United Overseas Land

Re: United Overseas Land

Postby winston » Mon Aug 07, 2017 9:49 am

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UOL Group: Strong set of results

2Q17 PATMI increased 59% YoY to S$109.4m mainly due to higher recognition from Principal Garden, higher share of profits from associated companies and fair value gains on investment properties.

In particular, we note that UOL booked S$9.2m in fair value gains over the latest quarter (mostly from Novena Square and United Square) versus S$21.5m of impairment losses in the same period last year.

In terms of the topline, 2Q17 revenues increased 10% YoY to S$399.1m as contributions from property development rose 19% YoY to S$221.2m.

Contributions from the hospitality segment were mostly flat YoY at S$105.6m versus S$106.2m in 2Q16.

We deem this set of results to be above expectations and excluding non-core items, 2H17 PATMI now constitutes 69% of our full year forecast.

Source: OCBC
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Re: United Overseas Land

Postby behappyalways » Sun Oct 01, 2017 6:16 pm

uol-says-201-mil-en-bloc-tender-nanak-mansions-accepted
https://www.theedgesingapore.com/uol-sa ... s-accepted
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Re: United Overseas Land

Postby behappyalways » Wed Nov 22, 2017 5:17 pm

uols-3q-earnings-sevenfold-6181-mil-higher-revenue
https://www.theedgesingapore.com/uols-3 ... er-revenue
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Re: United Overseas Land

Postby winston » Fri Jan 05, 2018 11:10 am

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Deutsche Bank is upgrading UOL to “buy”, from “hold previously”, with a target price at $10.00.

The upgrade comes as it incorporates UIC's underlying asset value into its RNAV estimates for UOL, and raises its earnings-based SOTP on the back of stronger rental growth.

UOL in 3Q17 saw its earnings surge sevenfold to $618.1 million on the back of higher revenue. This was mainly due to the consolidation of UIC Group and the associated and joint venture companies of UOL Group and UIC Group, which contributed an additional $144.3 million in revenue.

See: UOL's 3Q earnings up sevenfold to $618.1 mil on higher revenue

“Given that more than 80% of UOL's assets are based in Singapore, we see the group offering one of the best proxies to the Singapore real estate market,” Deutsche Bank says.

As at 3.55pm, shares of UOL are trading 12 cents higher at $9.20, implying an estimated price-to-earnings ratio of 14.9 times and a dividend yield of 1.8% for FY18.

Source: The Edge
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Re: United Overseas Land

Postby winston » Wed Feb 28, 2018 9:43 am

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UOL Group: Expect robust demand for upcoming launches

UOL reported its FY17 results which beat our expectations.

PATMI surged 210% to S$891.0m due to the consolidation of UIC Group and resulting negative goodwill from the acquisition.

A first and final dividend of 17.5 S cents per share was declared, higher than the 15 S cents DPS declared in FY16.

UOL and UIC sold 1,090 units in FY17, fetching total sales value in excess of S$1.5b.

Looking ahead, UOL intends to launch two projects in Singapore this year.

Although management is optimistic on the Singapore residential market, it highlighted that it would adopt a selective and prudent approach towards replenishing its land bank.

For UOL’s investment properties, there was some pressure on rentals for its office and retail assets in Singapore.

We fine-tune our assumptions following a change in analyst coverage and derive a RNAV-based fair value estimate of S$10.63 (previously S$9.70).

We continue to like UOL for its healthy balance sheet and strong exposure to the Singapore residential market, which is in the nascent stage of recovery.

Source: OCBC
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Re: United Overseas Land

Postby winston » Wed Mar 07, 2018 9:23 am

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Higher dividends in FY17 a surprise

Three residential sites to be launched in 2018-2019; strong market sales volumes imply strong take-up rates

Hotels in Singapore, Australia expected to see stronger operational performance

TP lifted to S$10.23; earnings revision on consolidation of UIC numbers

Source: DBS

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

Postby winston » Wed Jun 13, 2018 11:20 am

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Ground checks show healthy residential take up

Take-up rate at Amber 45 continues to increase
New project The Tre Ver to be rolled out in 3Q18
Inching up stake in UIC, builds exposure to the rising office market and recurrent income base
Maintain Add with unchanged TP of S$9.65, based on 20% discount to RNAV

Source: CIMB

https://brokingrfs.cimb.com/z633NpJfOWo ... nl7kg2.pdf
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Re: United Overseas Land

Postby behappyalways » Fri Jun 15, 2018 5:00 pm

UOL posts 8% decline in 1Q earnings to $73.8 mil
https://www.theedgesingapore.com/uol-po ... gs-738-mil


Sole bidder UOL JV snaps up Silat Ave site for $1.04 bil in URA tender
https://www.theedgesingapore.com/sole-b ... ura-tender
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Re: United Overseas Land

Postby winston » Wed Jun 27, 2018 8:57 pm

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June 25, 2018

Insanely Cheap Companies in Singapore Right Now

UOL Group Limited (SGX: U14)


UOL has an extensive portfolio of development and investment properties, hotels, and serviced suites. Its portfolio also includes the properties that are held under its listed subsidiary, United Industrial Corporation Ltd (SGX: U06).

There are three main segments with UOL’s business, and they are:-
1. Property Development
2. Hotel Operations and
3. Property Investments.

Some of the assets under the property investments segment include Novena Square, Clifford Centre, and United Square; these are all located in Singapore.

For 2018’s first quarter, UOL’s revenue surged 89% year-on-year to S$661 million, but its net profit slipped by 8% to S$73.8 million.

Looking ahead for the rest of the year, UOL commented in its latest earnings update:

“Based on Ministry of Trade and Industry’s advance estimates, Singapore’s GDP grew by 4.3% on a year-on-year basis in the first quarter of 2018. Prices of private residential properties in Singapore are trending upwards, with prices increasing by 3.9% in first quarter 2018.

Steady demand together with decreasing supply should support office rents. Notwithstanding growth in retail sales, retail rents remain under pressure with competition from ecommerce.

Economic and political uncertainties could weigh on the London property market although leasing activities remain steady in Midtown where the Group owns two properties.

Improvements in the global economic outlook should benefit the Group’s hotels in the Asia Pacific though trading conditions for the Group’s hotels in Myanmar and China remain challenging.”

Last Friday, UOL’s shares closed the trading session at a price of S$7.56 each. With a book value per share of S$11.38 (as of 31 March 2018), UOL carried a price-to-book ratio of 0.66.

Source: Motley Fool

https://www.fool.sg/2018/06/25/3-insane ... right-now/
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Re: United Overseas Land

Postby winston » Tue Jul 10, 2018 9:33 am

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Singapore property developer stocks declined 14-16% last Friday after a new set of cooling measures were announced.

Implications could be weaker demand for Singapore residential properties from both foreigners and locals.

However, we think UOL at its current price may be oversold as it has significant exposure to the hospitality and commercial sectors, which are recovering.

Last month, UOL gained statutory control of UIC Group (UIC SP) after its stake crossed 50%, giving it more exposure to Singapore’s commercial sector.

Furthermore, UOL had been earlier than other developers in land banking, giving it more flexibility to adjust pricing of future launches.

UOL’s current 0.6x P/B valuations is attractive at -1 standard deviation below its 10-year mean.

Source: KGI
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