OUE: established a $1b Multicurrency Medium Term Note Programme to issue notes from time to time. StanChart is the arranger and dealer for programme.
OUE’s reported net gearing is 0.58x, based on accounting book values that carry Mandarin Orchard at historical cost (book value ~$125m vs mkt value ~$994m) and do not factor in revaluation gains for DBS Towers...
The debt is likely slated for use in acquisitions. Recall mgt is in advanced negotiations to secure two more commercial deals, of which one is likely to be a mega deal similar to its recent acquisition of DBS Towers which could act as a further re-rating catalyst for the stock.
UOBK yday initiated at Buy with $4.25 target.
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