Overseas Union Enterprise

Re: Overseas Union Enterprise

Postby winston » Fri Jan 05, 2018 11:12 am

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DB: OUE - target price $3.00


OUE saw its earnings plunge 90% to $10.7 million for the 3Q17 ended September, as revenue fell 56.6% to $181.9 million.

The decrease was mainly due to the absence of $205.0 million non-recurring revenue recorded on the sale of the extension to Crowne Plaza Changi Airport (CPEX) to OUE Hospitality Real Estate Investment Trust in 3Q16, as well as lower contribution from OUE Twin Peaks.

As at 3.55pm, shares of OUE are trading 1 cent higher at $1.90, implying an estimated price-to-earnings ratio of 17.1 times and a dividend yield of 2.7% for FY18.

Source: The Edge
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Re: Overseas Union Enterprise

Postby winston » Fri Feb 23, 2018 10:00 am

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OUE: Earnings for FY17 declined 31.5% YoY to $98.9mn from $144.4mn in FY16 with the board proposing a final cash dividend of 2 cents per share, bringing the total cash dividend for FY17 to 3 cents per share.

Source: KGI
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Re: Overseas Union Enterprise

Postby winston » Mon Feb 26, 2018 10:35 am

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GOOD VALUE AT CURRENT LEVELS

- Contribution from Downtown Gallery and Oakwood in FY17
- On the lookout to replenish landbank
- FV estimate lowered to S$2.28

OUE saw its FY17 revenue drop 14.7% to S$754.1m, which was due to the disposal of the extension of Crowne Plaza Changi Airport to OUE Hospitality Trust in FY16.

OUE would have recorded an increase of S$74.9m in revenue in FY17, assuming the exclusion of the one-off revenue of S$205.0m generated from the abovementioned transaction.

All-in, PATMI fell 31.5% to S$98.9m, with the drop partially mitigated by higher fair value gains on investment properties.

Various sector tailwinds appear to position OUE favourably for 2018. Grade A Core CBD rents climbed 3.3% QoQ in 4Q17, according to CBRE, while large biennial events should spur demand for the hospitality sector in 2018.

We believe that management is on the lookout to replenish the group’s Singapore residential landbank, given the completion of sales at OUE Twin Peaks.

OUE is trading at 0.43x price-to-book, which is just shy of 1 standard deviation below the 5 year mean. With a change in covering analyst, we adjust our assumptions to arrive at our fair value estimate of S$2.28 (previously S$2.47).

Maintain BUY.

Source: OCBC
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Re: Overseas Union Enterprise

Postby behappyalways » Mon Feb 26, 2018 7:51 pm

OUE reports 31.5% fall in FY17 earnings to $99 mil on provisions and absence of one-off gains
https://www.theedgesingapore.com/oue-re ... -one-gains
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Re: Overseas Union Enterprise

Postby winston » Mon May 14, 2018 10:06 am

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OUE Limited: Looking past the fair value loss

OUE’s 1Q18 revenue dropped 26% YoY to S$145.6m, due mainly from the absence of contribution from the group’s development property division, as OUE Twin Peaks was fully sold in October 2017.

The group recorded a S$8.1m non-cash marked-to-market fair value loss on the investment in a mutual fund, which weighed significantly on the bottom-line.

1Q18 PATMI dropped 91% YoY to S$1.0m; we deem this set of results to be below our expectations.

Nonetheless, we believe our thesis regarding the group’s favourable position in this part of the cycle across various sectors remains intact.

On the hospitality front, we generally expect industry-wide RevPAR growth to accelerate further in the coming quarters.

The group’s office assets are also well-positioned to ride on the general uptick in spot rents.

As of 11 May 2018, OUE is trading at FY18F P/B of 0.4x, which is ~0.9 S.D. below its 5-year mean.

Source: OCBC
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Re: Overseas Union Enterprise

Postby winston » Sun Aug 05, 2018 6:13 pm

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OUE posts revenue of S$150.7 million in 2Q2018
Declares interim dividend of 1 Singapore cent per share

Revenue: -20%
Profit After Tax: -25%

The Group recognised revenue of S$9.5 million from the Healthcare division in 2Q2018, 15.3% lower than that posted in 2Q2017.

