【UOL U14 交流专区】华业集团 UOL GROUP LIMITED

臥龍先生

UOL Group said yesterday its 2008 earnings sank 81 per cent as it wrote down a development project and recorded a revaluation loss on investment properties. Net profit fell to $147.2 million, from $758.9 million in 2007. The weaker earnings came despite a 27 per cent jump in revenue to $899.2 million, from $709.1 million in 2007. The bottom line was hit by a $106.8 million fair value loss on investment properties, compared with a gain of $590.5 million in 2007. The developer also took an impairment charge of $37 million for its Upper Pickering hotel project, as the projected carrying value exceeded estimated fair value. Earnings per share fell to 18.5 cents, from 95.4 cents a year ago. But UOL's turnover rose as it booked progressive revenue recognition from home sales, including from units at Panorama and Breeze by the East, which were launched in 2008. Revenue from property investments also improved on the back of higher rents and a contribution from Pan Pacific Serviced Suites which opened in April 2008. Revenue from hotel operations was higher due to higher room rates at hotels in Singapore, Australia and Vietnam. UOL's gearing ratio increased to 0.42 - from 0.21 at end-2007 - as its cash holdings fell from $406 million to $264 million.

臥龍先生

UOL Group (S$1.66) – 4Q08 results - Bottoming out Above.





4Q08 core net profit of S$82m forms 31% of our full-year forecast and consensus. FY08 core net profit of S$291m makes up 110% of our estimate. A DPS of 7.5cts, for a 4.5% yield, was announced for FY08.


Impairment charge. A S$129m net loss was incurred in 4Q08 as UOL wrote down S$210m on its commercial properties. Book value for its city-fringe office assets was shaved by 7-11% while a hotel development took a S$37m hit.




Strong presale revenue but new inventory may not be profitable. Development revenue in FY08 rose 65% yoy to S$379m as presales continued to pour in. The topline momentum in FY09 should be supported by three completing projects. UOL’s Simei site is likely to be launched this year but margins could be sacrificed for volume. Falling construction costs could turn out to be a saving grace. In its inventory, the Spottiswoode site appears most at risk of a write-down, in our view.


Hotels should prove the main drag. Hotel revenue in FY08 climbed only 5% yoy to S$339m, due to falling RevPAR and occupancy rates. Almost all regions posted yoy declines. UOL will try to build its hotel brand through management contracts going forward but results are likely to take some time.


Muted response to UIC general offer. While we remain doubtful about a general offer going through, the worsening economy could force UIC shareholders to re-evaluate their positions. Any successful takeover may also turn out to be less exciting. While the offer bid implies bearish rents of less than S$6.50psf and should be value-accretive in the long term, the issue lies in the duration of this office down-cycle. We believe it could take a while before fundamentals improve for the sector.


In the process of bottoming; maintain Underperform. We lower our FY09-10 earnings estimates by 18% to account for slow inventory turnover, lower rentals and lower hotel valuations. We also introduce FY11 estimates. Consequently, our target price drops from S$2.02 to S$1.51, still based on a 50% discount to a lowered RNAV of S$3.02. Our new target implies 0.35x P/BV vs. 0.4x currently and a trough P/BV of 0.25x. We believe the stock is not far from a bottom but maintain our Underperform rating on limited re-rating catalysts in the near term.

臥龍先生

UOL Group Ltd: 2Q09 within expectations
Operating performance remained within expectations. UOL Group reported losses for 2Q09 due to fair value losses from its investment properties but operating performance remained within expectations. Revenue increased by 2.1% YoY and 8.6% QoQ to S$213.7m and the increase came from revenue recognition of its development projects - Duchess Residences, The Regency at Tiong Bahru and Breeze by the East. Rental revenue from investment properties increased by 16.5% YoY but was flat QoQ. Hotel operations remained weak, with revenue falling by 21.4% YoY and 3% QoQ to S$67.5m in the quarter. Uncertain economic outlook and the outbreak of H1N1 virus affected the travel industry which led to lower
occupancy and average room rates in the quarter. Dividend income plunged 39.7% YoY but was due to lower payouts from investment and non-inclusion of dividend income from UIC which has now become an associated company of UOL.


