UOL

UOL: 1Q14 net profit increased 69% y/y to $120.8m, while revenue increased 65% to $408.8m, mainly due to the sale of land at Jalan Conlay in March 2014 and higher revenue from Parkroyal on Pickering and Pan Pacific Serviced Suites Beach Road. Higher marketing expenses attributed to the sales launch of Riverbank@Fernvale and ongoing sales of units at The Esplanade Tianjin was offset by lower finance expenses. At associates and JV level, contributions were higher by 27%, buoyed partially by underlying projects such as Archipelago and Thomson Three, as well as improved performance at Pan Pacific Singapore UOL trades at annualized 1Q14 P/E of 10.3x