Saturday, June 17, 2023

YZJ Ship Building (BS6)



We produce a broad range of commercial vessels such as containerships, bulk carriers and LNG vessels, our shipbuilding bases are strategically located along the Yangtze River: Jiangsu New Yangzi Shipbuilding Co., Ltd (“New Yangzi Yard”) Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd (“Xinfu Yard”) Jiangsu Yangzi Changbo Shipbuilding Co., Ltd (“Changbo Yard”) Jiangsu Yangzi-Mitsui Shipbuilding Co., Ltd. (“YAMIC Yard”

The Financial Highlights:

On behalf of the Board of Directors, I am pleased to present to you the annual report of Yangzijiang Shipbuilding (Holdings) Ltd. ("Yangzijiang" or together with its subsidiaries, the "Group") for the financial year ended 31 December 2022 ("FY2022"). MILESTONE YEAR In FY2022, we managed to achieve year-on-year ("yoy") revenue growth of 37% to RMB20.71 billion on the back of a record-high number of vessel deliveries to our customers. In addition, we made progress regarding our venture into green vessels with our technology collaboration with liquified natural gas ("LNG") membrane containment specialist, Gaztranport & Technigaz ("GTT"). Shortly after, we clinched our maiden contract for the construction of large-scale LNG vessels. The breakthrough into clean energy vessels, as well as higher dual-fuel vessel demand, drove our order wins in 2022. 

As such, we ended the year with a historic-high orderbook of US$10.5 billion. INVESTMENT SEGMENT SPIN-OFF On the corporate side, Yangzijiang completed the spinoff of its investment segment, Yangzijiang Financial Holding ("YZJFH"), which was listed on the mainboard of the Singapore Exchange Securities Trading Limited ("SGX-ST") on 28 April 2022. Following that, we repositioned ourselves as a pure-play shipbuilding company with greater flexibility to grow and capitalise on the current state of play in the shipbuilding industry. Since the corporate exercise, we managed to unlock the values of both the existing entity and the new investment business entity as we saw an overall improvement in shareholders' value. 

REWARDING OUR SHAREHOLDERS On the back of our commendable financial performance, the Group continued our consistent trend of paying out dividends to our shareholders. For FY2022, we proposed a dividend per share of S$0.05, which will translate to a 36% payout ratio. This was significantly higher than the 25% payout ratio for FY2021. The strong dividend payout is a testament to our commitment to rewarding our shareholders for their loyalty and support all these years. On top of that, we also paid out dividend in specie in the form of YZJFH shares during the year, which approximately amounted to RMB20 billion in total.

Chart wise, Bullish mode!

Likely to continue to trend higher!

I think she is hovering at the resistance level of 1.30.

A nice crossing over smoothly plus good volume we may likely see her reversing up to test 1.37 then 1.45.

Not a call to buy or sell!

Please dyodd.


 We are Asia’s leading and trusted securities and derivatives market infrastructure, operating equity, fixed income, currency and commodity markets to the highest regulatory standards. We also operate a multi-asset sustainability platform, SGX FIRST or Future in Reshaping Sustainability Together (sgx.com/first).  

We are committed to facilitating economic growth in a sustainable manner leveraging our roles as a key player in the ecosystem, a business, regulator and listed company. With climate action as a key priority, we aim to be a leading sustainable and transition financing and trading hub offering trusted, quality, end-to-end products and solutions.

As Asia’s most international, multi-asset exchange, we provide listing, trading, clearing, settlement, depository and data services, with about 40% of listed companies and over 80% of listed bonds originating outside of Singapore. We are the world's most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN. In foreign exchange, we are Asia's leading marketplace and most comprehensive service provider for global FX over-the-counter and futures participants. Headquartered in AAA-rated Singapore, we are globally recognised for our risk management and clearing capabilities. 

Chart wise, bullish mode!

Likely to continue to trend higher!

