I have been accumulating UOB for some time, as its quarterly results and price seems to be lagging both DBS and OCBC. Expanses remain high from its Citi acquisitions which should be good for the longer term, but depressing net profit in the short run...
Is UOB at $27.86 a good buy?
Finally the day came for its Q3 results and its eye popping 7% rise yesterday. Though the last 3 hours on Fri saw a price pullback from the all-time high of $36.60, the close was still a very respectable price of $35.69
Fri's volume was very high at 14 million, than its 52 week average volume of just 3 million. This shows that the BBs are aggressively accumulating UOB with the hope of selling it even higher. Coupled with China govt under-whelming announcements to prop up its weak economy, there could still remain some price strength next week
Still a bird at hand is better than two in the bush, and it's never...