SINGAPORE (Feb 28): CIMB is reiterating its “add” recommendation on UOL Group with a target price of $9.67, which is based on a 20% discount to a higher RNAV of $12.09 after adjusting FY81-19 EPS estimates post the property developer’s 4Q results.
See: UOL reports trebling of FY17 earnings to $891 mil on UIC consolidation
In a Tuesday report, CIMB analyst Lock Mun Yee says she expects office rental contributions to remain relatively stable going forward with the recovery in the office leasing market – while residential sales should continue to track higher, which should provide residential earnings visibility especially when the group’s two new projects are launched in FY18.
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