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OUE Limited: Results below expectations
OUE reported that its 1Q16 PATMI declined 89.3% YoY to S$8.3m mainly due to fair value losses from the mark-to-market of investments and the absence of a one-time gain from the sale of Crowne Plaza Changi Airport which was booked in 1Q15. That said, we saw the group&rsquo s 1Q16 revenues clocked a marginal 13.4% YoY increase to S$122.5m mostly due to higher contributions from the group&rsquo s investment division, which consolidated revenues of One Raffles Place after additional interests in OUB Centre Limited were acquired in Oct 15, and also marginally higher revenues from the hospitality operations (up 3.0% YoY to S$51.7m in 1Q16), but these were partially offset by lower contributions from the property development division. 1Q16 PATMI constitutes only 13.1% of our FY16 forecast we judge these results to be a miss versus expectations and will look to lowering our forecasts ahead. We put our fair value estimate of S$2.69 under review but maintain a BUY rating on the stock. (Eli Lee)
Just browsed through OUE2015 annual report and noted the current share price is a huge discount to its NAV.
NAV $4.35
EPS 17.2 cents
Net borrowings to Equity @ 58%
Looks like a good deal. Supported by a strong backer, Lippo Limited which owns 68.52%
In 2015, through its 50% equity interest JV, OUE-Lippo purchased 22.9% equity interest in Gemdale Properties & Investment Corporation Limited (HK listed) which have increased to 29.8% in March 2016. Looks like expanding or diversifying geographical reach through investments in others.
Other interesting areas:-
Equity interests in OUE Commercial REIT increased from 49.1% to 64.98%
Equity interest in OUE Hospitality Trust at 33.33%
:):):)
investshare ( Date: 13-Apr-2016 12:32) Posted:
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AGM OUE hosp trust 20/4/2016 , 2pm
AGM OUE 21/4/2016, is it 2PM ????
i am in.
OUE looks like it may cross over 1.70 and continue to head higher.
http://sporeshare.blog spot.sg/2016/03/oue.html
so what the reason for the low price to book? care to share
investshare ( Date: 07-Mar-2016 09:12) Posted:
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Remember this, there is a reason for the low price to book.
investshare ( Date: 23-Feb-2016 10:46) Posted:
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No need news now cos everything going up
saturn80 ( Date: 04-Mar-2016 16:37) Posted:
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There is no new that will push the price up unless they start doing something with their money.
The analogy is this: A house is for sale, but come with condition that you must continue to rent it to the current tenant at below market price, and you need to pay a management fee. So obviously you would not pay the market price for this house.
victortan ( Date: 21-Feb-2016 12:57) Posted:
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I think using NAV is quite questionable if the eps is vy poor, I think mkt assess a counter by the eps rathe tahn nav.thus u see those soild counter like tradinbg many time over their nav, like vicom, and several.
Secret_Squirrel ( Date: 21-Feb-2016 09:46) Posted:
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0.38 PB. More room for it to rise than to fall.
NAV per share is $4.35 as at of 31 dec 2015.
antifragile ( Date: 19-Feb-2016 01:58) Posted:
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uptrend, $2. Hidden gem
Prices of OUE are still dropping and dropping ~~~
Anyone selling off their holding here?
Any chances for good special dividends and bonus shares this year 2016?
good for you..depend on how many kopi you can buy
victortan ( Date: 23-Dec-2015 20:02) Posted:
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this one always blow by ppl, say so good , but i m fortunate to sell for small kopi money, in Aug. Lousy counter,
Oue Twin peaks should be rebranded as Mandarin Orchard Residences...units not sold should be service apartments..
Based on technical trend, looks like OUE will be heading lower
Keeping on monitoring list