Simons Trading Research
UOL Group - Well-positioned to Weather the Storm
Maintain BUY; Top Sector Pick
- While 1H18 EBIT of SGD310m made up just 33% of our full-year estimate, we expect stronger development earnings in 2H18 will help achieve our forecast.
- With competitive land costs and manageable inventory levels, we believe UOL is well-positioned to weather the residential headwinds. Asset enhancements for its commercial properties are medium-term value drivers.
- We lower our RNAV by 1% to SGD11.75 to reflect the latest market value of its stake in UIC. Consequently, we trim our Target Price 2% to SGD8.80 based on an unchanged RNAV discount of 25%. Maintain BUY.
Source: Maybank Kim Eng Research - 06 Aug 2018
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
