Stock Name: OUE Ltd
Company Name: OVERSEAS UNION ENTERPRISE LTD
J P Morgan Research in a June 25 research report says: "OUE is a mid-cap Singapore property developer with a focus on prime real estate in the office, hospitality, retail and residential sectors.
"OUE's shares rose 81% in 2010 and significantly outperformed the Singapore property developer index by 70%, with the stock re-rating propelled by greater stock liquidity and robust rent and room rate recoveries in the office and hospitality sectors in Singapore, which comprise the bulk of OUE's GAV.
"The next step change for the group will likely come upon the redevelopment of DBS Towers 1&2 and the One Raffles Place retail podium in 2013 onwards. Our target price is at a 25% discount to our end Dec 2012 RNAV estimate of $4.58 per share. NEUTRAL (initiating coverage)."
Company Name: OVERSEAS UNION ENTERPRISE LTD
| Research House: JP Morgan Chase | Price Call: HOLD | Target Price: 4.58 |
J P Morgan Research in a June 25 research report says: "OUE is a mid-cap Singapore property developer with a focus on prime real estate in the office, hospitality, retail and residential sectors.
"OUE's shares rose 81% in 2010 and significantly outperformed the Singapore property developer index by 70%, with the stock re-rating propelled by greater stock liquidity and robust rent and room rate recoveries in the office and hospitality sectors in Singapore, which comprise the bulk of OUE's GAV.
"The next step change for the group will likely come upon the redevelopment of DBS Towers 1&2 and the One Raffles Place retail podium in 2013 onwards. Our target price is at a 25% discount to our end Dec 2012 RNAV estimate of $4.58 per share. NEUTRAL (initiating coverage)."
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