It has managed to bounce-off from the low of 9.20 and rises up to close well at 9.62, looks rather positive!

Short term wise, I think likely to rise up to retest the recent high of 9.73.

A nice breakout accompany with high volume we may likely see her rising up to test 10.00 and above.

Please dyodd.

DBS Group

Chart wise, she is still stucked in a consolidation mode/bearish trend no sign of reversal!

I think likely to see it consolidating till we see a breakout or breaking down situation!

Unless it can reclaim 32.00 in order to reverse this downtrend direction!

Please dyodd.

DBS Group Holdings Ltd. is an investment holding company that engages in the provision of retail, small and medium-sized enterprise, corporate and investment banking services. The company operates through the following business segments: Consumer Banking/Wealth Management, Institutional Banking, Treasury, and Others.

DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation.


Why DBS Corporate Banking​

At DBS, we help clients to realise their full potential and be future-ready. Leveraging our regional connectivity, industry expertise and digital capabilities, we work with corporates to develop customised solutions to help them meet their short-term priorities and long-term strategic goals.​

Backed by AA- and Aa1 credit ratings, we offer a full range of corporate and institutional banking products and services in the markets we operate.​

Chart wise,  bearish mode!

Likely to see further selling down pressure!

From the long and bearish candlestick plus super high volume we may roughly gauge that the selling is more or less done!

Likely to see a technical rebound!

If it can rise up to reclaim 32 then 33.36 level in order to reverse this down trend!

Let's see how it pan out!

Yearly dividend of 1.68. Yield is above 5%. Nice dividend yield.

Pls dyodd.

Nu Holdings Ltd - NU

Chart wise, bullish mode!

I think likely to rise up to restest the recent high of 7.68.

A nice breakout smoothly plus high volume that may likely drive the price higher towards 8.00 then 8.50 level.

Not a call to buy or sell.

Please dyodd.

 Nu Holdings Ltd is a Brazil-based company that provides a digital banking platform. 

The Company offers its customers products across the five financial seasons: spending, saving, investing, borrowing, and protecting. Its spending solutions are designed to help customers pay for goods and services in their everyday lives with a customized credit line or instantly through a mobile phone, while collecting loyalty points and rewards on applicable transactions. 

Its savings solutions are designed to help customers deposit, manage and save their money in interest-earning accounts with complementary debit cards. Its investing solutions are designed to help customers invest their money in investment products and services. 

Its borrowing solutions are designed to provide customers with unsecured loans that are easy to receive, manage and pay back. 

Its NuInsurance protecting solutions are designed to help customers secure life insurance etc. Quote : (cnbc.com)

Friday, June 16, 2023

Keppel DC

 Do take note that on Monday 19th June she will be officially being removed from the STI index component. We may likely see some market action or activities reacting to this important events! 

Is good to be cautious!

Please dyodd.


Chart wise,  bearish mode!

Likely to see further weakness!

Short term wise,  I think likely to go down to test 2.00 then 1.90 with further extensions to 1.75-1.80.

Pls dyodd.

Quote: Keppel DC Reit will be removed from the index, following the index operator’s June 2023 review.

The exact date is on 19th June 2023.

Keppel DC REIT was listed on the Singapore Exchange on 12 December 2014 as the first pure-play data centre REIT in Asia.

Keppel DC REIT’s investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate and assets necessary to support the digital economy.

Keppel DC REIT’s investments comprise an optimal mix of colocation, fully-fitted and shell and core assets, as well as debt securities issued by NetCo which holds network assets1, thereby reinforcing the diversity and resiliency of its portfolio.

Keppel DC REIT is sponsored by Keppel Telecommunications & Transportation Ltd (Keppel T&T),  a wholly-owned subsidiary of Keppel Corporation Limited. It is managed by Keppel DC REIT Management Pte. Ltd. (the Manager)., a wholly-owned subsidiary of Keppel Capital Holdings Pte. Ltd. (Keppel Capital). Keppel Capital is the asset management arm of Keppel Corporation, and has a diversified portfolio of real estate, infrastructure, data centres and alternative assets in key global markets through its listed REITs and Trust, as well as private funds. The Keppel Group, through Keppel T&T and the private data centre funds has currently over $2 billion worth of data centre assets under development.

