UOL: CIMB upgrade to O/p with $5.05 TP. Note that grp has been de-rated to levels which house finds compelling again, with stock trading now at 0.6x P/B, pricing in excessive devaluations to below 2009 levels.
House believe this valuation attributes little or no value to its stakes in the Marina Centre Holdings hotels and that even a repeat of 2009 will not hurt UOL as much in this cycle. TP pegged at a 25% discount to RNAV.
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