Wednesday, August 8, 2012

OUE

OUE: Announced 2Q12 results which was in-line. Rev at $96.7m, +33.8% yoy and flat qoq, while net profit at $28.6m, +16.6% yoy and +4.4% qoq. Stronger YOY Rev was attributed to improvements in grp’s hospitality and property investment division. Grp’s hospitality division saw rev +29% to $44.6m on back of higher contributions by Crowne Plaza Changi and better performance by other owned hotels within the grp. In grp’s property investment division, rev +34.2% to $34.4m on higher contributions from OUE Bayfront. Going forward, grp remains positive on prospects, noting that its office, retail and hotel properties continues to enjoy healthy occupancy and intends to continue focusing on active lease mgt of its office and retail properties to maximise returns. Grp declared an interim cash dividend of 3c.share, up from 2c in the previous corresponding quarter. Valuations remain undemanding, with grp trading at 0.73x P/B.

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