UOL

UOL: Results in line with expectations with 2Q rev at $456.0m +39.6% yoy -37.1% qoq, net profit at $202.2m +16.4% yoy -12.1% qoq with sales mainly from property dev segment which rose 58% yoy. 1H rev was boosted from profit recognition of Nassim Park residences
In 2Q, the increase in revenue was also boosted by additional contribution from PARKROYAL Serviced Suites Kuala Lumpur which commenced operations in 4Q2010, and PARKROYAL Melbourne Airport which was acq in April this yr as well as higher dividends from invts. Co recognized fair value gains of $96.4m in this quarter and even excld one-offs, net profit rose 40%. Gearing was up 0.41 from 0.37 prev. UOL is now trading at 0.7x P/B compared to other property counters, Capitaland at 0.8x and Keppel Land at 1.2x