UOL's net profits up 4% to $80.3m

Thanks to strong revenue from commercial and hotel businesses.

According to DBS Group research, UOL’s 1Q17 results were in line with expectations. It reported a 4% rise in earnings to $80.3m on the back of a 6% rise in revenues to $350.7m. The better performance was mainly due to higher revenue recognition from projects like Principal Garden and Botanique at Bartley which are currently under development.

Along with these, DBS believes that newly UOL newly acquired sites will begin to launch in 2018, This includes The Clement Canopy, which was officially launched during the first quarter of 2017. Raintree Garden, Amber Road, and Bishopsgate are set to launch the following year

Here’s more from DBS

Management believes the Singapore property market has stabilized, and UOL has been more aggressive in landbanking than the other large cap developers. Key positives from the results were: i) revenue growth from all divisions, and ii) stable portfolio occupancy rates. The group has recently acquired more landbank, offering longer term income visibility.

We maintain our BUY rating on UOL Group (UOL) as it is trading at an attractive valuation of c.0.7x P/NAV, which is at the lower end of its historical range. The successful launches of recently purchased land sites in the enbloc market will be re-rating catalysts for the stock. We have lifted our TP to S$8.73 based on a narrower 20% discount to RNAV of S$10.90

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia