We see flat 1Q21F NIM, stronger wealth management, and treasury income. Stronger loan growth momentum (+3.5% qoq) coupled with lower credit costs (30bp) were likely the key differentiating factors for UOB vs. peers in 1Q21F. Reiterate Add. UOB is our top pick. A strong show of earnings could close the valuation gap between UOB (1.0x FY21F P/BV) and peers (1.1x-1.4x).