The Manager’s key objectives are to provide Keppel DC REIT’s Unitholders with regular and stable distributions, as well as achieve long-term growth through at least 90% of its AUM in data centre investments, while maintaining an optimal capital structure.

1Bonds issued by M1 Network Private Limited (NetCo).

First quarter 2023 DPU rose 3 per cent to 2.541 Singapore cents versus 2.466 cents the year before.


 Today she has a Gap up moment and close well at 91.60 coupled with high volume this is rather bullish!

Likely to rise up to test 96.70 then 102.31.

Please dyodd.

 Chart wise,  looks like she is turning into an uptrend mode soon! 

She is rising up to test 90 then 100 with extension to 118! 

Pls dyodd.

Alibaba Group was established in 1999 by 18 people led by Jack Ma, a former English teacher from Hangzhou, China. From the outset, the company’s founders shared a belief that the Internet would level the playing field by enabling small enterprises to leverage innovation and technology to grow and compete more effectively in the domestic and global economies. Since launching its first website helping small and medium-sized enterprises in China to sell internationally, Alibaba Group has grown into a digital ecosystem with businesses comprising China commerce, international commerce, local consumer services, Cainiao, cloud, digital media and entertainment, innovation initiatives and others.

Alibaba FY 2023 results:

  • Revenue was RMB208,200 million (US$30,316 million), an increase of 2% year-over-year.
  • Income from operations was RMB15,240 million (US$2,219 million), a decrease of 9% year-over-year.
  • Adjusted profit rose 5% to $2.79 a share.

Chart wise, A nice gap up price pattern spotted on the chart yesterday,  looks rather interesting!

Short term wise,  with Nasdaq turning into an bullish uptrend mode direction I think Alibaba price may likely rise up to reclaim 90 then 96 with extension to 110.

Pls dyodd. 

Ocbc Bank

 Today it has a nice Gap up moment plus closed well at 12.65 coupled with high volume this is rather positive!

Likely to continue to trend higher!

Short term wise,  I think likely to test 12.78 then 12.90.

Please dyodd.

 Chart wise,  it is still stucked in a consolidation mode! It will need to over the immediate resistance at 12.53.

A nice breakout of 12.53 smoothly may likely drive the price higher towards 12.90 then 13.00.

Yield is about 5.22% at 12.43 seems quite gd!

Pls dyodd.

 OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with Aa1 by Moody’s and AA- by both Fitch and S&P. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.

OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.

OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 420 branches and representative offices in 19 countries and regions. These include over 190 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and over 60 branches and offices in Mainland China, Hong Kong SAR and Macau SAR under OCBC Wing Hang.

OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals.

OCBC Bank's insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.

Yearly dividend of about 0.65 to 0.68.

Current Price of 12.23, yield is about 5.31% /5.5%.

P/B is slightly above 1.

The dividend yield is above 5% which is considered good!

Chart wise, it is trading in a consolidation mode!

Waiting for the next catalyst to drive the price higher.

Looking at the chart we can see some buying interest with huge volume transacted on certain day which is rather interesting!

Will it repeat the same price patterns!

We will know the answer in next few trading sessions!

Pls dyodd.

Thursday, June 15, 2023

Thai Beverage

 Wah, 0.58 cents is here!I think She is looking gd to rise up further to test 60 - 61 cents! Next, 66 cents!

Please dyodd.


Chart wise, we have spotted a nice green bar on Friday and it is now hovering at the resistance level at 0.575! 

A nice breakout smoothly plus high volume that may likely drive the price higher to test 0.60 then 0.65-0.66.

