SINGAPORE (July 5): RHB has lowered its target price for United Overseas Bank to $18.85 from $19.10 while maintaining its “neutral” stance on the bank, as it expects loan growth in FY2016 to be 0.5% after Brexit.

According to RHB, UOB’s oil and gas loans represent 4% of its total loan, and represents 7% of total loans when including other commodities.

“The oil price recovery should have helped to stabilise this portfolio,” says analyst Leng Seng Choon in a Tuesday report.

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