Maybank has high hopes for this developer it is starting coverage on

SINGAPORE (Dec 6): Maybank Kim Eng is initiating coverage on property developer UOL Group with a “buy” and a target price of $7.39.

According to Maybank, this “conservative” target price implies a 24% discount to UOL’s revalued net asset valuation (RNAV) of $9.70. The target price translates into 0.69x 2017E P/BV, below UOL’s 10-year average of 0.76x.

“We expect UOL to outperform its developer peers as we believe a risk-averse market will favour those with conservative trading portfolios and strong recurring income,” says Maybank analyst Derrick Heng in a Monday report.

---

Related Stories

• UOL-CapitaLand JV exercises call option to purchase Thomson View en bloc for $810 mil
• Lim & Tan Securities maintains ‘buy’ on Grand Banks Yachts; almost doubles TP to $1.05
• Brokers’ Digest: AEM, Prime US REIT, Hyphens Pharma, Seatrium, Valuetronics, DFI Retail Group, CDG, Centurion, Sembcorp

---