OUE Ltd - Overseas Union Enterprise target raised to $4.20 by Credit Suisse

Stock Name: OUE Ltd
Company Name: OVERSEAS UNION ENTERPRISE LTD
Research House: Credit Suisse

Credit Suisse lifts Overseas Union Enterprise (LJ3.SG) target to $4.20 vs $3.61 after reducing discount-to-RNAV forecast to 10% vs 15%.



Change reflects property group's improved trading liquidity, smaller discounts-to-book value estimates at which peers are now trading.

Says OUE remains 1 of key landlords in Singapore with new prime office inventory to leverage on higher rents, tenants' increasing preference for higher-quality properties.



Adds, about 70% of OUE’s 760,000 sq ft of new prime office space yet to be pre-leased. Keeps Outperform call. Shares +0.6% at $3.38.