CGS-CIMB Research analyst Lock Mun Yee has maintained “add” on UOL Group with a higher target price of $8 from $7.91 previously, which factors in faster residential sales as well as new contributions from the group’s Ang Mo Kio site, which was recently awarded to the group and its joint venture (JV) partners.

See: UOL-led JV wins tender for Ang Mo Kio Ave 1 residential site from Urban Redevelopment Authority

The new target price is still based on a 40% discount to the group’s revised net asset value (RNAV).

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