Monday, October 10, 2011

UOL

UOL: UBS has sector report. Note that Co. has leased out Upper Pickering office to SG Government for 30 yrs, which removes leasing risk and minimises default risk for a small asset.
This long lease adds further defensiveness to UOL/PPHG’s portfolio, which is one of the key reasons why UOL is the preferred pick within SG developers. House maintain Buy, TP $5.26, 0.75x UOL’s property RNAV and 0.9x market value of its listed entities.

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