Stock Name: OUE Ltd
Company Name: OVERSEAS UNION ENTERPRISE LTD
Phillip Securities Research in an Aug 5 research report says: "2Q11 revenue was $72.3 million, increased 39.8% y-y, PATMI was $20.1 million, increased 20.1% y-o-y. Results in-line with expectations with 1H revenue and PBT ex. other gains at 46% and 43% of our estimates respectively.
"The management declared an interim dividend of 2 cents for 1H11 payable in end-August 2011. OUE Bayfront which was completed in 1Q11 is now >77% leased. Sales progress had been slow for Twin Peaks but management said it will maintain its ASP above $2,800psf.
"We retain our RNAV estimates and fair value is thus unchanged at $4.13. The recent retreat in share price due to concern over global economic outlook provides even more compelling valuations of 0.9x P/B and 7.8x forward P/E. MAINTAIN BUY."
Company Name: OVERSEAS UNION ENTERPRISE LTD
| Research House: Phillip Securities | Price Call: BUY | Target Price: 4.13 |
Phillip Securities Research in an Aug 5 research report says: "2Q11 revenue was $72.3 million, increased 39.8% y-y, PATMI was $20.1 million, increased 20.1% y-o-y. Results in-line with expectations with 1H revenue and PBT ex. other gains at 46% and 43% of our estimates respectively.
"The management declared an interim dividend of 2 cents for 1H11 payable in end-August 2011. OUE Bayfront which was completed in 1Q11 is now >77% leased. Sales progress had been slow for Twin Peaks but management said it will maintain its ASP above $2,800psf.
"We retain our RNAV estimates and fair value is thus unchanged at $4.13. The recent retreat in share price due to concern over global economic outlook provides even more compelling valuations of 0.9x P/B and 7.8x forward P/E. MAINTAIN BUY."
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