Despite this, UOL's balance sheet remains healthy, with net debt to equity of 0.32x, and gross cash and unutilised credit facilities of about $3.9 billion as at end-1H20.
CGS-CIMB and DBS Group have maintained a "buy" rating on UOL Group with a target price of $7.29 and $8.40 respectively.
This is despite UOL Group reporting a 1H20 loss of $82.1 million, due mainly to $263.8m fair value loss on investment properties. Excluding this, core profit after tax and minority interests (PATMI) would have been $103.6 million, down 37% y-o-y.