Rising NTA was a pleasant surprise in midst of losses. Fair value losses of S$77m were recognized on UOL's investment properties in 2Q09 and this was compounded by the fair value losses recognized by associated companies - UIC and Marina Centre Holdings. As a result, PATMI plunged into the red in 2Q09 with a loss of S$20.1m. Excluding fair value losses, underlying PATMI would have increased by 28% YoY to S$90m. Despite the losses in 2Q09, UOL's NTA per share rose by 2.3% QoQ to S$4.88 as the increase in the market value of its available-for-sale financial assets (not recognized on income statement) more than offset the decline in its asset value.


Fair value raised to S$4.07; upgrade to BUY. Our RNAV estimate of UOL has now been raised to S$4.44 per share (previously S$4.11), driven by the increase in share prices of UOB, UIC and Pan Pacific Hotels. The market value of UOL's holdings in these entities had risen by 12.5% since our last report on 15th July. In line with our recent adjustment of valuation discount rates on property developers, we have now lowered the discount rate on our valuation of UOL's development profit and investment properties, from the previous 30% to 20%. As such, our fair value of UOL now stands at S$4.07 (previously S$3.56). Valuation remains attractive as UOL is currently trading at Price/NTA of 0.7x and Price/RNAV of 0.77x. With an upside potential of 18.9%, we are now upgrading UOL from HOLD to BUY.(Foo Sze Ming)

臥龍先生

UOL offers the best value. Among the property developers with significant exposure to the office market, Keppel Land (BUY; Fair value S$3.82) is the best performer, as its share price gained 1.6% year-to-date. Keppel Land is a key beneficiary from the flight to quality in the office market, with two new Grade A office developments (MBFC and Ocean Financial Centre) in the pipeline. City Developments (HOLD; Fair value S$10.95) has underperformed largely due to recent government measures on residential property market. For UOL, we reckon that its office assets may be affected by the flight to quality trend but the impact on valuation is not as significant as its peers since its RNAV exposure to office assets is the lowest among peers. Its share price has fallen 3.9% year-to-date and we find the counter offering compelling value (Price/RNAV: 0.75x) and all the negatives in the office market would have priced in. Among the office developers and landlords, our preferred pick is UOL Group (BUY; Fair value S$5.25).

ykcheow

tis share like not bad hor...         净资产：S$5.29 over the market price S$3.95 leh!! 臥龍先生, with Cd 0.10 cents now, is it valueable to buy in????

icy97

UOL Group says 3Q net profit fell 13% to $88m
http://www.theedgesingapore.com/the-daily-edge/business/41049-uol-group-says-3q-net-profit-fell-13-to-88m.html

Thu, 8 Nov 19:46  
UOL Group said net profit for the third quarter ended Sept 30 fell 13% to $87.8 million from last year.

Revenue slid 33% to $277.7 million in Q3 2012, from $413.3 million a year ago due mainly to lower property development revenue following the completion of some of the group's projects last year and this year.

Revenue for hotel management services fell 26% to $3.9 million because of the closure of the Pan Pacific Singapore for renovations from April to September.

Share of profit from associated companies declined 31% to $25.4 million in Q3, due mainly to a lower share of profit from Marina Centre Holdings and United Industrial Corporation.

icy97

Name of Announcer *	UOL GROUP LIMITED
Company Registration No.	196300438C
Announcement submitted on behalf of	UOL GROUP LIMITED
Announcement is submitted with respect to *	UOL GROUP LIMITED
Announcement is submitted by *	Foo Thiam Fong Wellington
Designation *	Company Secretary
Date & Time of Broadcast	06-Aug-2013 19:10:20
Announcement No.	00200

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

ACQUISITION OF SHARES IN ASSOCIATED COMPANY - UNITED INDUSTRIAL CORPORATION LIMITED

Description

Pursuant to Rule 704(17)(d) of the SGX-ST Listing Manual, the Company wishes to announce that its interest in associated company, United Industrial Corporation Limited (UIC), has increased to 600,021,565 shares or 43.515% of UICs issued capital (1,378,889,220 shares). The increase in its shareholdings was pursuant to off-market and open market purchases by wholly-owned subsidiary, UOL Equity Investments Pte Ltd, of an aggregate of 184,000 UIC shares on 6 August 2013 for the average price of S$3.06538 per share.

icy97

Name of Announcer *	UOL GROUP LIMITED
Company Registration No.	196300438C
Announcement submitted on behalf of	UOL GROUP LIMITED
Announcement is submitted with respect to *	UOL GROUP LIMITED
Announcement is submitted by *	FOO THIAM FONG WELLINGTON
Designation *	COMPANY SECRETARY
Date & Time of Broadcast	07-Aug-2013 17:33:33
Announcement No.	00108

