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[公司专区] 5200 UOADEV UOA发展

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发表于 2011-6-10 22:15 | 显示全部楼层 |阅读模式
UOA Development Bhd, a property development and construction company is schedule to be listed in Main Market on 8th June 2011.

The Initial Public Offering (IPO) consists of 407 million ordinary shares at an IPO price of RM2.90 per share at RM0.05 par value. However, the final retail price will be equal to the 97% of the institutional price.

Out of 407 million shares, 337 million shares are offered to Malaysian and foreign institutional and selected investors (including bumiputera investors approved by the International Trade and Industry Ministry) and a retail offering of 70 million shares to the Malaysian public, eligible directors and employees of UOA Development, its subsidiaries and persons who have contributed to the success of UOA and its subsidiaries

UOA Development a unit of Sydney and Singapore listed United Overseas Australia Ltd is involved in property development, construction and property investment. Its development projects are in matured and prime locations, centralized within the Klang Valley.

As at Dec 31, 2010, UOA Development has a total saleable and lettable area of more than 300,000 sq m of properties under development with an estimated gross development value (GDV) of RM2bil to be completed over the next three years.

The company has a further total potential saleable and lettable area of more than 1.2 million sq m being held for future development projects with an estimated GDV in excess of RM8bil.

More information regarding the company can be found in UOA Development webpage.

UOA Development intends to pay between 30 to 50 percent of profit after tax as dividend but it is subjected to board and shareholders approval. At an IPO price of RM2.90, the dividend yield is between 3.38 to 5.63 percent based on 2010 figures.

The table below is financial summary for UOA Development Bhd.

                                            FYE 2008            FYE 2009           FYE 2010
Revenue (RM’000)                       492841              427776              375229
Profit after Tax (RM’000)               161451              177595              289762
Earnings per Share (sen)                  14.79                 16.73                 32.66
Price Earnings Ratio (x)                   19.61                  17.33                   8.88

The underwriters for the IPO were CIMB Investment Bank Bhd, RHB Investment Bank Bhd, OSK Investment Bank Bhd, HwangDBS Investment Bank Bhd and Hong Leong Investment Bank Bhd

For those who are interested in UOA Development IPO, you may subscribed at ATM machines or via Internet Banking. The subscription period is opened until 25th May 2011 at 5pm for retail offering and 26th May for institutional offering. Tentative balloting date is on 27th May while allotment date is on 6th June 2011.



http://1-million-dollar-blog.com/uoa-development-berhad-ipo/

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 楼主| 发表于 2011-6-10 22:18 | 显示全部楼层
UOA Development Bhd IPO Target Price Fair Value RM3.45
UOA Development Bhd IPO closing date (Retail Offering 25 May 2011) and (Institutional Offering 26 May 2011).
UOA IPO price RM 2.90.
The UOA Development Retail Price will be fixed at RM2.90 or 97.00% of the Institutional Price, whichever lower, subject to a refund of the difference between the Final Retail Price and RM2.90 per Share.  
The Institutional Price is by way of book-building. What is the target or expected institutional strike price or Retail Price? Very hard to say, example Maxis and JCY strike price was at the lower end but Pchem was at higher end.
Issuing house MIH-515 and listing date of UOA Development will be tentatively on 8 June 2011 in Bursa Main Market.
Whether can subscribe or apply UOA Development IPO, let us do a very simple PEGGY Method Evaluation.

PE: PE Ratio
G: Growth
G: Gearing
Y: Yield

Using UOA Development share price or Institutional IPO price of RM3.00.

UOA Development PE ratio is 26.2x (2010 Dec). Growing at 66.1% (2011), 41.3% (2012) and 29.6% (2013). PE ratio will then be 15.8x (2011), 11.2x (2012) and 8.6x (2013).

UOA Development net gearing is fairly high at 55.6%. Post IPO will drop to 4.8% (2011). The UOA Development dividend yield is 2.5% in 2011, and this is based on 40% dividend payout ratio. UOA Development dividend policy is dividend payout of 30% to 50%.

The above figure are by RHB and UOADEV target price fair value is RM3.45, that is at its RNAV per share.

Based on the above figures, UOADEV PE ratio is not cheap. Although it has high growth, at UOADEV share price of RM3.00, this has been factored in. Have to wait two more years then only the PE ratio drop to below 10x. UOADEV dividend yield is just average, although it will grow as the profit grow.

This has confirmed by RHB, where they give a UOADEV IPO stock target price which is only 15% from RM3.00.

I think there are few issues that you need to consider:

1) RM3.00 or RM2.97 is NOT fixed yet.
Although the above PEGGY Figures are not very cheap, but the Retail IPO price is not fixed yet. You may get a lower price and get refund of the difference if they fix the strike price lower. A lower price means UOADEV will have lower PE ratio and higher dividend yield and higher potential share price increase upon listing.

2) IPO year.
So far, Year 2011 is very good year for IPO. The recent few IPOs listing prices were crazily high. This may help UOADEV to trade higher.

3) Top 5 listed property developers stock
Post IPO, UOA Development market capitalization will be in the top 3 or top 5, behind UEM Land, SP Setia and about the same as Suncity-Sunway and IJMLand. Large UOADEV market capitalization will attract more institutional investor and can justify higher PE Ratio or higher price.

4) How RHB get the growth figures?
The growth figures are quite impressive, but how they get it? According to RHB, 2011 profit growth mainly due to the tail-end construction of The Horizon Phase 2, Kepong business Park and Villa Pines. 2012 to 2013 will be (I will post when I got time).

5) Property market Crash?
Many people said property market may crash soon. But I have been hearing that for so many months. I have no idea, up to individuals to judge.

