In a Tuesday report, CIMB analyst Lock Mun Yee says she expects office rental contributions to remain relatively stable going forward with the recovery in the office leasing market – while residential sales should continue to track higher, which should provide residential earnings visibility especially when the group’s two new projects are launched in FY18.
SINGAPORE (Feb 28): CIMB is reiterating its “add” recommendation on UOL Group with a target price of $9.67, which is based on a 20% discount to a higher RNAV of $12.09 after adjusting FY81-19 EPS estimates post the property developer’s 4Q results.