Yearly dividend of about 2.3 cents, yield is about 4%.

Please do your own due diligence! 

Thai Beverage Public Company Limited (“ThaiBev”, and together with its subsidiaries, the “Group”) is a leading beverage company in Southeast Asia and the largest in Thailand. The Group's vision is to be a world-class total beverage company embodying commercial excellence, continuous product development and premiumization, as well as professionalism. ThaiBev's business consists of four segments – spirits, beer, non-alcoholic beverages, and food.

The Group was listed on the mainboard of the Singapore Exchange in 2006. In 2012, ThaiBev expanded its business overseas through the acquisition of Fraser and Neave, Limited (“F&N”), a highly-recognized company in Singapore with a portfolio that boasts many renowned brands. With the acquisition of F&N, the Group further cemented its position as the leading beverage producer and distributor in the region. In 2017, ThaiBev further broadened its presence in the region with the acquisition of a 75% stake in the Grand Royal Group (“GRG”), the largest player in Myanmar's whisky market, as well as an acquisition of a 53.59% stake in Saigon Beer-Alcohol-Beverage Corporation (“SABECO”), a leading beer producer in Vietnam, which made the Group the largest beer player by volume in Southeast Asia.

Businesses and Products

As of 30 September 2020, ThaiBev has 218 subsidiaries and associates, including 19 distilleries, three breweries, and 21 non-alcoholic beverage production facilities. The Group also has an extensive distribution network covering 400,000 points of sale in Thailand. In addition, ThaiBev has an international presence in over 90 countries. The Group has five production facilities in Scotland which are known for producing single malt scotch whiskies such as Balblair, Old Pulteney, as well as Speyburn; has interests in two production facilities in Myanmar which produce the top-selling whisky in the country; and owns one distillery in China which produces the famous Yulinquan Chinese spirit.

ThaiBev's most recognized spirits brands include Ruang Khao, SangSom, Mekhong, Hong Thong, and Blend 285, as well as GRG's iconic Grand Royal whisky; and the Group's signature beer, Chang, is very popular among Thai beer drinkers, while SABECO's Bia Saigon and 333 are the top-selling beer brands in Vietnam. In the non-alcoholic beverage space, ThaiBev's leading brands include Oishi green tea, est cola, and Crystal drinking water, as well as F&N's sparkling drinks and 100PLUS isotonic drink. In addition, the Group operates Japanese restaurants, as well as ready-to-cook and ready-to-eat food businesses through its subsidiary Oishi Group Public Company Limited. ThaiBev has also started branching out from these well-established Japanese restaurants and food products, and is accelerating the expansion of its food business by leveraging its subsidiary Food of Asia and its franchise outlets under KFC, the most popular quick service restaurant brand in Thailand.

The beer industry is the main business that helps make the Thai Beverage Plc. empire into a progressive and strong conglomerate as it currently is through its perennially highest selling product until today – Beer Chang, the international Gold Medallion winner – born from the hearts and pride in being Thai.

Beer Chang is produced from three breweries with international standard. One in Kamphaeng Phet belongs to the Beer Thai (1991) Public Company Limited, another in Bang Baan district, Ayutthaya belongs to Beer Thip Brewery (1991) Co., Ltd. and the other in Wang Noi, Ayutthaya belongs to the Cosmos Brewery (Thailand) Co., Ltd.

 Beer Thai (1991) Public Company Limited

Beer Chang was conceived with the visionary outlook of the top executives to expand the beer market with a Thai taste albeit with international quality, to give the consumers an alternative with the fervent belief in the brewing and production capability of the Thais. The first bottle of Beer Chang rolled off the production line on April 4, 1994, from the brewery in Bang Baan district, Ayutthaya. It was officially marketed on March 2, 1995.

