Singapore Stock Market News

UOL Group - Chugging along

StockFanatic
Publish date: Thu, 13 Aug 2015, 03:04 PM
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UOL's 1HFY15 core net profit was largely in line with expectations and made up 40% of our full-year forecast. The group continued to enjoy a better showing from its residential and rental operations which helped to offset the slight slack in hotel contributions. Residential activities should continue to be the driver in 2H. The planned launch of the Prince Charles Crescent site in 4Q should extend earnings visibility. We tweak our RNAV by 2% to S$10.30, to factor in the latest target price for UOB and accordingly lower our target price to S$8.24, now based on 20% discount to RNAV. Maintain Add.
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