U11.SI Stock Today: January 24 Record High on Macquarie Upgrade
The UOB share price surged to a record S$39.50 on 24 January after a Macquarie upgrade and strong inflows into Singapore banks. The rally helped the STI notch an all-time high, with OCBC and DBS also firm. A slower Fed-cut path supports net interest margins in the near term. We break down what moved the market, the next catalysts including DBS earnings, and how the spike may shape bank sector returns for Singapore investors.
Jan 24 catalyst and market impact
A fresh upgrade from Macquarie sparked a 5% jump in the UOB share price to S$39.50, a new high for United Overseas Bank (U11.SI). Investors rotated into Singapore banks as a safe place for capital. A delayed US rate-cut timeline supports near-term margins, while resilient deposits and fee income add support. This mix improved sentiment across financials and tightened spreads in key UOB markets.
The strength in banks pushed the STI to an all-time peak, with OCBC and DBS contributing gains. Local investors cited defensive balance sheets, stable dividends, and ASEAN exposure as reasons to add. Coverage noted UOB’s outsized move and OCBC’s fresh highs as drivers of the index advance source.
On trailing numbers, UOB trades near 10.5x P/E with a TTM dividend per share of S$2.27. At the S$39.50 print, that implies a yield of about 5.8%, supported by a payout ratio near 64.5%. The UOB share price also reflects solid ROE around 11.9%. These metrics give income investors a buffer if momentum cools post-upgrade.
Upcoming results and what to track
DBS Group (D05.SI) reports on 9 Feb, UOB on 24 Feb, and OCBC on 25 Feb. Results should show how margins hold with slower rate cuts, and whether fee income and trading offset softer loan demand. Guidance on costs, technology spend, and wealth flows will set the tone for the UOB share price into March.
Focus on net interest margin, deposit mix, and loan growth across Singapore, Malaysia, Indonesia, and Thailand. Watch credit costs and stage 2/3 trends, plus CET1 ratios and any changes to dividend policy. Wealth management fees and cards should indicate demand. Management commentary on funding costs will be key for bank sector performance.
A faster-than-expected Fed pivot could compress margins sooner. Slower regional growth may weigh on trade finance and SME demand. Rising funding costs or competition for deposits could pressure spreads. Higher credit costs from property or SMEs would narrow profit buffers. Any capital headwind could limit upside for the UOB share price.
Technical picture after the breakout
Momentum is strong but stretched. RSI sits near 78.4, ADX around 36.2, MFI near 96.8, and CCI about 129, all pointing to overbought conditions with a firm trend. That setup often precedes consolidation. For the UOB share price, a pause or shallow pullback would be healthy if volumes moderate and higher lows form above recent breakout levels.
After sharp breakouts, we prefer patience. Momentum buyers can use trailing stops to protect gains, while long-term investors may wait for dips on light volume. If price bases above prior resistance, add gradually. If momentum rolls over, avoid chasing. Clarity from earnings should offer better entries for the UOB share price.
Read-across to OCBC, DBS and STI
The OCBC share price hit a new high near S$20.59. On TTM numbers it trades at about 7.0x P/E with a 4.6% dividend yield, leaving room for dividend growth if profits hold. Media also flagged UOB and OCBC at fresh highs as banks led the market advance source.
DBS earnings on 9 Feb are the next big tell for the sector. TTM valuation sits near 14.7x P/E with a roughly 4.9% yield. Management guidance on NIM, fees, and capital returns will shape sentiment across banks and could influence the UOB share price into late February.
The STI record high underscores how bank-heavy the index is. Sustained bank strength supports the index, but overbought readings argue for two-way trade. Pullbacks on low volume can reset conditions without breaking trend. Watch whether breadth improves beyond banks, which would help extend the STI record high into Q1.
Final Thoughts
A powerful upgrade and safe inflows sent the UOB share price to a record S$39.50 and lifted the STI to a new peak. Into February, results from DBS, UOB, and OCBC will test margin resilience, fee momentum, and capital return plans. For near-term moves, momentum is hot, so a pause would not be surprising. We would watch for constructive consolidations above recent breakout zones, steady credit costs, and stable CET1. Strong guidance on dividends or buybacks could extend gains. If macro or rate expectations shift, be ready to reassess position sizing and use staged entries around results-driven volatility.
FAQs
Why did the UOB share price hit a record on Jan 24?
A Macquarie upgrade and strong safe-haven inflows into Singapore banks drove buyers into UOB. A slower US rate-cut path supports near-term net interest margins, which boosted confidence. Together, these factors pushed the UOB share price to S$39.50 and helped lift the STI to a record.
Is the rally in the UOB share price sustainable?
Sustainability depends on earnings and guidance. If margins hold, fee income stays firm, and credit costs remain contained, support is strong. Technicals show overbought conditions, so a consolidation is likely. Watch UOB’s 24 Feb results and sector read-through from DBS to gauge follow-through.
How do DBS earnings affect the UOB share price?
DBS sets the first read for Singapore banks on 9 Feb. Its guidance on net interest margins, fees, and capital returns can shift sector sentiment. A positive tone may support the UOB share price into its own results. A cautious outlook could trigger profit-taking across the bank complex.
What is the outlook for the OCBC share price after new highs?
OCBC trades near 7x TTM earnings with a yield around 4.6%. If margins stay resilient and fees hold, dividends can grow. After a strong run, short pauses are normal. Latest guidance on loan growth, credit costs, and capital will determine whether the uptrend extends.
What should Singapore investors watch next?
Track earnings dates: DBS on 9 Feb, UOB on 24 Feb, and OCBC on 25 Feb. Focus on margins, deposit costs, fee income, credit charges, and CET1. For entries, look for consolidations after the spike. Market breadth beyond banks will also influence the STI’s direction.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
