SINGAPORE (Dec 6): Maybank Kim Eng is initiating coverage on property developer UOL Group with a “buy” and a target price of $7.39.
According to Maybank, this “conservative” target price implies a 24% discount to UOL’s revalued net asset valuation (RNAV) of $9.70. The target price translates into 0.69x 2017E P/BV, below UOL’s 10-year average of 0.76x.
“We expect UOL to outperform its developer peers as we believe a risk-averse market will favour those with conservative trading portfolios and strong recurring income,” says Maybank analyst Derrick Heng in a Monday report.
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