UOL

UOL: RBS maintains buy raising TP to $5.70 from $5.20 to factor in higher ASP for developer’s Spottiswoode project in SG, accretion from its China land acquisition and higher market valuations for stakes in UIC. Expect recent CNY2.06b JV purchase in Shanghai to be profitable with residential project potentially fetching Rmb50,000/sqm. Notes that recent SG property measures bodes well for grp as it has not acquired any sites so far this yr, but contemplating active participation in Govt tender