UOL

UOL: 3Q14 net profit increased 10% to $124.3m, while revenue jumped 66% to $433.5m, driven by recognition of a $212m from the completion of The Esplanade, Tianjin, accompanied by modest growth from PARKROYAL hotels on Beach Road and Pickering Street, and Pan Pacific Serviced Suites Beach Road. Bottom line rose at a slower clip as gross margins fell 19.4ppt to 13.4%. Bottom line was also boosted by a 29% share of profit from associates to $30.7, mainly from an increased stake in UIC, which had registered higher gains from Pan Pacific Singapore, Archipelago and Thomson Three Seventy Saint Patrick’s was launched in September with a take up rate of 67% currently, and OneKM retail mall in Katong is slated for launch end November, while the Upper Paya Lebar residential site to be launched 1Q15 BVPS of $9.29 translates to P/B of 0.7x