Company Name: OVERSEAS UNION ENTERPRISE LTD
Research House: Morgan Stanly
Morgan Stanley starts Overseas Union Enterprise (LJ3.SG) at Overweight with $3.34 target price, according to Dow Jones.
Morgan Stanley notes about half of property group’s gross asset value derived from Singapore office sector, which house views favourably. Says management actively extracting value by undertaking asset enhancement initiatives for existing properties, while at same time acquiring assets to expand portfolio.
“OUE’s current asset portfolio of around $5 billion offers various opportunities for enhancement and redevelopment, which, if exercised, could unlock value and further expand the company’s asset and earnings base.”
Says large $5 billion balance sheet, relatively low gearing of 39% puts OUE in good position to take on more acquisitions. Shares +1.0% at $2.96 early.
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