6) Higher IPO price and more shares
This mean that the chances of getting the IPO allocation will be higher.

7) What is UOA Development Par Value? Is it a concern?
Do NOT worry about the UOADEV par value of RM0.05. No issue, some companies example Genting Singapore don't even have a par value.  Important is UOA Development Earnings Per Share (EPS) and PE Ratio and NOT par value. Most analysts will not comment much on the par value because it is not important.
From UOA Development Berhad Prospectus.
The Initial Public Offering (“IPO” Or “Offering”) Of Up To 407.00 Million Ordinary Shares Of RM 0.05 Each In UOA Development Bhd (“UOA Development”) (“Shares”), In Conjunction With The Listing Of And Quotation For 1,195.86 Million Shares On The Main Market Of Bursa Malaysia Securities Berhad, Comprising:

(I) Offer For Sale Of Up To 120.00 Million Existing Shares (“Offer Shares”) Comprising:

• Institutional Offering Of Up To 50.00 Million Offer Shares To Malaysian And Foreign Institutional And Selected Investors At The Institutional Price To Be Determined By Way Of Bookbuilding (“Institutional Price”) Payable In Full Upon Allocation; And

• Retail Offering Of 70.00 Million Offer Shares To The Malaysian Public, Eligible Directors Of UOA Development, Eligible Employees Of UOA Development And Its Subsidiaries And Persons Who Have Contributed To The Success Of UOA Development And Its Subsidiaries At The Retail Price Of RM2.90 Per Share (“Retail Price”), Payable In Full Upon Application And Subject To Refund Of The Difference, In The Event That The Final Retail Price Is Less Than The Retail Price; And

(II) Public Issue Of 287.00 Million New Shares To Malaysian And Foreign Institutional And Selected Investors Including Bumiputera Investors Approved By The Ministry Of International Trade And Industry At The Institutional Price Payable In Full Upon Allocation,

Subject To The Clawback And Reallocation Provisions And Over-Allotment Option (As Defined Herein). The Final Retail Price Will Be Equal To The Lower Of (I) The Retail Price; And (Ii) 97.00% Of The Institutional Price, Subject To Rounding To The Nearest Sen.

Up to individuals to decide whether worth to apply or subscribe UOADEV. Will post more if I got more info and the time.


http://politemarket.blogspot.com ... o-target-price.html

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 楼主| 发表于 2011-6-10 22:18 | 显示全部楼层
本帖最后由 jimstyle 于 2011-6-10 22:19 编辑

UOA Development Bhd IPO closing date (Retail Offering 25 May 2011) and (Institutional Offering 26 May 2011).
UOA IPO price RM 2.90.
The UOA Development Retail Price will be fixed at RM2.90 or 97.00% of the Institutional Price, whichever lower, subject to a refund of the difference between the Final Retail Price and RM2.90 per Share.  
The Institutional Price is by way of book-building. What is the target or expected institutional strike price or Retail Price? Very hard to say, example Maxis and JCY strike price was at the lower end but Pchem was at higher end.
Issuing house MIH-515 and listing date of UOA Development will be tentatively on 8 June 2011 in Bursa Main Market.
Whether can subscribe or apply UOA Development IPO, let us do a very simple PEGGY Method Evaluation.

PE: PE Ratio
G: Growth
G: Gearing
Y: Yield

Using UOA Development share price or Institutional IPO price of RM3.00.

UOA Development PE ratio is 26.2x (2010 Dec). Growing at 66.1% (2011), 41.3% (2012) and 29.6% (2013). PE ratio will then be 15.8x (2011), 11.2x (2012) and 8.6x (2013).

UOA Development net gearing is fairly high at 55.6%. Post IPO will drop to 4.8% (2011). The UOA Development dividend yield is 2.5% in 2011, and this is based on 40% dividend payout ratio. UOA Development dividend policy is dividend payout of 30% to 50%.

The above figure are by RHB and UOADEV target price fair value is RM3.45, that is at its RNAV per share.

Based on the above figures, UOADEV PE ratio is not cheap. Although it has high growth, at UOADEV share price of RM3.00, this has been factored in. Have to wait two more years then only the PE ratio drop to below 10x. UOADEV dividend yield is just average, although it will grow as the profit grow.

This has confirmed by RHB, where they give a UOADEV IPO stock target price which is only 15% from RM3.00.

I think there are few issues that you need to consider:

1) RM3.00 or RM2.97 is NOT fixed yet.
Although the above PEGGY Figures are not very cheap, but the Retail IPO price is not fixed yet. You may get a lower price and get refund of the difference if they fix the strike price lower. A lower price means UOADEV will have lower PE ratio and higher dividend yield and higher potential share price increase upon listing.

2) IPO year.
So far, Year 2011 is very good year for IPO. The recent few IPOs listing prices were crazily high. This may help UOADEV to trade higher.

3) Top 5 listed property developers stock
Post IPO, UOA Development market capitalization will be in the top 3 or top 5, behind UEM Land, SP Setia and about the same as Suncity-Sunway and IJMLand. Large UOADEV market capitalization will attract more institutional investor and can justify higher PE Ratio or higher price.

4) How RHB get the growth figures?
The growth figures are quite impressive, but how they get it? According to RHB, 2011 profit growth mainly due to the tail-end construction of The Horizon Phase 2, Kepong business Park and Villa Pines. 2012 to 2013 will be (I will post when I got time).

5) Property market Crash?
Many people said property market may crash soon. But I have been hearing that for so many months. I have no idea, up to individuals to judge.

6) Higher IPO price and more shares
This mean that the chances of getting the IPO allocation will be higher.

