Singapore Stock Market News
UOL Group - Building recurring income
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Publish date: Mon, 03 Mar 2014, 12:41 PM
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Stronger operating income from hotels and positive rental reversions remain the positive highlights for UOL's FY13 results, which were in line, at 95% of our and consensus forecasts (4Q13 core profit at 20%). Development income is coming off, a trend that is likely to continue as UOL focuses on building up assets with recurring income. We view a more stable earnings profile as positive.
We cut our FY14-15 core EPS by 12-13% for changes to development earnings recognition but lift our target price (still on a 20% discount to RNAV) as we factor in higher capital values and recent divestment gains. UOL remains an Add, with stronger hotel and office rates as potential catalysts.
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