0149 GMT - UOB appears to be seeking to grow wealth income, based on management commentary, says Carmen Lee of OCBC Group Research in a report. With assets under management hitting a record 204 billion Singapore dollars, management plans to expand the bank's presence in North Asia, the head of Equity Research notes. UOB will also utilize its regional footprint to grow more cross-border client activity, expecting opportunities to capture rising wealth, trade and investment flows across Asean. OCBC raises the stock's fair value estimate to S$42.35 from S$41.00, but downgrades the rating to hold from buy as the share price is trading close to the fair value estimate. Shares last closed at S$43.30.
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