The popularity of Beer Chang quickly and continuously increased. This led to a major expansion in production capacity to respond to consumer demands. A new brewery was constructed in Kamphaeng Phet under the management of the Beer Thai (1991) Public Company Limited. It later became a public company in 2001, with a registered capital of 5,500 million baht.

The Kamphaeng Phet brewery began construction in November 1999 at the cost of 9,000 million baht. It started beer production on October 12, 2001 and the first bottle of Beer Chang rolled off the brewery on November 23, 2001.

It has a land area of 1,600 rai, utilizing the latest production technology in the world. Every step in the production process is highly efficient with all the standards implemented throughout the process with emphasis on energy conservation, pollution control and environmental awareness. The Company received ISO 9002: 1994 certification on September 26, 2000 and ISO 9001: 2000 certification on September 12, 2001. The environmental standard certification ISO 14001: 1996 was awarded to the company on November 7, 2001.


 A nice Gap up this morning and close well at 15.73 plus high volume this is rather bullish!

It has managed to clear the resistance at 15.61 looks like it may rise up to test 16 then 16.50!

Please dyodd.

 Wah, first green bar spotted after the series of selling down seems rather interesting!

If it can continue to rise up to test 15.61 then 16 and 16.50 and would be rather positive if it can reclaim 17.00.

Yield is about 4.98% at 15.07 looks quite a decent yield level. 

Pls dyodd.


Venture Corporation Limited was formed in 1989 as an electronic services provider after the merger of three companies. With over three decades of consistent growth and 12,000-strong today, the Group is a leading provider of technology services, products and solutions, with established capabilities spanning innovation, design and development, product and process engineering, design for manufacturability and supply chain management in diverse technology domains.

Headquartered in Singapore, the Group comprises more than 30 companies worldwide with Centres of Excellence in Southeast Asia, Northeast Asia, America and Europe.

The Group is well-known for its deep know-how and expertise in various technology domains. These include life science, genomics, molecular diagnostics, medical devices and equipment, healthcare, luxury lifestyle and wellness technology, test and measurement technology instrumentation, networking and communications, advanced industrial as well as computing, printing and imaging technology.

Yearly dividend of 0.75. Yield is 5% at the current price of 14.97.

It is hovering near the support at 14.96, looks rather interesting!

US tech seem ti have turned into bullish mode! Hopefully,  local tech counter may likely follow!

Chart wise,  the price has been driven to an oversold territory!

A technical rebound is going to happen any moment!

If it can rise up to reclaim 16.50 and cover the Gap at 17.00 than we may see a nice reversal price patterns!

Pls dyodd.

Wednesday, June 14, 2023


 She is slowly climbing up!

If she can recalim 2.74 smoothly we may likely see her moving further up to test 2.80! 

Pls dyodd.

 Chart wise,she has been driven to an oversold territory! 

At 2.64, yield is at 5.9% . Estimating yearly dividend of 15.7 cents.

NAV 2.37.Gearing below 40%.

FY 2023 results: 

CapitaLand Ascendas REIT (CLAR), formerly known as Ascendas Real Estate Investment Trust, is Singapore’s first and largest listed business space and industrial Real Estate Investment Trust (REIT). It was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) in November 2002.

It has since grown to be a global REIT anchored in Singapore, with a strong focus on tech and logistics properties in developed markets. It owns properties across three key segments, namely, 1) Business Space and Life Sciences, 2) Logistics, and 3) Industrial and Data Centres in the developed markets of Singapore, Australia, the United States and the United Kingdom/Europe. 

CapitaLand Ascendas REIT is listed on several indices. These include the FTSE Straits Times Index, the Morgan Stanley Capital International, Inc (MSCI) Index, the European Public Real Estate Association/National Association of Real Estate Investment Trusts (EPRA/NAREIT) Global Real Estate Index and Global Property Research (GPR) Asia 250. CapitaLand Ascendas REIT has an issuer rating of ‘A3’ by Moody’s Investors Services. 


