UOB KayHian Q1 net profit up 3.4%

SINGAPORE - First quarter net profit for UOB KayHian rose 3.4 per cent to $18.7 million as total revenue climbed 6.9 per cent to $89.8 million.

While investor interest in the Singapore market remained subdued - weighed down by concerns over rising interest rates and unexciting economic prospects - this was to a certain extent offset by the buoyant market in Thailand, the stock brokerage said.

Earnings per share for the three months to March 31 was 2.4 cents, down from 2.47 cents a year back.

Net asset value was 168.59 cents at March 31, up from 163.96 cents at Dec 31.

UOB KayHian said it expects trading environment to be more positive in the second half of this year.

"The buoyant Hong Kong and Shanghai markets are expected to spur retail interest in equities regionally. Stabilising oil prices and more benign interest rate outlook in the coming quarter will be positive for equity markets generally."

UOB KayHian shares closed down a cent at $1.50 on Wednesday.