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

For the Financial Period Ended *	30-06-2013
Description

Attachments

UOL2Q2013.pdf MediaRelease2Q2013.pdf

icy97

Name of Announcer *	UOL GROUP LIMITED
Company Registration No.	196300438C
Announcement submitted on behalf of	UOL GROUP LIMITED
Announcement is submitted with respect to *	UOL GROUP LIMITED
Announcement is submitted by *	Foo Thiam Fong Wellington
Designation *	Company Secretary
Date & Time of Broadcast	07-Aug-2013 17:51:24
Announcement No.	00135

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Date of valuation	Name of valuer	Description of property	Valuation
30/06/2013	DTZ Debenham Tie Leung (SEA) Pte Ltd	Please refer to the attached Appendix A	S$3,014,080,000
30/06/2013	Jones Lang LaSalle Property Consultants Pte Ltd	Pan Pacific Serviced Suites Orchard, Singapore	S$145,200,000
30/06/2013	DTZ Nawawi Tie Leung Property Consultants Sdn Bhd	PARKROYAL Serviced Suites Kuala Lumpur	RM201,070,000
30/06/2013	DTZ Debenham Tie Leung International Property Advisers (Tianjin) Co., Ltd.	Commercial component (approximate gross floor area of 11,586.55 sq m) and carpark (273 lots) of The Esplanade at junction of Tongbei Road and Zhangzizhong Road, Hongqiao District, Tianjin, China (Market value in existing state as at 30 June 2013)	RMB187,500,000

Additional Information

A separate announcement has been released today by Pan Pacific Hotels Group Limited (PPHG), a listed subsidiary of UOL Group Limited, on the valuation of properties held by PPHG and its subsidiaries.

The valuation reports for the above are available for inspection at this address during office hours

101 Thomson Road #33-00 United Square, Singapore 307591

Reports are available till this date

06/11/2013

Attachments

UOL300613_AppendixA.pdf

icy97

Name of Announcer *	UOL GROUP LIMITED
Company Registration No.	196300438C
Announcement submitted on behalf of	UOL GROUP LIMITED
Announcement is submitted with respect to *	UOL GROUP LIMITED
Announcement is submitted by *	Foo Thiam Fong Wellington
Designation *	Company Secretary
Date & Time of Broadcast	13-Aug-2013 17:55:35
Announcement No.	00127

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

UOL GROUP - "PRESENTATION FOR INVESTOR MEETING IN SINGAPORE TO BE HELD ON 14 AUGUST 2013"

Description

Please see attached.

Attachments

UOL_Investor_Meeting_14_Aug_2013.pdf

icy97

UOL's Pan Pacific Hospitality sets up JV company to develop 348-room hotel in Yangon
Source: The Edge   |   Publish date: Mon, 28 Oct 09:10
http://www.theedgesingapore.com/the-daily-edge/business/46008-uols-pan-pacific-hospitality-sets-up-jv-company-to-develop-348-room-hotel-in-yangon.html

UOL Group said indirect wholly-owned subsidiary, Pan Pacific Hospitality has entered into an agreement with Shwe Taung Junction City Co., and City Square, to form a joint venture company in Myanmar for acquiring, constructing, developing and/or managing a hotel to be situated in the prime city centre of Yangon.

The 348-room hotel will be located in the Junction City mixed use development along Shwedagon Pagoda Road in Yangon, Myanmar.

UOL’s subsidiary will have an interest of 20% of the share capital of the JV company.

UOL said shareholders should note that there can be no assurance that the requisite regulatory approvals will be obtained or that any or all of related agreements will be agreed upon and entered into by parties.

icy97

文： 朱皓翔 （译：麦美莹） 2014年03月06日 投资者角落
http://www.sharesinv.com/zh/articles/45226/

华业集团(UOL Group)
股价– $6.12
目标 – $6.95

公司的FY13核心净利为3亿4,420万元，相等于我们全年预测的100%及稍微低于市场共识。公司在FY13分别在新加坡及中国出售578个及88个住宅单位，总销售额超过5亿5,200万元。公司在今年初推出Riverbank@Fernvale项目，而售出的单位只是一般。早前推出的Thomson Three项目(435个单位)大约售出78%，平均售价为每平方英尺1,300元，而Seventy St. Patrick’s (186个单位)将会在2Q14推出。鉴于本地的住宅市场并不稳定，公司将会选择性地填补土地，并会继续利用资金来增长其可以带来经常性收入的业务。计划在2014年9月开张的One KM零售商场，目前已经大约出租了80%。我们把合理值预估从之前的7.16元减低至6.95元，主要是因为在我们的预估模式中，其上市股票的估值偏低及平均售价偏软。维持买入。
– 华侨银行投资(3月3日 )

icy97

华业集团比同行便宜4倍，牛劲十足？
Tradeable | 2014年04月15日
文 : 林思杰（译：麦美莹）
http://www.sharesinv.com/zh/articles/46151/

