Stock Name: UOL
Company Name: UOL GROUP LIMITED
Nomura Research in an Oct 19 research report says: "The tender for a commercial site (99-yr LH, GFA = 0.94mn sq ft) next to the Paya Lebar MRT Station closed on Oct 18. A JV between UOL and SingLand submitted the only bid of $529.3 million, or $566psfppr, for the tender.
"Pending the award of the tender, our estimates and valuation are unchanged for now. The stock is trading at a 42.5% discount to our NAV estimate of $7.17 per share and FY2012F P/B multiple of 0.6x (vs an historical mean 0.8x; mean less 1SD = 0.6x).
"We believe the current share price therefore provides a good entry for investors into a property developer with solid landbanking track record and minimum inventory risk that is already trading at its historical trough valuation. MAINTAIN BUY."
Company Name: UOL GROUP LIMITED
| Research House: Nomura | Price Call: BUY | Target Price: 7.17 |
Nomura Research in an Oct 19 research report says: "The tender for a commercial site (99-yr LH, GFA = 0.94mn sq ft) next to the Paya Lebar MRT Station closed on Oct 18. A JV between UOL and SingLand submitted the only bid of $529.3 million, or $566psfppr, for the tender.
"Pending the award of the tender, our estimates and valuation are unchanged for now. The stock is trading at a 42.5% discount to our NAV estimate of $7.17 per share and FY2012F P/B multiple of 0.6x (vs an historical mean 0.8x; mean less 1SD = 0.6x).
"We believe the current share price therefore provides a good entry for investors into a property developer with solid landbanking track record and minimum inventory risk that is already trading at its historical trough valuation. MAINTAIN BUY."
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