---
title: "Glenn Thum Reiterates Hold on UOB, Maintains S$37 Price Target Amid Stable Margins but Softer Fee Momentum"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285788553.md"
description: "Analyst Glenn Thum of Phillip Securities has reiterated a Hold rating on UOB, maintaining a price target of S$37. The decision is based on stable net interest margins and earnings that met expectations, despite underperforming fee-related revenues and ongoing credit issues in Greater China. Management's guidance indicates modest loan growth and targeted fee income expansion. Thum sees limited upside in the near term due to weaker fee momentum and competitive challenges in wealth management, leading to a neutral stance on UOB shares. DBS also holds a similar position with a S$35.70 price target."
datetime: "2026-05-09T01:35:36.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285788553.md)
  - [en](https://longbridge.com/en/news/285788553.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285788553.md)
---

# Glenn Thum Reiterates Hold on UOB, Maintains S$37 Price Target Amid Stable Margins but Softer Fee Momentum

Analyst Glenn Thum of Phillip Securities maintained a Hold rating on UOB, retaining the price target of S$37.00.

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Glenn Thum has given his Hold rating due to a combination of factors, including earnings that broadly matched expectations and a net interest margin that remained above the bank’s own guidance range, supported by disciplined funding cost management. However, fee-related revenues underperformed, with wealth and trading income softening from a high base, while credit issues in Greater China continued to weigh on asset quality even as overall non-performing loan ratios stayed stable and capital buffers strengthened.

Management kept its full-year guidance intact, signalling modest loan growth, contained credit costs, and targeted high-single-digit expansion in fee income, and the bank’s share buyback program is progressing but not yet a major catalyst. With forecasts and a S$37 price target left unchanged, Thum sees limited upside in the near term, as resilience in margins and expected earnings recovery are offset by weaker fee momentum and a widening competitive gap in wealth management versus peers, leading him to maintain a neutral, or Hold, stance on UOB shares.

In another report released yesterday, DBS also maintained a Hold rating on the stock with a S$35.70 price target.

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