OUE

OUE: 2Q11 NP +20% YoY to S$20m.

UBS maintain Buy, TP$ 4.02 from $4.24, expecting a stronger 2H11, lower 2011/12/13 EPS forecasts by 18.5%/11.4%/11.2% on a slower run-rate and rev recognition for Twin Peaks, lower revenue contribution from OUE Bayfront in 2011 in accordance with management guidance.

IIFL maintain Buy, TP $3.76, stock continues to be one of the cheapest developers under coverage, trading at 0.7x adjusted book and 39% discount to FY11 RNAV.

MS maintain O/w, TP $3.45, effective proxy to the Spore commercial property segment with 88% GAV exposure. Preferred pick amongst developers, trades at compelling 34% discount to RNAV, and 0.9X P/B.