7) What is UOA Development Par Value? Is it a concern?
Do NOT worry about the UOADEV par value of RM0.05. No issue, some companies example Genting Singapore don't even have a par value.  Important is UOA Development Earnings Per Share (EPS) and PE Ratio and NOT par value. Most analysts will not comment much on the par value because it is not important.
From UOA Development Berhad Prospectus.
The Initial Public Offering ("IPO" Or "Offering") Of Up To 407.00 Million Ordinary Shares Of RM 0.05 Each In UOA Development Bhd ("UOA Development") ("Shares"), In Conjunction With The Listing Of And Quotation For 1,195.86 Million Shares On The Main Market Of Bursa Malaysia Securities Berhad, Comprising:

(I) Offer For Sale Of Up To 120.00 Million Existing Shares ("Offer Shares") Comprising:

? Institutional Offering Of Up To 50.00 Million Offer Shares To Malaysian And Foreign Institutional And Selected Investors At The Institutional Price To Be Determined By Way Of Bookbuilding ("Institutional Price") Payable In Full Upon Allocation; And

? Retail Offering Of 70.00 Million Offer Shares To The Malaysian Public, Eligible Directors Of UOA Development, Eligible Employees Of UOA Development And Its Subsidiaries And Persons Who Have Contributed To The Success Of UOA Development And Its Subsidiaries At The Retail Price Of RM2.90 Per Share ("Retail Price"), Payable In Full Upon Application And Subject To Refund Of The Difference, In The Event That The Final Retail Price Is Less Than The Retail Price; And

(II) Public Issue Of 287.00 Million New Shares To Malaysian And Foreign Institutional And Selected Investors Including Bumiputera Investors Approved By The Ministry Of International Trade And Industry At The Institutional Price Payable In Full Upon Allocation,

Subject To The Clawback And Reallocation Provisions And Over-Allotment Option (As Defined Herein). The Final Retail Price Will Be Equal To The Lower Of (I) The Retail Price; And (Ii) 97.00% Of The Institutional Price, Subject To Rounding To The Nearest Sen.

Up to individuals to decide whether worth to apply or subscribe UOADEV. Will post more if I got more info and the time.


http://klse.i3investor.com/servlets/fdblog/196779.jsp

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 楼主| 发表于 2011-6-10 22:20 | 显示全部楼层
UOADEV PE ratio has changed due to the UOA Development IPO final institutional price fixed at RM2.60 per share and the final retail price fixed at RM2.52 PER SHARE.

Just a bit of update for information only.

Using the same data from RHB, with UOADev share price of RM2.52.

UOADev PE ratio 22.1x (Dec 2010), 13.2x (2011), 9.36x (2012) and 7.24x (2013).
Growth is the same, no changes.
Gearing is the same.
UOADev dividend yield is 2.02% (2010), 3.0% (2011), 4.3% (2012), 5.4% (2013)

With the above figures at UOADev price of RM2.52, UOADev stock looks more attractive.

For more details on UOA Development target price fair value and financials, here.
http://politemarket.blogspot.com/search/label/UOA%20Development
Money back guarantee on your IPO, here.
http://politemarket.blogspot.com/2011/05/uoa-development-ipo.html


http://klse.i3investor.com/servlets/fdblog/197095.jsp

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 楼主| 发表于 2011-6-10 22:28 | 显示全部楼层

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 楼主| 发表于 2011-6-10 22:52 | 显示全部楼层
根据公司财报

2010 EPS - 9.87

PE - 2.52 / 9.87*100 = 25.53

DY - 2.0 / 2.52 = 0.79

NTA - 9.87 / 0.15298 = 64.5

如有错请更正。目前对自己算出开的figure都不是很肯定

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发表于 2011-7-6 17:02 | 显示全部楼层
UOA Development slumps to lowest since IPO      

KUALA LUMPUR: Shares of UOA Development Bhd fell to the lowest since the initial public offer, slumping to RM2.08 in late afternoon on Wednesday, July 6.

At 4.16pm, it was down 11 sen to RM2.08 with 3.32 million shares done.

The FBM KLCI was up 5.43 points to 1,587.28. Turnover was 918.23 million shares done valued at RM1.62 billion. There were 385 gainers, 338 losers and 329 stocks unchanged.

UOA Development was listed on June 8 and ended the first day at RM2.59.

The institutional price was fixed at RM2.60 and the final retail price at RM2.52 after the bookbuilding exercise. The indicative retail price was RM2.90.

The listing exercise of UOA Development included an offer for sale of up to 407 million existing shares of 50 sen each.

RHB Research Institute had valued UOA Development at RM3.45, at its RNAV per share and in line with its valuations on IJM Land Bhd.

http://www.theedgemalaysia.com/b ... west-since-ipo.html

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发表于 2011-7-7 11:34 | 显示全部楼层
UOA发展股价创低
2011/07/07 11:21:12 AM
●南洋商报

(吉隆坡6日讯)UOA发展(UOADEV,5200,主板产业股)股价周三数度下跌至2.07令吉,创下自上市以来的最低价位。

该股周三以2.20令吉,涨1仙报开,惟在大约12分钟后便开始往下跌,并以跌势结束上半天的交易;休市时,该股报2.11令吉,跌8仙。

复市后,UOA发展继续滑落,并于下午4时13分至26分期间,下跌12仙至2.07令吉。

该股最终以2.09令吉,挫10仙闭市,成交量为387万2800股。

UOA发展于6月8日上市,挂牌首日以2.59令吉作收。

其首次公开售股(IPO)的机构价定于2.60令吉,最终零售价为2.52令吉。

在上市活动内,该公司大股东献售4亿700万股现有股,每股面值50仙。

拉昔胡申研究曾将UOA发展估价定于3.45令吉,因其每股实际净资产价值(RNAV)与IJM置地(IJMLand,5215,主板产业股)的估值一致。

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发表于 2011-7-7 16:39 | 显示全部楼层
UOA Devt rebounds after hitting post-IPO low     

KUALA LUMPUR: Shares of UOA Development Bhd rebounded to RM2.23 in late morning on Thursday, July 7 after falling to new post IPO low of RM2.06 earlier.