1.华业集团在新兴市场的发展无疑是向投资者保证它会继续寻求更多收入来源。
2.持续派发股息及良好的基本面是其优势之一。
3.华业集团最近被纳入标普亚洲房产40指数的成份股，这对投资者来说无疑是打了一支强心针。

公司简介及业务模式
华业集团(UOL Group)是新加坡声誉卓著的产业公司之一，其组合包含了投资及发展产业。它正准备通过直接投资或与海外伙伴合作来向高增长区域扩张。

集团的多元化组合包括了住宅单位、办公室、零售商场、酒店、水疗中心及餐馆。

集团在新加坡、澳洲、中国、越南、马来西亚及缅甸拥有19间酒店及服务公寓，其中12间是以宾乐雅(PARKROYAL)品牌及另外5间是以泛太平洋(Pan Pacific)品牌来经营。此外，集团也为第三方业者以泛太平洋品牌管理12间酒店。

企业发展
华业集团在2014年3月有两项重要公布。

首先，其子公司Suasana Simfoni 在2014年3月25日宣布，它以5亿6,800万令吉把在马来西亚的土地出售给Damai City的交易已经完成。Suasana Simfoni可以从这项交易中取得约2亿4,700万令吉(9,500万元)的税前收益，而华业集团取得的份额将会是1亿4,800万令吉(5,700万元)。

其次是，华业集团宣布派发每股0.20元股息，但必须在2014年4月22日举行的股东周年大会中获得通过。华业集团在过去的5个财政年度持续派发股息。对我而言，能够经常派发股息显示了管理层的处事能力及审慎态度十分之高。

财务表现
集团在2014年2月公布了2013财政年度的业绩，其中的亮点包括:

• 泛太平洋酒店集团为在缅甸仰光购入、建筑、发展及管理当地第一间泛太平洋酒店(拥有348个房间的泛太平洋仰光)而达成合资协议。我认为宾乐雅仰光的稳健收入增长，显示泛太平洋仰光在未来也可以从缅甸的不断增长中受惠，尤其是来自旅客及商贸访客的需求。
• 华业集团被纳入标普亚洲房产40指数的成份股。我认为集团能够成为基准指数的一分子显示它是亚洲领先发展商之一，这不但可以提高投资者的信心，也可以增加集团的知名度。
  

基本面分析

集团的本益比、股价与现金流比及股价与账面值比均低于业内基准。可能你也会留意到，集团的股价与销售比只为4.51，而业内的比率是841，这表示了华业集团目前产生的每一块钱收入，投资者所要付出的额度相对来说低出很多。

再加上营运及净利毛利率高企，其处于低位的股价与销售比显得更为重要，因为这表示收入的很大部分将留作为集团的收益。投资者从不同的股价比率中可以清楚知道集团目前是被低估。

华业集团的董事局是由大华银行(United Overseas Bank)的退休主席带领。此外，集团的管理效益也获得数据的支持，因为其资产回报率、股本回报率及投资回报率的五年平均数均比行业的数字来得高，因此，无论从数据或是声誉来看，投资者都可以比较放心。

#看涨
在细阅华业集团的年报后，我对其长期前景看涨，而且公司的股价走势也对我的看法带来支持

icy97

狮城华业5亿伦敦CBD购地
财经 天下  2014-08-15 14:56
http://www.nanyang.com/node/642256?tid=462

（新加坡14日讯）华业集团（UOL）以9700万英镑（约5.1亿令吉），收购在伦敦的一幅黄金地段。

《联合早报》报道，该永久地契地段占地3200平方米，位于伦敦中央金融区（CBD），靠近利物浦街车站和未来的Crossrail站。

据现有规划，这地段可发展一栋43层高楼，包含109个住宅单位、190个酒店房间及零售空间，总建筑楼面为5万2255平方米。

华业集团计划评估现有的规划方案，并以泛太平洋（Pan Pacific）的品牌经营酒店；这将是集团在伦敦的首个重大发展项目。

前程似锦

UOL这个股怎样？
这公司主要业务是医院运作，和房产。
基本面好像不错。

股价S$6.33
EPS S$1.019
NAV S$9.146
ROE=0.11, 比OCBC还好 （OCBC目前ROE大概是0.105）
PE 6.2
基本面好像很不错。

