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United Overseas Bank Limited (UOB19) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of United Overseas Bank Limited THB 10.01, price THB 11.40, upside -12.2%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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UO
Thin data
Sep 29, 2026
United Overseas Bank Limited
UOB19 · BKOvervalued / MonitorQuality is not strong enough to offset the price risk.
!Fair value 10.01 THB · Overvalued (−12.2%)
!Quality 51/100
!Expensive Growth (revenue 3y +6.0 %/yr)
✓Highly profitable · 40.4% net margin (TTM)
✓generates free cash flow
!13.9% dividend yield · Watch coverage
✓Wide moat 65/100
!Evidence only low, so the estimate is less certain
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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
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
25‑month range 7.02 THB – 11.80 THB · fair‑value band 7.51 THB – 12.51 THB · the 11.40 THB price screens above the 10.01 THB fair value. Dashed = 300-day average. As of Sep 29, 2026.
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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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.
Stock analysis
United Overseas Bank Limited (UOB19) currently trades at 11.40 THB, while our model-based Fair Value estimate is 10.01 THB, 12.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 9.67 THB per share, and 0 of the 4 models we run sit above the 11.40 THB price.
Bear case: the Asset-Based group reads lowest at 5.45 THB, and 4 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: 7.51 THB (bear) to 12.51 THB (bull), the price of 11.40 THB 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 Limited reported revenue of 13.8B SGD in FY2025 versus 11.6B SGD in FY2022, a compound +6.0%/yr. Reported net income was 4.7B SGD in FY2025, compounding +0.8%/yr from FY2022.
Key figures
Market cap 1.8T THB (≈ $53.7B) · P/E ratio 15.4 · P/S ratio 5.22 · EPS (TTM) 0.7400 THB · Dividend yield 13.9% · Net margin 33.9% · Return on equity 9.2% · Return on assets 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 39% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −36% fair-value upside, at −12%, UOB19 screens cheaper than that median.
Fair Value models
Bear 7.51 THB
Fair Value 10.01 THB
Bull 12.51 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
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.
Evidence ⓘEvidence = 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.
Highest evidence
Residual Income
7.08 THB
7.73 THB
8.93 THB
73
P/E Multiple
7.25 THB
9.67 THB
12.09 THB
63
P/B Multiple
8.55 THB
11.40 THB
14.25 THB
55
All 4 models by family
Multiples
P/E Multiple
7.25 THB
9.67 THB
12.09 THB
63
P/B Multiple
8.55 THB
11.40 THB
14.25 THB
55
Asset-Based
NCAV (Graham)
4.07 THB
5.45 THB
8.14 THB
51
Economic Profit
Residual Income
7.08 THB
7.73 THB
8.93 THB
73
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Set up alert →Quality Score breakdown
Overall quality
51/100
Of which business quality 44 · Market factors (momentum, volatility) 79
Profitability
41
Margins and returns on capital today
Quality Growth
34
Are margins and returns improving?
Cashflow
15
Earnings quality: real cash, not paper profit
Fin. Strength
36
Balance sheet, leverage, solvency risk
Investment
70
Disciplined investing over empire-building
Low Volatility
97
Calm price path (market factor)
Momentum
66
Price trend over the last 3–12 months (market factor)
52W Momentum
81
Distance to the 52-week high (market factor)
Net Issuance
90
Share count: buybacks or dilution?
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.
50/100
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%
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
+11.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.7%
Dividend (yield on the price)13.9%
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in SGD, Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +2.3% a year for the forecasts.
Forecast 2026 (sales)+2.0%
Forecast 2027 (sales)+5.7%
Projected 2028 (sales)+5.3%
Projected 2029 (sales)+4.8%
Projected 2030 (sales)+4.3%
UOB19 screens overvalued: fair value 12% below the price. Compare with DBS Group →
Compare United Overseas Bank Limited with another stock
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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 · 1053 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs Banks - Regional median · lower = cheaper
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Valuation of the Thailand 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 |
|---|---|---|---|
| DBS Group D05 | 78.00 SGD | 40.39 SGD | −48% |
| China Merchants Bank Co 600036 | ¥40.69 | ¥52.73 | +30% |
| UniCredit S.p.A UCG | €79.53 | €77.12 | −3% |
| Mizuho Financial Group MFG | $11.05 | $6.82 | −38% |
| Intesa Sanpaolo S.p.A ISP | €6.38 | €4.06 | −36% |
| BNP Paribas SA BNP | €91.54 | €105.99 | +16% |
| HDFC Bank Limited HDFCBANK | ₹721.20 | ₹406.44 | −44% |
| Oversea-Chinese Banking Corporation O39 | 32.01 SGD | 19.78 SGD | −38% |
| Al Rajhi Banking and Investment Corporation 1120 | 63.15 SAR | 36.95 SAR | −41% |
| CaixaBank, S.A CABK | €12.03 | €8.46 | −30% |
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Frequently asked questions
Is United Overseas Bank Limited (UOB19) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of 10.01 THB versus a price of 11.40 THB, about −12% upside (overvalued).
What is the fair value of UOB19?
Our model-based fair value for United Overseas Bank Limited is 10.01 THB (as of Sep 29, 2026), built from audited fundamentals. The current price: 11.40 THB.
What is the quality score of UOB19?
United Overseas Bank Limited 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 Limited (UOB19)?
