OUE

OUE: UOB Kay Hian maintains Buy with $3.57 TP. Note that OUE is exploring the listing of a commercial REIT with OUE Bayfront included in the initial portfolio, which could result in another similar special dividend as the Hospitality REIT (10-20 S cents/share). The impact from the sale of its China hotels is minimal. House maintain BUY with a reduced target of $3.57 based on 20% to its revised RNAV of $4.46, factoring in adjustments for special dividends and office property values.