Company Name: UOL GROUP LIMITED
| Research House: OCBC | Price Call: BUY | Target Price: 4.80 |
OCBC Investment Research has upgraded property developer UOL Group to buy from hold and raised its target price to $4.80 from $4.77, citing higher average selling prices for one of its projects in Singapore.
By 9:11 a.m., shares of UOL were 0.5% lower at $4.47 but have risen nearly 12% since the start of the year.
UOL’s first quarter net profit fell 63% to $84 million due to lower revenue from property development and a drop in its share of profits from associated companies.
This was in line with OCBC’s expectations, with the broker saying UOL will continue to see revenue recognition from several Singapore properties.
“Given limited land bank, we believe UOL to be relatively sheltered from uncertainties in the domestic residential space ahead,” OCBC said in a report.
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