CIMB in a Feb 22 research report says: "4Q11 core earnings formed 36% of our full year and 41% of consensus. Revenue in 4Q11 soared 63% y-o-y to $106 million driven by a strong hotel division.
"Net asset value (NAV) per share rose 4% q-o-q to $3.21 in 4Q11 as its hotel and retail assets saw higher book values. These form 45% of OUE's gross asset value. We believe the stock is attractively priced at 0.8x P/BV or 36% disc to RNAV, backed by a FY2012F core EBIT growth of 32%.
"OUE has proposed an 11 cents dividend for FY2011 (8 cents special dividend), translating into a nice yield of 4.4%. We introduce our FY2014 forecast, tweak FY2012-2013 core EPS, and raise our target price to $2.92 (25% disc to RNAV) on less conservative hotel forecasts. Overseas Union Enterprise (Feb 22:
MAINTAIN OUTPERFORM."
"Net asset value (NAV) per share rose 4% q-o-q to $3.21 in 4Q11 as its hotel and retail assets saw higher book values. These form 45% of OUE's gross asset value. We believe the stock is attractively priced at 0.8x P/BV or 36% disc to RNAV, backed by a FY2012F core EBIT growth of 32%.
"OUE has proposed an 11 cents dividend for FY2011 (8 cents special dividend), translating into a nice yield of 4.4%. We introduce our FY2014 forecast, tweak FY2012-2013 core EPS, and raise our target price to $2.92 (25% disc to RNAV) on less conservative hotel forecasts. Overseas Union Enterprise (Feb 22:
MAINTAIN OUTPERFORM."
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