UOL Bull Sees Shopping Center Redevelopment Plans as 'Value Unlocking'
Dow Jones12-04 11:49
Plans to redevelop a central Singapore shopping center owned by UOL Group's subsidiary is a step in the right direction for the property company's bull at DBS Group Research. UOL subsidiary Singapore Land Group is consolidating ownership of the Marina Square complex through internal restructuring, writes DBS analyst Tabitha Foo in a note.
This could be "value-unlocking" and keep investors interested in both UOL Group and Singapore Land Group, she says, noting that both companies trade at around 50%-55% discount to their revalued net asset value. DBS maintains a buy rating on UOL Group and a target price of S$8.80, while it has no rating for Singapore Land Group.
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