OUE

OUE: CS maintains OutPerform with $4.20 TP. Note that Concerns on China venture and management shake up unwarranted. Grp remains one of house top picks for its prime commercial and hospitality exposure (58% and 19% of RNAV respectively). Assume modest take-up at Twin Peaks development over the nx 3yrs given policy headwinds. Currently stock trading at a significant 40% discount to RNAV of $4.67.