This was mainly due to lower revenue recorded by operations in China. Contribution from the nursing facilities in Japan remains stable, although revenue reported was lower due to weaker Japanese Yen in the reporting quarter.

http://infopub.sgx.com/FileOpen/OUE_Pre ... eID=519128
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Re: Overseas Union Enterprise

Postby winston » Thu Sep 06, 2018 9:19 am

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OUE Limited: No land, no problem

As a recap, OUE’s recent 2Q18 revenue fell 19.6% YoY to S$150.6m, due largely to the absence of contribution from the development property division.

All-in, PATMI fell 24.6% YoY to S$5.3m, which was affected by higher finance expenses on higher borrowings.

With the AEI completed and asset stabilized, we believe that OUE Downtown’s offices could be a candidate for divestment to OUE Commercial REIT.

With the potential for healthy rental reversions ahead, improving sentiment in the CBD office market and firm cap rates, we think that it makes sense for OUE to explore capital recycling at this point of the cycle.

OUE had been cautious in its land bids as the group was concerned about thinning property development margins, even prior to the latest set of property cooling measures.

In our opinion, this has turned out to be an astute move. Thus, we do not think that the depressed forward price-to-book multiple of 0.34x, which is a steep discount of 1.5 S.D. below the 5-year mean, is warranted.

We maintain our BUY rating and our fair value estimate of S$2.25.

Source: OCBC
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Re: Overseas Union Enterprise

Postby behappyalways » Tue Sep 11, 2018 3:00 pm

OUE to dispose office components of OUE Downtown to OUE C-REIT for $908 mil

By PC Lee

SINGAPORE (Sept 11): OUE property group is planning to dispose the office components of OUE Downtown to OUE Commercial Real Estate Investment Trust (OUE C-REIT) for $908 million on a willing-buyer and willing-seller basis.

OUE, the sponsor of says OUE C-REIT, says the acquisition will unlock capital for higher growth reinvestment opportunities, provide a capital efficient platform for the company to pursue its corporate strategy and help it derive stable income.

Located on Shenton Way in the Central Business District, the properties are part of OUE Downtown, a recently refurbished landmark mixed-use development comprising two highrise towers, being a 50-storey building (OUE Downtown 1) and a 37-storey building (OUE Downtown 2).

To part finance the proposed transaction, OUE C-REIT will undertake an underwritten and renounceable rights issue of 1.29 billion new units in OUE C-REIT to raise gross proceeds of $587.5 million.

To show its support for the rights issue, OUE, which owns 867.5 million units in OUE C-REIT representing a 55.9% stake, has provided an irrevocable undertaking to subscribe and pay in full for its total provisional allotments of rights units held through subsidiaries, among other things.

In a report last Friday, OCBC Investment Research was spot on in predicting the proposed disposal. Lead analyst Joseph Ng said OUE Downtown’s offices registered a stable occupancy rate of 95.1% of June 30 with passing rents at $7 psf.

With the asset enhancement initiatives completed and asset stabilised, Ng expects OUE Downtown’s offices could be a candidate for divestment to OUE Commercial REIT.

With the potential for healthy rental reversions ahead, improving sentiment in the CBD office market and firm cap rates as seen from recent transactions involving Twenty Anson and 55 Market Street, Ng says it makes sense for OUE to explore capital recycling at this point of the cycle.

Source: The Edge Singapore

https://www.theedgesingapore.com/oue-di ... it-908-mil
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Re: Overseas Union Enterprise

Postby winston » Fri Oct 26, 2018 7:40 pm

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OUE – KILLING TWO BIRDS WITH ONE STONE

by Jimmy Ng

The purchase consideration of OUE Downtown negotiated on a willing-buyer and willing-seller basis stood at $908 million.

Taking into consideration an estimated $328.3 million set aside for the subscription of OUECR’s rights units which OUE had committed, the developer can expect to receive net cash proceeds of more than $500 million from the deal.

The group has a 55.9 percent stake in OUECR as at September 2018.

Closing at $1.46 a share as at 15 October 2018, OUE’s current share price is heavily discounted against its net asset value of $4.49 as at June 2018.

Possibility of Downtown Gallery (a retail podium) and Oakwood Premier (a serviced residence component) in the pipeline to be liquidated in a similar manner.


Source: SI RESEARCH

http://aspire.sharesinv.com/58535/si-re ... one-stone/
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Re: Overseas Union Enterprise

Postby winston » Sat Oct 27, 2018 5:06 pm

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Acquisition of Land in South Jakarta for Sin$150m

http://infopub.sgx.com/FileOpen/OUE_Acq ... eID=526205
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