UOL Group

UOL Group: 2Q10 revenue +50% at $320.4m on progressive recognition of home sales, improved performance by hotel operations (~13% of UOL'S RNAV). Net profit at $147.8m vs $20.1m loss year earlier due to higher home sales, increased contributions from associates, fair value gains. Excluding fair value gains for both periods, net profit +36.0% at $122.1m. RBS has Buy call with $5.20 target. Likes strong 2Q10 performance, and clear earnings visibility for rest of FY10 backed by firm demand for hotel rooms in Singapore.