DBS’s Derek Tan and Rachel Tan note that UOL’s property division performance was boosted by higher progressive recognition from Clavon, The Watergardens at Canberra as well as AMO Residences, on top of higher number of handover units at Park Eleven in Shanghai. The analysts have kept their target price at $8.40.
Analysts at DBS Group Research and OCBC Investment Research (OIR) have kept “buy” on UOL Group (SGX:U14
) as the company seeks to execute on future acquisition and redevelopment plans.
For its FY2022, UOL results came within the analysts expectations, with 60% y-o-y growth in earnings at $492 million on top of rise in profit before tax and fair value gains. The improved performance was achieved on the back of a 28% rise in revenues, largely attributable to higher recognition within its property development division and rebound in hotel operations.
