SGD, fair value 35.56 SGD, a gap of about −6% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of U11?
No. The price is what the market pays today (37.81 SGD); the fair value is what the company's own numbers justify (35.56 SGD). For United Overseas Bank Ltd the two are 2.25 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is United Overseas Bank Ltd worth?
The market values United Overseas Bank Ltd at about 62.5B SGD (market capitalisation, as of Nov 6, 2026). Per share that is 37.81 SGD; our models calculate a fair value of 35.56 SGD per share.
What do the bullish and bearish scenarios say about U11?
Our models span a range for United Overseas Bank Ltd: cautious scenario 26.67 SGD, base 35.56 SGD, optimistic 44.45 SGD per share (as of Nov 6, 2026, price 37.81 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of U11?
United Overseas Bank Ltd trades at a price-to-earnings ratio of 6.7 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 35.56 SGD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 11.1. Other multiples: PEG 1.0, P/B 1.0, P/S 3.8.
What is the PEG ratio of U11?
The PEG ratio of United Overseas Bank Ltd is 1.00 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of United Overseas Bank Ltd (U11)?
Balance-sheet figures for United Overseas Bank Ltd (as of Nov 6, 2026): return on equity 9.2%, debt of 0.58 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is U11 from its 52-week high?
United Overseas Bank Ltd trades at 37.81 SGD, about 14% below its 52-week high of 44.00 SGD and 17% above the low of 32.34 SGD (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 35.56 SGD is for.
Which stocks are comparable to United Overseas Bank Ltd?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is United Overseas Bank Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price 37.81 SGD, calculated fair value 35.56 SGD (−6%), Quality Score 51/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of U11 calculated?
We run United Overseas Bank Ltd through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 35.56 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. United Overseas Bank Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of United Overseas Bank Ltd (U11)?
The closing price on Nov 5, 2026 was 37.81 SGD. Our model-based fair value is 35.56 SGD, about 6% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with United Overseas Bank Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of United Overseas Bank Ltd

How large is the market capitalisation of United Overseas Bank Ltd (U11)?
The market capitalisation of United Overseas Bank Ltd is 62.5B SGD (≈ $48.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of United Overseas Bank Ltd (U11)?
The price-to-sales ratio of United Overseas Bank Ltd is 2.28 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of United Overseas Bank Ltd (U11)?
Earnings per share at United Overseas Bank Ltd are 5.62 SGD (price ÷ EPS = P/E 6.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of United Overseas Bank Ltd (U11)?
The dividend yield of United Overseas Bank Ltd is 4.2% (payout 28.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of United Overseas Bank Ltd (U11)?
The net margin of United Overseas Bank Ltd is 33.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of United Overseas Bank Ltd (U11)?
The return on equity (ROE) of United Overseas Bank Ltd is 9.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of United Overseas Bank Ltd (U11)?
On an EBIT basis the return on assets of United Overseas Bank Ltd is 1.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of United Overseas Bank Ltd (U11)?
The operating margin of United Overseas Bank Ltd is 49.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at United Overseas Bank Ltd (U11)?
Revenue at United Overseas Bank Ltd is growing +53.3% versus a year earlier (3y avg +6.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at United Overseas Bank Ltd (U11)?
Earnings per share at United Overseas Bank Ltd are growing +11.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does United Overseas Bank Ltd (U11) generate?
The free cash flow of United Overseas Bank Ltd is 46.0M SGD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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