UOL

UOL: Positive results, FY2010 rev at $1.3b +28.6%yoy, with profit at $745.8m +75.8%yoy. Fair value gains amounted to $287.8m. Improvements in rev came from property dev segment (60.3% of total rev) up 46.3%yoy which was due to progressive rev recognition and hotel ops segment (up 10.1%). Project launches included Waterbank at Dakota and Terrene at Bukit Timah, Spottiswoode Res was also 76% taken by Dec 2010…

Profit from associated cos were higher also due to recognition of units in Nassim Park Residences and higher share from UIC. An accounting policy change for transactions with non-controlling interest resulted in a gain of $20.3m to net profit. Gearing decreased from 43% to 36% partly due to reduction in borrowings. Final div of 10c and special div of 5c declared. NAV of $6.10 translates to a P/B of 0.7x on yday closing price