但no. of share 好像就小了点，只有787m。
听说no. of share 太小，股价很难被炒起来。
是这样吗？

各位前辈觉得如何？
希望各位前辈可以为晚辈我指点迷津。。。

@suntecinvestor

前程似锦

最近一直在看着一支股： UOL

以我有限的知识和眼光，我觉得这股基本面不错。
主要业务是医院管理和发展。

ROE蛮不错，甚至比OCBC还好。
PE 够低，有一定潜力
NAV 非常高，股价SGD6.44， NAV却高达SGD 9.146。有NAV支撑，股价下跌空间不大。
Div：EPS = SGD 1.019， Div= SGD 0.200。对于这个，算不算高？

可是有点因素我不太确定。
这股 No. of share 太少了，只有 787m。
听说 No. of share 太少，那这股的交易量也会小，又如一潭死水。
没人炒，股价难上。

这样理解对不对？
No. of share 是否是决定入股的重要考量？

希望各位前辈多多指教。
@williamnkk81
@Vincent1818

Vincent1818

前程似锦 发表于 3-9-2014 10:25 PM
最近一直在看着一支股： UOL

以我有限的知识和眼光，我觉得这股基本面不错。

ROE 怎么可以和 OCBC 比较，不同行业。
还有，PE 低也不一定是好，需要看未来公司会不会成长。 NAV 高过股价的还有很多，不能只是看这个。
no. of share 太小，炒家是不会要的。不过，需要你的投资目的是什么，是为了炒，还是要将来和公司一起成长，还是只是听谁谁说的。。。

williamnkk81

前程似锦 发表于 3-9-2014 10:25 PM
最近一直在看着一支股： UOL

以我有限的知识和眼光，我觉得这股基本面不错。

最近一直在看着一支股： UOL

以我有限的知识和眼光，我觉得这股基本面不错。
主要业务是医院管理和发展。

你好。。。 如果只看這些數據。。公司是不錯的。。。。
ROE蛮不错，甚至比OCBC还好。（不可以這樣比較。。。 因為要利用同行才可以的。。 比如。。 OCBC vs UOB vs MBB）
PE 够低，有一定潜力 (PE 低未必是好的。。。要找出原因。。。不然是不會這樣的。。)
NAV 非常高，股价SGD6.44， NAV却高达SGD 9.146。有NAV支撑，股价下跌空间不大。是的。。 NAV是高很好的。。 但也要看有沒有發展。。 一直有的看沒有搞。。。 是沒有價值創造的。。。
Div：EPS = SGD 1.019， Div= SGD 0.200。对于这个，算不算高？（這個你要拿股價和股息來計算。。週息率）

可是有点因素我不太确定。
这股 No. of share 太少了，只有 787m。
听说 No. of share 太少，那这股的交易量也会小，又如一潭死水。
没人炒，股价难上。
股票是一個考慮因素。。。 但好的公司就是代表沒有人要賣咯。。公司好嘛。。。

要炒？？ 你就是要投機的咯。。。 公司好。。投資者是不怕股價不上的。。 還有公司有給股息回報咯。。


这样理解对不对？
No. of share 是否是决定入股的重要考量？ 是可以是。。 但要看你是投機。。 投資。。 還有你放入的資金多少。。 股票流通是看你要買和賣多少咯。。

希望各位前辈多多指教。

前程似锦

Vincent1818 发表于 6-9-2014 11:29 AM
ROE 怎么可以和 OCBC 比较，不同行业。
还有，PE 低也不一定是好，需要看未来公司会不会成长。 NAV 高 ...

前辈你好。
谢谢指教。

首先问一下，PE低的公司，要注意哪些风险？

Vincent1818

前程似锦 发表于 9-9-2014 07:46 PM
前辈你好。
谢谢指教。

可以看看是不是因为股价给人出卖到变成PE 低 ，董事的行为，Account Receivable 有没有增加。
还有，买股票的人，都是聪明人。。。如果有一个股票在相同行业里面PE 较低 ，也是要小心。