Net profits were down 1.2% which were kinda disappointing, I was expecting flat earnings to maybe an increase of 3%. At 1.93 earnings per share, UOB trades at 9.2 times earnings only which is on the low side. With the recent slowdown in the China economy, investors sold down our 3 local banks as they feared of their china exposure. However I think investors should stay calm and take a look at the fundamentals instead, China is only 8% of UOB's businesses and over 60% of profits still come from Singapore. To calm investors down, UOB full year earnings presentation slide provide more details on their exposure to China and Commodities segment. Their exposure to the chinese markets looks fine to me. However their total loan exposure of 7% towards the Commodities segment does worry me a bit, which was way above my own estimation of maybe ......