At 11.15am, it was up 14 sen to RM2.23 with 3.74 million shares done on some institutional buying support.

The call warrants UOA Development-CA rose 3.5 sen to 14 sen with 10.38 million units done.

The FBM KLCI scaled new historic highs, up 1.33 points to 1,592.67. Turnover was 513.38 million shares valued at RM554.48 million. There were 310 gainers, 238 losers and 304 stocks unchanged.

UOA Development was listed on June 8 and ended the first day atRM2.59.

The institutional price was fixed at RM2.60 and the final retail price at RM2.52 after the bookbuilding. The indicative retail price was RM2.90.

The listing exercise of UOA Development included an offer for sale of up to 407 million existing shares of 5.0 sen each.

RHB Research Institute had valued UOA Development at RM3.45, at its RNAV per share and in line with its valuations on IJM Land Bhd.

http://www.theedgemalaysia.com/b ... g-post-ipo-low.html

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发表于 2011-7-19 11:20 | 显示全部楼层
CIMB Research initiates coverage on UOA Devt, TP RM3.25      

KUALA LUMPUR: CIMB Equities Research has initiated coverage on UOA Development Bhd with a target price of RM3.25 based on 13.1 times FY12 P/E or a 10% discount to its target market P/E of 14.5 times.

“UOA Development’s poor share price performance since its listing gives investors a chance to accumulate the stock on the cheap. Investors’ realisation of the strong core earnings growth in FY11-13 could spark a re-rating, along with robust sales or more land banking,” it said on Tuesday, July 19.

CIMB Research said what sets UOA Development apart from its rivals is its wide gross margin of around 50%, which puts it well ahead of many sizeable established developers and will help this highly profitable developer to nearly triple its core net profit in FY12.

“In view of its relatively small landbank but consistent track record for landbanking and earnings expansion, we are valuing it on P/E basis, similar to other quick turnaround companies,” it said.

The research house said UOA Development has around 100 acres of undeveloped landbank with GDV of RM11bn. Its flagship project is the 60-acre Bangsar South project in Kuala Lumpur which has a GDV of over RM8bn.

“Besides various undeveloped residential and commercial components of Bangsar South worth RM6.1bn, UOA Development has another 10 projects with GDV worth nearly RM3bn which will be launched over the next 2-3 years. The group enjoys wide margins ranging from 35% to 60% as it prices its PROPERTIES [] at a premium and captures CONSTRUCTION [] margins internally,” it said.

http://www.theedgemalaysia.com/b ... -devt-tp-rm325.html

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发表于 2011-7-20 13:35 | 显示全部楼层
赚幅50%领先业界 UOA发展目标价RM3.25
2011/07/20 10:29:08 AM
●南洋商报


UOA发展的旗舰工程为孟沙南城,占地60英亩,总发展价值逾80亿令吉。  
(吉隆坡19日讯)联昌国际研究将UOA发展(UOADEV,5200,主板产业股)列入研究清单,并根据2012财年13.1倍的本益比,将该股目标价设为3.25令吉。

由于UOA发展的股价自上市以来一直表现不好,投资者也趁低吸购。

随着销售量走高以及收购更多地库,UOA发展2011至2013财年的核心盈利增长料将走强可能引发重新评估。

联昌国际研究分析员指出,13.1倍的本益比也比市场本益比(14.5倍)低10%。

与其他竞争者较为不同的是,UOA发展的总赚幅约50%,这也令其领先其他产业发展商,并有望推高其2012财年的核心净利将近3倍。

发展总值110亿

分析员说:“虽然UOA发展拥有较少地库,但凭借着过往的地库和盈利扩展计划,我们也按本益比模式对该股估值。”

分析员随后表示,UOA发展的未发展地库占地100英亩,发展总值(GDV)为110亿令吉。

UOA发展的旗舰工程为孟沙南城(Bangsar South),占地60英亩,总发展价值逾80亿令吉。

“除了孟沙南城总值61亿令吉的各项未发展住宅和商业工程外,UOA发展接下来的2至3年将推出另外10项总值近30亿令吉的工程。鉴于UOA发展以溢价方式来为其产业定价,以致其赚幅介于35至60%。”

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发表于 2011-8-3 15:46 | 显示全部楼层
UOA Devt major shareholder buys 2.3m shares

KUALA LUMPUR: UOA Development Bhd’s single largest shareholder UOA Holdings Sdn Bhd bought 2.329 million shares from the open market since its listing on June 8.

Filings with Bursa Malaysia showed the recent acquisitions raised its shareholding to 66.77% or 798.48 million shares, up from 796.48 million shares or 66.58%.

The most recent acquisition was on Monday, Aug 1 when it bought 125,000 shares.

UOA Development was listed on June 8 and its share price closed at RM2.59.  The share price closed at the lowest of RM2.09 on July 6.

At the midday break on Wednesday, UOA Development share price was two sen lower at RM2.11.

