Stock Name: UOL
Company Name: UOL GROUP LIMITED
Research House: OCBC
OCBC Investment Research in a May 16 research report says: "UOL announced 1Q11 PATMI of $230.0 million which was a 133% y-o-y increase from the restated 1Q10 PATMI of $98.7 million. Revenue increased 102% y-o-y in 1Q11 to $725.1 million from $358.9 million in 1Q10 (restated).
"We note that UOL had implemented INT FRS 115 this quarter, which requires revenue recognition under the completion of construction (COC) method for units sold under the deferred payment scheme (DPS). We adjust our FY2011 PATMI forecast up to $536.0 million to account for the effects of INT FRS 115 and faster rates of completion at development projects.
"Given $376.8 million in cash at a net gearing of 34%, there is ample gunpowder for acquisitions ahead and management continues to seek accretive opportunities. Fair value of $5.57 (at 20% discount to RNAV) versus $5.39 previously. MAINTAIN BUY."
Company Name: UOL GROUP LIMITED
Research House: OCBC
OCBC Investment Research in a May 16 research report says: "UOL announced 1Q11 PATMI of $230.0 million which was a 133% y-o-y increase from the restated 1Q10 PATMI of $98.7 million. Revenue increased 102% y-o-y in 1Q11 to $725.1 million from $358.9 million in 1Q10 (restated).
"We note that UOL had implemented INT FRS 115 this quarter, which requires revenue recognition under the completion of construction (COC) method for units sold under the deferred payment scheme (DPS). We adjust our FY2011 PATMI forecast up to $536.0 million to account for the effects of INT FRS 115 and faster rates of completion at development projects.
"Given $376.8 million in cash at a net gearing of 34%, there is ample gunpowder for acquisitions ahead and management continues to seek accretive opportunities. Fair value of $5.57 (at 20% discount to RNAV) versus $5.39 previously. MAINTAIN BUY."
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