not vested
UOL GROUP LTD (UOL SP)
Recommendation : BUY
Fair Value : SGD 8.39
NAVIGATING HEADWINDS AHEAD .
FY21 core PATMI fell 10% to SGD233.6m
Singapore residential sales of SGD1.5b in 2021 but likely to slow in FY22
Hospitality operations likely to pick up more meaningfully in 2H22
UOL Group’s Singapore residential portfolio has proven to be resilient despite the Covid-19 outbreak.
Management is well known for its prudent land banking strategy.
UOL also has a diversified investment properties portfolio with a strong presence in the commercial and hotel industries, thus allowing the group to generate recurring income streams, although near-term performance has been adversely impacted by the pandemic.
Given UOL’s healthy balance sheet, it is able to embark on redevelopment projects and asset enhancement initiatives to rejuvenate its portfolio.
Source: OCBC