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发表于 2011-8-4 17:15 | 显示全部楼层
大股东增持UOA发展
财经新闻财经 2011-08-04 12:11

(吉隆坡3日讯)随着UOA发展(UOADEV,5200,主板产业股)单一大股东——UOA控股私人有限公司,于8月1日买入前者12万5000股后,持股权便由66.58%增至66.77%。

据大马交易所的一项文告指出,自UOA发展上市以来,UOA控股私人有限公司已透过公开市场收购UOA发展的232万9000股,持股权由7亿9648万股(相等于66.58%)增加至7亿9848万股(相等于66.77%)。

UOA发展于6月8日于马交所主板上市,首日以2.59令吉挂收。此外,该股股价更于7月6日跌至2.09令吉的低点。

今日闭市,UOA发展以2.11令吉挂收,下跌2仙或0.939%,全日成交量为159万7200股。

http://www.nanyang.com/node/373454?tid=462

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发表于 2011-8-9 11:37 | 显示全部楼层
Analysts puzzled as UOA fails to shine on debut

PETALING JAYA: Last Wednesday marked UOA Development Bhd's debut on the Main Market of Bursa Malaysia.

Year-to-date, the property developer's initial public offering (IPO) was the largest such exercise in South-East Asia.

Based on the IPO's institutional price of RM2.60 per share, UOA Development has a market capitalisation of RM3.1bil, which makes it among the five largest property developers listed on Bursa Malaysia, together with UEM Land Bhd, SP Setia Bhd, IJM Land Bhd and IGB Corp Bhd.

The company is a unit of United Overseas Australia Ltd (UOA), which was founded and listed on the Australian Stock Exchange (ASX) in 1987.

Its headquarters and business operations has been based in Kuala Lumpur since 1989.

UOA is also listed on the Singapore Stock Exchange (SGX) in 2008, while its associate company, UOA Real Estate Investment Trust (UOA REIT), was listed on the Main Market of Bursa Malaysia in 2005.

UOA Development is known as a fully integrated property developer with in-house capabilities in project conceptualisation and design, construction as well as sales and marketing.

UOA Development's property launches in the second half of this year include One @ Bukit Ceylon Hotel Suites, which consists of 354 units located on a freehold 1,566 sq m site off Jalan Ceylon, Kuala Lumpur, and Kiara IV, which is a freehold residential project with 80 units on a 39,700 sq m site in Bukit Segambut, Kuala Lumpur.

Both projects, due to be completed in 2013, have a combined GDV of RM400mil.

In a recent StarBiz interview, UOA Development director Alan Charles Winduss pointed out that the company's integrated operation model had helped it to remain competitive and also mitigate rising land costs to a degree.

As at Dec 31, 2010, UOA Develop-ment had a total saleable and lettable area of more than 300,000 sq m of properties under development with a gross development value GDV) of RM2bil to be completed over the next three years.

The company has a further total potential saleable and lettable area of more than 1.2 million sq m being held for future development projects with an estimated GDV in excess of RM8bil.

For financial year 2010 (FY10), UOA Development posted a net profit of RM285.8mil on revenue of RM375.2mil.

This was a 61% jump in net profit, compared with its reported net profit of RM177.6mil on revenue of RM427.8mil in FY09.

For the first quarter of this year, the company posted a net profit of RM130mil on the back of revenue of RM145.7mil.

However, it should be noted that in its profit calculation for the quarter under review, the company also recognised fair value gains amounting to RM92.3mil (which was not included as revenue for the quarter) due to the completion of Blocks 3 and 4 of The Horizon Phase II which are held as investment properties in the flagship Bangsar South City development.

Prior to UOA Development's listing, many research analysts were quite bullish about the shares' prospects as they said the company had solid fundamentals with a strong parent in UOA, prime landbank in strategic locations in the Klang Valley, and reasonably high margins attributable to its in-house construction and procurement unit.

Several research firms accorded fair values in the RM3.50 range for the share prior to listing.

However, the company's lacklustre debut on Bursa Malaysia left investors disappointed and analysts puzzled.

The stock touched a high of only RM2.62 on its first day of trade, and ended at RM2.52 as at last Friday, down 3.1% from its initial public offering (IPO) institutional price of RM2.60 per share.

The volume traded last week was 82.5 million shares, with some 78 million shares changing hands on Wednesday but only about 4.5 million shares on Thursday and Friday.

In a filing with Bursa Malaysia, UOA also raised its stake in UOA Development to 66.58% or 796.15 million shares by acquiring shares in the open market last Wednesday.

One analyst from a local research firm said investors' perceptions might have been affected by the share's low 5 sen par value against its offer price, as well as the flat performance on the local bourse last week.

Another analyst pointed out generally, investors preferred property stocks with more diversified township developments and were perhaps unhappy that UOA Development was mainly renowned for its ongoing 60-acre Bangsar South City project in Kampung Kerinchi, Kuala Lumpur.

Kenanga Research said in a IPO note last month that there was “single” area concentration risks for the company as the bulk of its projects were in Bangsar South City while the property sector's risks included negative real-estate policies, rising interest rates, tightening banking system liquidity and an economic slowdown.

A note issued by ECM Libra Investment Research last month said the company was also overly exposed to non-residential properties which accounted for 86% of its remaining GDV.

However, the company's chief operating officer (development division) David Khor said recently he hoped the ratio would change in the next two years, with higher volume contribution from residential projects.

As part of this strategy, the company announced last week, in a Bursa Malaysia filing, that its wholly-owned subsidiary, Magna Tiara Development Sdn Bhd, had entered into a conditional sale-and-purchase agreement with Sim Nam Housing Development Co Sdn Bhd to acquire two parcels of freehold land measuring 4.86 acres in Sri Petaling, Kuala Lumpur, for RM50mil cash from internally-generated funds.

The company plans to build a high-rise residential development on the site, located 15km from Kuala Lumpur City Centre, with a launch slated in the fourth quarter of this year.

