Stock Name: OUE Ltd
Company Name: OVERSEAS UNION ENTERPRISE LTD
DMG & Partners Research in a May 9 research report says: "OUE registered 1Q12 revenue of $97.2 million, +42.4% y-o-y mainly attributed to (i) the addition of revenue from the acquisition of Crown Plaza Changi Airport (CPCA) for the hospitality segment (revenue of $60.6 million, +34% y-o-y) and (ii) higher contributions from OUE Bayfront for the investment property segment (revenue S$33.3 million, +48% y-o-y).
"However with higher interest costs as well as admin expenses due to higher headcount expenses and costs from CPCA, PBT rose only +4.2% y-o-y to $26.1 million. With the absence of fair value gains of $249.2 million attributed to completion of OUE Bayfront in 1Q11, net profit fell - 92.0% y-o-y to $21.7 million for 1Q12. Target price of $2.36. MAINTAIN NEUTRAL."
Company Name: OVERSEAS UNION ENTERPRISE LTD
| Research House: DMG | Price Call: HOLD | Target Price: 2.36 |
DMG & Partners Research in a May 9 research report says: "OUE registered 1Q12 revenue of $97.2 million, +42.4% y-o-y mainly attributed to (i) the addition of revenue from the acquisition of Crown Plaza Changi Airport (CPCA) for the hospitality segment (revenue of $60.6 million, +34% y-o-y) and (ii) higher contributions from OUE Bayfront for the investment property segment (revenue S$33.3 million, +48% y-o-y).
"However with higher interest costs as well as admin expenses due to higher headcount expenses and costs from CPCA, PBT rose only +4.2% y-o-y to $26.1 million. With the absence of fair value gains of $249.2 million attributed to completion of OUE Bayfront in 1Q11, net profit fell - 92.0% y-o-y to $21.7 million for 1Q12. Target price of $2.36. MAINTAIN NEUTRAL."
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