UOL

UOL: Goldman Sachs upgrades to Buy from neutral, raises target to $5.80 from $4.55. Says UOL offers attractive leverage to Spore (84% of Gross Asset Value) and the right blend of diversification across asset classes. Notes UOL offers relatively lower exposure to the softer Residential segment, yet earnings visibility remains strong from unbilled sales; has 69% of GAV in Commercial, Hotels, currently favored segments Sees optionality from strategic stakes in MCH, UIC, and potential value to be unlocked via asset restructuring. Notes UOL trading at 0.78X FY11E P/B, below sector average of 1.36X.