Tuesday, June 13, 2023


  Looks like GSS is here! Gd reit are yielding 5.5%-6%, very rare opportunity! Pls dyodd.

Mapletree Pan Asia Commercial Trust

Creating a flagship commercial REIT that provides stability and scale across key gateway markets of Asia.

Mapletree Pan Asia Commercial Trust (“MPACT”) is a real estate investment trust (“REIT”) positioned to be the proxy to key gateway markets of Asia. Listed on the Singapore Exchange Securities Limited (“SGX-ST”), it made its public market debut as Mapletree Commercial Trust on 27 April 2011 and was renamed MPACT on 3 August 2022 following the merger with Mapletree North Asia Commercial Trust.

Chart wise,  bearish mode!

It has gone down to test 1.60 and is now trading slightly above this recent low, seems rather weak!

Unless she is able to bounce-off from current price level and rises up to reclain 1.70 tgem 1.75 in order to reverse this down trend!

Trading at p/book of 0.9x , yield is about 5.5% (estimating yearly dpu of 9 cents) seems quite a gd yield! I think Gearing is quite high slightly above 40%.

Please dyodd.

Its principal investment objective is to invest on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, as well as real estate-related assets, in the key gateway markets of Asia (including but not limited to Singapore, China, Hong Kong1, Japan and South Korea).

MPACT’s portfolio comprises 18 commercial properties across five key gateway markets of Asia – five in Singapore, one in Hong Kong, two in China, nine in Japan and one in South Korea. They have a total NLA of 11.0 million square feet and valued at S$17.1 billion. 

Within Singapore, they are:

  • VivoCity – Singapore’s largest mall located in the HarbourFront Precinct;
  • Mapletree Business City (“MBC”) – a large-scale integrated office, business park and retail complex with Grade A building specifications, supported by ancillary retail space, located in the Alexandra Precinct;
  • mTower – an established integrated development with a 40-storey office block and a three-storey retail centre, Alexandra Retail Centre (“ARC”), located in the Alexandra Precinct;
  • Mapletree Anson – a 19-storey premium office building located in the Central Business District (“CBD”); and
  • Bank of America HarbourFront (“BOAHF”) – A premium six-storey office building located in the HarbourFront Precinct.

Outside Singapore, they are:

  • Festival Walk, Hong Kong – a landmark territorial retail mall with an office component;
  • Gateway Plaza, China – a Grade A office building with a podium area in Lufthansa sub-market within Beijing;
  • Sandhill Plaza, China – a Grade A business park development in Zhangjiang Science City, a key business and innovation hub in Pudong, Shanghai;
  • Japan Properties – nine freehold properties comprising five office buildings in Tokyo (IXINAL Monzen-nakacho Building, Higashi-nihonbashi 1-chome Building, TS Ikebukuro Building, Omori Prime Building and Hewlett-Packard Japan Headquarters Building); an office building in Yokohama (ABAS Shin-Yokohama Building) and three office buildings in Chiba (SII Makuhari Building, Fujitsu Makuhari Building and mBAY POINT Makuhari); and
  • The Pinnacle Gangnam, South Korea – a freehold Grade A office building with retail amenities located in Gangnam Business District, Seoul.

UOB bank

  Chart wise,  bearish mode!

She is stucked in a consolidation mode!

Short term wise,  if she is able to reclaim 28.60 and filled up the Gap at 28.88 that would likely reverse this downtrend!

Yearly dividend of 1.35. Yield is about 4.8+%.

Pls dyodd.

UOB is rated as one of the world's top banks, ranked 'Aa1' by Moody's Investors Service and 'AA-' by both S&P Global and Fitch Ratings. With a global network of 500 branches and offices across 19 countries in Asia Pacific, Europe and North America.

In Asia, we operate through our head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and offices throughout the region.

