DBS Group Research is keeping its “buy” recommendation on UOL Group albeit with a lower target price of $8.40 from $9.50 previously.

“The stock offers good value at 0.6 times FY20 P/NAV (at close to -1 SD) as it progressively recovers post the reopening of Singapore’s economy,” says lead analyst Rachel Tan in an Aug 6 report.

This is despite the company announcing in a profit guidance that it expects to report a loss for 1H20. The group attributed this negative performance to the Covid-19 pandemic. 

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