Our model-based price target is the fair value of 10.01 THB (as of Sep 29, 2026) from 4 valuation models. Cautious scenario 7.51 THB, optimistic scenario 12.51 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the United Overseas Bank Limited stock forecast for 2026?
Our models put fair value at 10.01 THB, about −12% upside versus a price of 11.40 THB (overvalued). Cautious scenario 7.51 THB, optimistic scenario 12.51 THB. The calculation is refreshed regularly with new filings.
What is the revenue of United Overseas Bank Limited (UOB19)?
United Overseas Bank Limited reported trailing-twelve-month revenue of about 11.8B SGD (latest available figure, as of Sep 29, 2026).
Does United Overseas Bank Limited pay a dividend?
United Overseas Bank Limited currently shows a dividend yield of about 13.95% relative to its recent price (as of Sep 29, 2026).
What growth is priced into United Overseas Bank Limited (UOB19)?
For today's price to be fair in a discounted-cash-flow model, United Overseas Bank Limited would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +6.1 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of UOB19 use?
Our models discount United Overseas Bank Limited at 9.7 %: a base by market capitalisation (large), damped by beta 0.38, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For United Overseas Bank Limited that is less than minus 40 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has United Overseas Bank Limited (UOB19) delivered so far?
Over the past 3 years revenue at United Overseas Bank Limited grew +6.1 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of United Overseas Bank Limited (UOB19) growing?
The median revenue growth in the sector is +6.6 % a year. That is the yardstick for the growth priced into United Overseas Bank Limited (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of United Overseas Bank Limited (UOB19)?
The free-cash-flow yield on the price is 6.45 %: that much free cash flow United Overseas Bank Limited produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of United Overseas Bank Limited (UOB19)?
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 Limited it is 10.01 THB per share (as of Sep 29, 2026), against a price of 11.40 THB. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is United Overseas Bank Limited stock overvalued or undervalued in 2026?
As of Sep 29, 2026, UOB19 trades above its calculated fair value: price 11.40 THB, fair value 10.01 THB, a gap of about −12% (overvalued). 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 UOB19?
No. The price is what the market pays today (11.40 THB); the fair value is what the company's own numbers justify (10.01 THB). For United Overseas Bank Limited the two are 1.39 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is United Overseas Bank Limited worth?
The market values United Overseas Bank Limited at about 1.8T THB (market capitalisation, as of Sep 29, 2026). Per share that is 11.40 THB; our models calculate a fair value of 10.01 THB per share.
What do the bullish and bearish scenarios say about UOB19?
Our models span a range for United Overseas Bank Limited: cautious scenario 7.51 THB, base 10.01 THB, optimistic 12.51 THB per share (as of Sep 29, 2026, price 11.40 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of UOB19?
United Overseas Bank Limited trades at a price-to-earnings ratio of 15.4 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 10.01 THB is built from several models across several years. Other multiples: PEG 1.1, P/B 1.1, P/S 4.6.
What is the PEG ratio of UOB19?
The PEG ratio of United Overseas Bank Limited is 1.08 (P/E divided by earnings growth, as of Sep 29, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of United Overseas Bank Limited (UOB19)?
Balance-sheet figures for United Overseas Bank Limited (as of Sep 29, 2026): return on equity 9.2%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is UOB19 from its 52-week high?
United Overseas Bank Limited trades at 11.40 THB, about 3% below its 52-week high of 11.80 THB and 39% above the low of 8.20 THB (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of 10.01 THB is for.
Which stocks are comparable to United Overseas Bank Limited?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, 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 Limited stock attractive at the current price?
The data as of Sep 29, 2026: price 11.40 THB, calculated fair value 10.01 THB (−12%), Quality Score 51/100, from 4 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 UOB19 calculated?
We run United Overseas Bank Limited through 4 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 10.01 THB, 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 14.5 % above its aggregate fair value. United Overseas Bank Limited 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 Limited (UOB19)?
The closing price on Sep 29, 2026 was 11.40 THB. Our model-based fair value is 10.01 THB, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with United Overseas Bank Limited right now?
Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. 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 Limited
How large is the market capitalisation of United Overseas Bank Limited (UOB19)?
The market capitalisation of United Overseas Bank Limited is 1.8T THB (≈ $53.7B). 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 Limited (UOB19)?
The price-to-sales ratio of United Overseas Bank Limited is 5.22 (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 Limited (UOB19)?
Earnings per share at United Overseas Bank Limited are 0.7400 THB (price ÷ EPS = P/E 15.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of United Overseas Bank Limited (UOB19)?
The dividend yield of United Overseas Bank Limited is 13.9%. 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 Limited (UOB19)?
The net margin of United Overseas Bank Limited 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 Limited (UOB19)?
The return on equity (ROE) of United Overseas Bank Limited is 9.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of United Overseas Bank Limited (UOB19)?
The return on assets (ROA) of United Overseas Bank Limited is 0.9% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of United Overseas Bank Limited (UOB19)?
The operating margin of United Overseas Bank Limited is 51.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at United Overseas Bank Limited (UOB19)?
Revenue at United Overseas Bank Limited is growing +6.2% 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 Limited (UOB19)?
Earnings per share at United Overseas Bank Limited are growing +11.3% versus a year earlier. How much earnings per share grew versus a year earlier.
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