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发表于 2011-8-9 14:28 | 显示全部楼层
City & Country: Making of the ‘new’ Bangsar

Written by Loo Pik Kwan     
Monday, 06 July 2009 00:00  

For low-profile developer UOA Holdings Sdn Bhd, a subsidiary of Australian Stock Exchange-listed UOA Ltd, interviews with the press are rare. The first time City & Country spoke to the developer was more than two years ago when it launched three residential developments simultaneously under the build-then-sell concept. The Happy Garden, Villa Yarl and Halimahton projects, all located off Jalan Klang Lama, were well received.

Since then, UOA has been kept busy by its latest township development — the 60-acre Bangsar South. If the name sounds a bit unfamiliar, it is because many know the area as Kampung Kerinchi in Kuala Lumpur.

After acquiring the leasehold site some four years ago, UOA embarked on a rebranding exercise, which included advertisements on billboards, to get its project recognised as Bangsar South. Bangsar South is within Kampung Kerinchi and near Pantai Dalam and access to the development is from the Kerinchi exit off the Federal Highway.

Khor standing in front of The Horizon boutique offices which still have two blocks for sale
Surrounding Bangsar South are affordable housing projects in Kampung Kerinchi such as the Vista Angkasa apartments, Kampung Kerinchi and Sri Angkasa flats. Other developments nearby in Pantai Dalam are the Pantai Panorama and Pantai Hillpark condominiums.

Since mid-2007, the developer has given the Kampung Kerinchi area a face-lift by widening the main road leading into the area into three lanes, building pedestrian walkways and carrying out landscaping works. The developer has also upgraded the bus stop at Putra LRT’s University stop and built a food court for the traders who used to operate stalls by the roadside. It took a year to complete all of this.

UOA envisions the integrated self-contained Bangsar South township becoming a sought-after address, thanks to its strategic location between Kuala Lumpur and Petaling Jaya.

Apart from The Horizon, The Park Residences and The Village property gallery, the project also comprises The Sphere lifestyle mall and The Vertical office towers. Half of the 60-acre project comprises commercial components and the other half, residential. With a gross development value of RM4 billion, Bangsar South is scheduled for completion in 8 to 10 years, and will have a population of 200,000.

Although the township has not been launched officially, the first phase of The Horizon boutique offices were completed with certificate of fitness for occupation (CFO) issued last month while the first two blocks of The Park Residences condominiums are slated for completion by the first quarter of 2010.

Also completed is The Village property gallery, a 3-storey building with 35,000 sq ft that houses Bangsar South show units as well as a gallery on the ground floor which showcases UOA Group’s development projects. A convenience store, an art gallery and several food and beverage (F&B) outlets have taken up space at The Village.

The developer is planning to unveil The Sphere, a 2-storey boutique mall with a net lettable area of 80,000 sq ft this month. The mall will be kept for recurring income. A supermarket retailer has been confirmed as the anchor tenant while the rest of the space will be leased mainly to F&B operators to cater for tenants of The Horizon offices. The developer also has plans for an international school, a clubhouse and a hotel.

Little Bangsar?
Viewing Bangsar South as a natural extension to the nearby Bangsar hot spot, UOA Holdings’ general manager David Khor believes the township will eventually catch up with its more popular neighbour judging from the take-up rates of Bangsar South’s property launches.

Some 24 blocks of Horizon boutique offices are to be developed over two phases. The first phase of 14 blocks of 10 and 11-storey offices with an average gross floor area of 55,000 sq ft was priced at RM650 psf, with a maintenance fee of 15 sen psf, when it was opened for sale two years ago. Of the 14 blocks, only nine blocks were put on the market while the developer kept the remaining five blocks for recurring rental income. Of the nine blocks for sale, Al Batha Group from the Middle East bought three blocks for a total of RM131.35 million, reflecting foreign investor confidence in the township, the developer says.

The Village property gallery at the entrance of Bangsar South
At presstime, two blocks are not sold and these are priced at RM33 million and RM38 million respectively, or about RM700 psf.

“Our purchasers like our concept as our boutique offices allow you to have naming rights when you purchase them. This makes it more unique than conventional shop-offices,” Khor explains.

On the developer’s plans for the five blocks it has retained, one is occupied by the group while another has been leased out. The remaining three blocks are awaiting MSC-status certification.

“We are gauging market demand through the first phase and we see it as a success. Our offices are priced affordably for business corporations that want to own their own building. In fact, we have one confirmed tenant for one of the MSC-status buildings once the certification is approved,” Khor says. There are a total of 1,400 parking bays to serve the working population here.

Meanwhile, the first two blocks of condos at The Park Residences, totalling 470 units, have achieved a 70% take-up rate since its soft launch in mid-2008. According to the developer, it managed to sell up to 50% of the units in the first three months. “That was the period the local economy was more affected by the global financial meltdown. Yet we managed to sell our units, which reflects buyers’ confidence in the Bangsar South development,” Khor says.

According to the Draft KL Structure Plan 2020, two LRT stations have been proposed within Bangsar South. Accessibility via several highways, including the Federal Highway, New Pantai Expressway and Kerinchi Link, is also good. Upon the completion of Bangsar South, says the developer, The Sphere lifestyle mall will be upgraded to cater for the entire population there.

New phase of development
Coming up in the second phase are another 10 blocks of boutique offices of between 13 and 20 floors.The developer says this phase will incorporate green features and will have a total floor area of 1.5 million sq ft. This phase will also feature a central park. The developer has submitted building plans for approval to City Hall Kuala Lumpur.

This phase was planned and designed after incorporating feedback from purchasers as well as market demand. “Some of our potential buyers didn’t buy into the first phase as they wanted higher buildings with larger floor plates. We plan to start construction work in August,” adds Khor.  

