SINGAPORE (Nov 13): OCBC Investment Research and Maybank Kim Eng are maintaining their “buy” calls on property developer UOL Group with higher target prices of $9.70 and $9.85 respectively.
In a Monday note, OCBC says it has updated its valuation model to factor in UOL’s latest 3Q results, where earnings were up sevenfold to $618.1 million on higher revenue as a result of accounting for UIC as a subsidiary following the group’s acquisition of 60 million UIC shares in August this year.
See: UOL's 3Q earnings up sevenfold to $618.1 mil on higher revenue
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