The recent acquisition on 11 May 2023:

UOB’s acquisition of Citigroup’s consumer banking businesses in four key ASEAN markets has significantly boosted its retail banking business, and paved the way for its enlarged base of customers in the region to enjoy even more perks and privileges suited to their unique lifestyles and needs via partnerships with renowned domestic and global brands.


The completion of UOB’s acquisition of Citigroup’s consumer banking businesses in Malaysia, Thailand and Vietnam has already brought its regional retail customer count to over seven million as of 31 March 2023, with the latest completion of the Vietnam acquisition enabling the Bank to serve about 200,000 customers in the country. With the completion of the acquisition in Indonesia by end 2023, these four markets are expected to provide a S$1 billion boost to the Bank’s revenue on a full-year basis. The acquisition has also built stronger resilience in the business model with both geographical and revenue mix diversification. With Citigroup’s portfolio more geared towards cards business and unsecured lending, net credit card fees for the Bank almost doubled year-on-year in the first quarter of 2023, with Citigroup’s portfolio contributing a quarter of this, and total income from the Bank’s unsecured business is expected to almost double by end 2023. Separately, loans and deposits also grew almost 10 per cent and 15 per cent in the first quarter of 2023 compared with a year before.

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For the first quarter of 2023, ASEAN-4 (i.e. Malaysia, Thailand, Indonesia and Vietnam) accounted for more than 35 per cent of the Bank’s Group Personal Financial Services income. UOB’s network of branches in Malaysia, Thailand and Vietnam has also expanded by 15 as of March 2023.


UOB Group reported a record high core net profit of S$4.8 billion, up 18%, for the financial year ended 31 December 2022 (FY22). Including one-off expenses relating to the acquisition of Citigroup’s Malaysia and Thailand consumer businesses, net profit was also a record high at S$4.6 billion.


With strong earnings and capital position, the Board recommends the payment of a final dividend of 75 cents per ordinary share. Together with the interim dividend of 60 cents per ordinary share, the total dividend for FY22 will be S$1.35 per ordinary share, representing a payout ratio of approximately 49%.


The acquisition of Citigroup’s consumer businesses in Malaysia and Thailand was completed in November 2022 and completion for Indonesia and Vietnam is planned for 2023. The strategic acquisition has fortified the Group’s ASEAN strategy and significantly scaled up the retail franchise with increased product offerings and cross-sell opportunities. The Group’s retail customer base has expanded to nearly 7 million in the region while the expected incremental revenue lift from the acquisition is gaining good traction.


In FY22, the Group’s core operating profit rose 20% to S$6.6 billion, mainly driven by robust margin expansion across customer segments and geographies amid rising interest rates. Net interest income jumped 31% to S$8.3 billion on the back of 3% loan growth and a 30 basis point net interest margin improvement. Net fee income remained soft as weak market sentiment weighed on wealth management and loan-related activities. However, a strong double-digit growth in credit card fees partially offset the decline. Asset quality remained benign with non-performing loan (NPL) ratio at 1.6%.


Group Wholesale Banking income rose 23% to S$6.2 billion, with cross-border income up 12%. Transaction banking business expanded, accounting for 35% of the Group’s Wholesale Banking income. Improvement in deposit funding, coupled with rising interest rates fuelled margin growth, which more than compensated for the softer loans growth.


Group Retail income increased 16% to S$4.1 billion. Net interest income was boosted by rising interest rates and the Group’s active balance sheet management to optimise funding cost. Credit card fees surged as consumer spending and regional travel rebounded, boosted by the addition of Citigroup’s consumer businesses in Malaysia and Thailand. Despite market volatility, net new money inflows grew assets under management from affluent customers to S$154 billion. Organically, the Group also added over 800,000 new-to-bank customers, of which more than half were digitally acquired.


The Group continued to make headway on its sustainability strategy in 2022. In November, it announced its net zero commitments by 2050. The Group is working closely with its customers to support them in their transition in an orderly and just manner, focusing on balancing growth with responsibility. The Group’s sustainable financing portfolio reached S$25 billion in FY22, well on track to achieve its target of S$30 billion by 2025. The Group’s total assets under management in environmental, social and governance-focused investments also grew to S$10 billion during the year.


