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UOL poised for greater growth with Marina Centre stake, says DBS

Michelle Zhu
Michelle Zhu5/14/2019 11:24 AM GMT+08  • 2 min read
UOL poised for greater growth with Marina Centre stake, says DBS
SINGAPORE (May 14): DBS Vickers Securities is maintaining its “buy” call on UOL Group with a target price of $8.53, which implies 0.8 times P/NAV and is pegged to a 35% discount to RNAV after taking into account the group’s higher valuation as well
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SINGAPORE (May 14): DBS Vickers Securities is maintaining its “buy” call on UOL Group with a target price of $8.53, which implies 0.8 times P/NAV and is pegged to a 35% discount to RNAV after taking into account the group’s higher valuation as well as stake in Marina Centre Holdings (MCH).

In a Monday report, analyst Rachel Tan says she believes UOL – which is trading at 0.6 times P/NAV at the 10 May closing price of $7.26 – could potentially trade closer to its NAV as the group unlocks value from its commercial and hospitality assets going forward.

This comes after UOL’s gaining of a 50% controlling stake in UIC to 50% and its recent purchase of a minority stake in MCH, which Tan believes positions UOL to gain from asset enhancement / redevelopment potential riding on the Singapore government’s plan to rejuvenate the central business district (CBD).

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