OUE

OUE: 2Q16 still in loss, stripping out impairment write-back
-2Q16 net profit $25.7m (2Q15: $16.3m loss) - mainly on $27.8m impairment reversal on OUE Twin Peaks
-2Q16 revenue $134.3m (+40.4%) - equity accounted contribution from One Raffles place is now consolidated.
-top line also boosted by property development with higher sales at OUE Twin Peaks, but at the cost of higher sales commission
-Bottom line hit by spike in marketing and finance expenses
-Outlook remain tough due to tepid demand for residential properties, office space, and hotels
-trading 11.3x FY16e P/E and 0.35x P/B