SINGAPORE (May 13): CIMB has maintained its “add” recommendation for property developer UOL Group with an unchanged $8.26 target price.

In a Thursday report, CIMB analyst Lock Mun Yee commended UOL’s “diversified business model with strong recurrent income and low gearing of 0.27x”.

The launch of a 398-unit residential component of its mixed development in Shanghai later this year as well as the progressive development of ongoing projects will extend UOL’s earnings visibility, she adds.

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