Nomura starts UOL as Buy with $5.37 target price, implying 0.9X FY11 P/B. Notes 44% of group’s portfolio comprises Spore commercial properties, including office, retail, hotel assets. United Square, Novena Square malls located near MRT stations, within mid to upmarket residential district while Marina Square mall has good branding given prime location in Marina Bay. Its 5 hotels & serviced apartments are located in either Orchard Rd or Marina Bay.
Highlights that residential properties only account for 29% of UOL's total assets with about 65% of projected development gains already locked in with achieved sales.
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