The township will see about 2,600 upmarket residential units housed within six blocks of The Park Residences condominium and a block of serviced apartments called Cypress. The first two blocks of condo, with sizes of between 1,200 and 2,100 sq ft, are targeted at families. When they were opened for sale last year, the units were priced at an average of RM350 psf. Today, prices of the remaining 3-bedroom, 2-bathroom units are priced at a higher RM420 to RM450 psf or from RM600,000. The maintenance fee is set at 22 sen psf inclusive of sinking fund.

Next up will be the Cypress, for which the developer has started a registration exercise. Offering fully furnished units ranging from 678 to 1,250 sq ft, this will be the only serviced suite project in the township. Services such as 24-hour reception and concierge, housekeeping and business centre can be expected.

When contacted, Bangsar-based City Valuers & Consultants Sdn Bhd’s general manager C Y Lim says the Bangsar South development should have its own exit from the Federal Highway to boost recognition.

“To get into the Bangsar South development, one has to drive quite a distance inwards and pass the Kerinchi flats. If the developer creates its own ingress and egress, not only will it be more beneficial for the township, it will also enjoy direct access to the project,” says Lim.

He feels the township is “done up nicely” and is sizeable enough for the type of products it is offering. However, for its commercial products to be a success, the development needs critical mass.

“Bangsar South, which will have a gross built-up office space of more than five million sq ft, is quite a sizeable project and it will need to be supported by residential units. If this development can attract an expatriate market, Bangsar South may play a secondary role to Mont’Kiara with its mix of condos and office offerings,” Lim says.

UOA is indeed making a public statement of intent through its massive Bangsar South development.



This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 762, July 6-12, 2009

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发表于 2011-8-19 18:02 | 显示全部楼层
Setapak Green秘密花园
热盘亮点产业周刊 2011-05-01 14:35
生活脚步繁忙的都市人,响往闹市中属于自己的一处清幽。

UOA集团深明,舒适、清幽和绿油油的环境,是都市人追寻的,因此贴心打造了Setapak Green,一个让人可以找回继续奋斗动力的秘密花园。

配合近期流行的绿化环境,UOA集团趁胜追击,推出以绿化和宽敞空间感为设计概念的Setapak Green共管公寓。

Setapak Green拥有永久地契,共有26个楼层、445个单位和6架电梯,宽敞的空间充满新颖设计,最适合小家庭居住和投资者投资。

露天花园

建筑面积达3.5英亩的Setapak Green,座落于文良港P.南利花园,属于高中档房产。

UOA集团高级执行员林晋伙表示,该计划今年1月动工,预料2013年年杪竣工,目前已售出70%,或逾300个单位。

“我们每单位附送两个停车位,公寓大楼的室内停车场屋顶更设有占地3万平方尺的露天花园。”

另外,该公寓采取双重保安设施,让住户住的舒适又安心,同时还有顶层花园、足部按摩小径、游泳池、儿童游乐场、健身室、游戏室及多用途礼堂等等。

地点优越

林晋伙指出,Setapak Green地点优越,附近更有培育无数莘莘学子的拉曼大学(UTAR)和拉曼学院(TARC)。

Setapak Green共有半数单位面向吉隆坡市中心。

“住户更可从Setapak Green公寓里欣赏吉隆坡景色,一眼望去就可将雄伟的国家石油双峰塔和云顶山顶的景色尽收眼帘。”

距离城中城仅5分钟车程

Setapak Green距离城中城(KLCC)仅5分钟车程,且靠近谷中城购物广场(Mid Valley Megamall),取道第二中环公路(MRR2)和白沙罗淡江大道(DUKE)可达Mont Kiara和Sri Hartamas。

此外,该公寓附近就有旺莎玛朱和Melawati轻快铁(LRT)站。

天花板加高6公尺

Setapak Green公寓共提供4种不同设计的单位,A和B型单位面积1362平方尺,C和D型单位分别是1588和1530平方尺,售价由41万8000令吉起,最高73万令吉。

公寓大楼顶层更有两间面积达1633平方尺的特别单位,是欣赏吉隆坡迷人景色的好选择。

为了突出宽敞空间的设计概念,Setapak Green公寓底层天花板更特别加高6公尺,让住户可在宽阔的环境中,享有不一般的空间享受。

买家现在可享有5%的房价折扣、施工期间免利息贷款计划、免律师费优惠,同时也附送厨房吧台与流理台设计、热水器、煤气炉等产品。

Setapak Green共管公寓A型单位

面积:1423平方尺

特点:3间卧室+3间浴室+1间多用途房间

Setapak Green共管公寓B型单位

面积:1362平方尺

特点:3间卧室+3间浴室+1间多用途房间

Setapak Green共管公寓C单位

面积:1588平方尺

特点:3间卧室+3间浴室+1间多用途房间

Setapak Green共管公寓D型单位

面积:1530平方尺

特点:3间卧室+3间浴室+1间多用途房间

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发表于 2011-8-19 18:11 | 显示全部楼层
本帖最后由 eddy888 于 2011-8-19 18:28 编辑

汇集商店住宅医疗及休闲中心 孟沙南城脱胎换骨
热盘亮点产业周刊 2010-12-21 15:31
在寸土如金的吉隆坡,有一幅60亩的地段,曾是一个四周分布简陋木屋区的“灰色地带”,在产业市场一度不受看好。

