Stock Name: OUE Ltd
Company Name: OVERSEAS UNION ENTERPRISE LTD
Research House: Phillip Securities
Phillip Securities Research in a May 11 research report says: "OUE reported its 1Q11 results with revenue at $68.24 million, an increase of 42.2% y-o-y from $48 million, due mainly to higher contributions from its hotel operation and office rental income.
"Share of results of associates for the quarter was 41.3% y-o-y lower due largely to the absence of contribution from sale of residential properties by OUBC in 1Q11. PATMI was $227.6 million, an increase of 23.3% compared to the same period last year.
"We retain our RNAV estimates and fair value is thus unchanged at $4.13. The 1Q11 results were largely in-line with our estimates, new contributions from OUE Bayfront and Crowne Plaza Changi Airport Hotel in 2H11 shall pace the earnings closer to our FY2011 estimates. MAINTAIN BUY."
Company Name: OVERSEAS UNION ENTERPRISE LTD
Research House: Phillip Securities
Phillip Securities Research in a May 11 research report says: "OUE reported its 1Q11 results with revenue at $68.24 million, an increase of 42.2% y-o-y from $48 million, due mainly to higher contributions from its hotel operation and office rental income.
"Share of results of associates for the quarter was 41.3% y-o-y lower due largely to the absence of contribution from sale of residential properties by OUBC in 1Q11. PATMI was $227.6 million, an increase of 23.3% compared to the same period last year.
"We retain our RNAV estimates and fair value is thus unchanged at $4.13. The 1Q11 results were largely in-line with our estimates, new contributions from OUE Bayfront and Crowne Plaza Changi Airport Hotel in 2H11 shall pace the earnings closer to our FY2011 estimates. MAINTAIN BUY."
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