United Overseas Land

Re: United Overseas Land

Postby winston » Wed Nov 13, 2019 10:01 am

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UOL Group: Firm sales momentum

UOL’s 3Q19 core PATMI fell 6.6% YoY to S$80.0m, but was in-line with our expectations.

UOL continued to deliver healthy take-up rates and robust ASPs for its Singapore residential projects.

Management also sounded upbeat about meeting its ABSD deadlines for its projects, and highlighted that there was improved buyer sentiment on the ground.

Its Singapore office portfolio has seen healthy take-up rates, but management alluded that sentiment appears to be softening, and guided for rental reversions to moderate from positive mid-single digit levels to flat.

As for the potential rejuvenation of Marina Centre Holdings (MCH), UOL is still continuing its discussions with the authorities and will evaluate its options.

We rate UOL a BUY with a higher fair value of S$9.25 (previously S$8.50) as we update our assumptions and apply a lower RNAV discount of 30% (previously 35%) to account for the better-than-expected performance of the Singapore residential market and UOL’s continued balance sheet strength.

Source: OCBC
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Re: United Overseas Land

Postby behappyalways » Wed Nov 13, 2019 6:04 pm

UOL posts 7% fall in 3Q earnings to $80 mil on lower revenue
https://www.theedgesingapore.com/capita ... er-revenue
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Re: United Overseas Land

Postby behappyalways » Tue Nov 26, 2019 5:46 pm

UOL Group to acquire building next to Odean Towers along North Bridge Road for $79.3 mil
https://www.theedgesingapore.com/news/p ... ad-793-mil
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Re: United Overseas Land

Postby behappyalways » Sat Jan 25, 2020 6:25 pm

UOL acquires 154-key hotel in Indonesia for $67.5m
https://sbr.com.sg/hotels-tourism/more- ... nesia-675m
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Re: United Overseas Land

Postby behappyalways » Sun Mar 01, 2020 12:57 pm

UOL posts 14% increase in FY19 earnings to $479 mil, maintains dividend of 17.5 cents per share
https://www.theedgesingapore.com/capita ... ents-share
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Re: United Overseas Land

Postby winston » Mon Mar 02, 2020 10:18 am

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UOL Group (ADD, tp:SGD8.73) - Looking for value creation opportunities

4Q/FY19 core EPS below our and market expectations.

One residential launch in 3Q20F, exploring more commercial property asset enhancement opportunities.

Reiterate Add with an unchanged TP of S$8.73.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 10CE164D0D
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Re: United Overseas Land

Postby winston » Mon Mar 02, 2020 1:16 pm

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UOL Group: Life goes on despite COVID-19 headwinds

UOL’s FY19 results came in below ours and the street’s expectations.

Core PATMI came in at S$313.7m, which represented a decline of 5.8% and was 12.7% below our forecast.

A first and final dividend of 17.5 S cents per share was declared, similar to FY18. UOL’s shopper mall footfall has almost recovered to pre-COVID-19 levels.

However, occupancy rates for its Singapore hotels are around 40-50% in Feb, and management will look to accelerate AEIs for some of its hotels.

On the residential front, UOL booked sales for 904 residential units with a total value of ~S$1,337m in Singapore in FY19.

Management also highlighted that the COVID-19 outbreak has affected the construction supply chain of development projects, with the PPVC projects affected the most.

UOL believes there could be scope for the government to review the current ABSD and project completion period (PCP) deadlines if the COVID-19 situation remains protracted.

Despite uncertainties, UOL will continue to explore redevelopment opportunities.

After adjustments, our fair value estimate increases to S$9.60 (previously S$9.25), still pegged to a 30% discount to our RNAV forecast. BUY.

Source: OCBC
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Re: United Overseas Land

Postby winston » Mon Mar 02, 2020 1:28 pm

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What’s New

FY19 earnings up 14% to S$478.8m from fair value and divestment gains; net profit (ex-gains) fell 6%

Healthy sell-through rates; expects to launch Clementi Av 1 site in 3Q2020

AEI / refurbishment on commercial and hospitality assets; could fast track plans amid COVID-19 situation

Declared FY19 dividend of 17.5 Scts, flat y-o-y

Target Price: Sin$9.50

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fbjifkhaa
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Re: United Overseas Land

Postby winston » Tue May 19, 2020 11:46 am

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Trying times

Residential sales moving; retail and hotel operations affected by Covid-19

End-1Q20 net gearing healthy at 0.3x with significant unused credit facilities

Reiterate Add with a lower TP of S$7.25

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 8E1A10CFE7
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Re: United Overseas Land

Postby winston » Fri Aug 14, 2020 8:59 am

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Property company UOL has sunk into the red with net losses of S$82.1 million for its first half ended June 30, 2020, compared to a net profit of S$267.7 million a year ago.

This was due mainly to fair value losses on its investment properties, including retail malls and serviced suites which were severely affected by Covid-19, it said.

Excluding fair value losses, the group’s operations remained in the black, with group pre-tax profit totalling S$196.8 million, down 30 per cent from S$282.8 million in H1 FY19.

Source: Phillips
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