CEO Statement

Mr Wee Ee Cheong, UOB’s Deputy Chairman and Chief Executive Officer, said, “The Group delivered a record net profit for the year, on higher margins driven by our robust core businesses, strong balance sheet and resilient asset quality.


“Importantly, 2022 was a milestone year for UOB with our acquisition of Citigroup’s consumer banking businesses in four markets. Last November, we completed the acquisition in Malaysia and Thailand and we aim to close in Indonesia and Vietnam this year. This transformational deal, sealed in the midst of the pandemic, positions us well in our strategic ambitions in the regional consumer banking space. We are excited to serve our enlarged customer base of 7 million with our expanded network and strengthened capabilities.


“The ASEAN region is vibrant with immense long-term potential. We remain positive on the region despite the global economic gloom in the near term. Looking ahead, we are confident that our strategy of seeking growth while ensuring stability will continue to create value for our customers and other stakeholders.”


Financial Performance

Financial Performance


FY22 versus FY21

Core net profit for FY22 grew 18% to a new high of S$4.8 billion from a year ago, boosted by strong net interest income and stable asset quality. Including the one-off expenses, net profit was at S$4.6 billion.


Net interest income increased 31% to S$8.3 billion, led by robust net interest margin expansion of 30 basis points to 1.86% on rising interest rates and loan growth of 3%.


Despite credit card fees registering a double-digit growth from higher customer spending and the consolidation of Citigroup’s credit card business, net fee income declined 9% to S$2.1 billion as muted investor sentiments weighed on wealth and fund management fees.


Customer-related treasury income grew 20%, driven by hedging demands amid market volatility. This was partly offset by impact on hedges and lower valuation on investments. As such, other non-interest income increased 4% to S$1.1 billion.


With income growth outpacing rise in total core operating expenses of 16% to S$5.0 billion, cost-to-income ratio improved by 0.8% points to 43.3%.


Asset quality remained stable. Total allowance declined 8% to S$603 million with the release of pre-emptive general allowance that offset the higher specific allowance. Total credit costs on loans were maintained at 20 basis points.


4Q22 versus 3Q22

Core net profit for the fourth quarter was stable at S$1.4 billion. Including the one-off integration expenses, net profit stood at $1.2 billion.


Net interest income rose 15% to a new record of S$2.6 billion, driven by a 27 basis points uplift in net interest margin to 2.22%. Net fee income was down 7% to S$485 million, due to seasonal slowdown in wealth management and loan-related activities, although credit card fees was at new high from higher customer spends, further boosted by consolidation of Citigroup’s consumer business. Other non-interest income normalised to S$285 million, after an exceptional 3Q22 that benefitted from market volatilities.


Total core operating expenses increased 4% to S$1.4 billion while the cost-to-income ratio was unchanged at 42.6%. Total allowance increased to S$184 million, mainly due to higher specific allowance on a few non-systemic accounts, cushioned by the write-back of general allowance.


4Q22 versus 4Q21

Net interest income increased 53%, led by a 66 basis point expansion in net interest margin and loan growth of 3%. Net fee income was 16% lower as robust credit card fees were more than offset by softer wealth management and loan-related fees. Other non-interest income rose 62% to S$285 million on higher customer-related treasury income.


With strong income growth and disciplined cost management, cost-to-income ratio improved from 45.0% to 42.6%, excluding one-off expenses. Total allowance was S$184 million from higher specific allowance.


Venture - She is gaining momentum and likely rise up to test 15.25! AGM is on 26th April, final dividend is coming! Yield is more than 5 percent for this blue chips counter, nice!

Venture  - She is gaining momentum and likely rise up to test 15.25! AGM is on 26th April, final dividend is coming! Yield is more than 5 pe...