独具慧眼的人能够纵横商场,从沙砾中发掘瑰宝,这块位于柯灵芝的灰色地带因此能够脱胎换骨,一跃成为孟沙南城(Bangsar South)的新据点。

这项发展计划令人印象深刻,是年前张挂在联邦大道柯灵芝路段天桥上的孟沙南城推介广告,一个拿着公事包的职业女性,飞在一栋栋高楼大厦上,逍遥自在,让人过目不忘。

孟沙南城早在2006年动工,是一个长达12年的发展计划,分为商业用途、住宅、医疗及休闲活动。

地理位置佳交通方便

柯灵芝位于八打灵再也和吉隆坡之间,同时又衔接白沙罗和古晋路;后半部更连贯新班底大道,贯穿巴生路和双威镇,地理位置绝佳。

然而,当初这块地段被地产业认为风险颇高,主要是因为原地的木屋区住宅是最大障碍,地段复杂,投资是最大冒险。

UOA(澳洲联营控股有限公司)总经理许思明受访时向《南洋商报》指出,公司经过深远的策划和多方面的考量,才决定购买这地段。

庆幸的是,落实发展孟沙南城时,没有面对过大的阻挠,主要是因为吉隆坡市政厅已安顿当地的木屋居民。

孟沙南城的60亩的地段中,其中30亩属于商业发展,主要道路柯灵芝路就是分割商业活动和住宅的“界限”,而商业区范围内,则有3亩土地保留作为公园。

保留6亩地段辟公园 办公楼朝绿色建筑发展

在减低全球暖化这工作上,UOA也积极参与绿色建筑、环境绿化及循环使用雨水,承担企业的社会责任,减轻地球的负担,减低二氧化碳排放。

大厦采用太阳能

“空间有限,未来的建筑物会越起越高,所以孟沙南城的整个商业区会保留6亩作为公园和水池。

另外,第二期的The HORIZON办公大楼就是朝绿色建筑的方向发展。”

第二期的办公大楼建筑物采用双层玻璃,以便减低室内的温度,节省能源,大厦同时也采用太阳能,设计也纳入循环使用雨水,在多雨的马来西亚,珍惜使用这个淡水来源。

提供无线上网

在配合外资公企业公司在孟沙南城投资,整个商业区属于多媒体超级走廊,拥有多家通讯公司提供无线上网服务。

“外资公司可以在这里投资生意,员工可以住在附近的中上公寓,日常事务可以在这里解决,你们要的,我们都做到。”

The HORIZON精品办公楼热卖

许思明说,商业区范围内的建筑分别有The VERTICAL办公大厦、The HORIZON精品办公楼及The SPHERE生活广场。

现阶段已完成的是第一期的14栋The HORIZON精品办公楼和暂时的The SPHERE生活广场。

“目前的The SPHERE生活广场,设有咖啡座、餐饮业和基本的商场,随着四周的发展逐步完成,The SPHERE生活广场就会变成一栋完整的购物广场。”

1方尺涨至750元

许思明指着孟沙南城模型图说,首期的The HORIZON精品办公楼共有14栋,其中9栋已卖出。

“每栋的面积不大,只有10至11层,面积约4万至5万方尺,两年前每方尺以500令吉计算,每栋值3000至4000万令吉,现在已上涨至750令吉1方尺。”

“首期的The HORIZON不会太大,适合中型企业公司,我们是整栋出售,目前只剩下5栋。”

至于第二期只有8栋的The HORIZON,正如火如荼进行,预计明年3至7月间竣工。至于热卖中的第二期 The HORIZON分为 2330方尺及1260方尺,前者售价为1亿900万令吉,后者则每栋9500万令吉。

办公楼衔接轻快铁站 免费提供社区载送职员

至于交通方面,孟沙南城位于大学轻快铁站和柯灵芝轻快铁站之间,而且最大的卖点就是一条从The HORIZON办公大楼衔接到柯灵芝轻快铁站,方便办公室职员。

“这也是我们的计划之一,刚好第二期The HORIZON业主也提出此建议,所以成了吸引他们投资的优点。”

许思明说,现阶段该公司提供社区载送服务,就是免费让The HORIZON职员前往轻快铁站。

轻快铁吸引业主投资

“这里有几间公司都有提供个别的载送服务,任何一家公司的员工都能乘搭,大家互相配合,让员工享有这方面的福利。”

除了商业社区,UOA还有一段同样30亩面积的中上共管式公寓、服务公寓、医疗中心、健身室、社区俱乐部等一应俱全。

(上篇)

不出门也能享受完善设备 孟沙南城欣欣向荣
热盘亮点产业周刊 2010-12-28 15:09
60英亩的地段,除了曾介绍的商业活动,能让商业活动持续经营,长久维持的,最直接的方法莫过于来自临近的住宅区。

柯灵芝孟沙南城(Bangsar South)的发展规划,UOA(澳洲联营控股有限公司)将整个地区规划为30英亩商业区、3英亩为公园,其余的土地作为住宅和消闲活动。

南城的设计让环境更人性化,减少人们堵塞在路上的困扰,提高生活素质,平衡工作和休息之间的差异。

从联邦大道转入柯灵芝,一片欣欣向荣的发展计划就在眼前,柯灵芝主要道路将商业区和住宅区分为左右两边,后方则衔接新班底大道,直通双威镇及梳邦再也,交通四通八达。

UOA总经理许思明受访时向《南洋商报》指出,今年8月移交钥匙的高级共管式公寓The Park Residence-Acacia和Begonia,包括目前如火如荼兴建中的6栋共管式公寓,是孟沙南城的住宅区。

该公司的计划实际上是让人们一步不出,就能享受便利设施,因此住宅区内规划休闲、医疗和会议厅等设备。

整个居住环境有完善的设备,绿化、消闲、娱乐及医疗甚至保安,一应俱全。

许思明透露,在住宅区中,餐饮业、俱乐部、宴会厅、水疗和健身室都一应俱全。

公寓旁建医疗中心

“而且在公寓旁还有一所日间医疗中心,让乐龄人士不需舟车劳顿到其他医疗中心。”

每栋公寓都有独立泳池,屋顶还设有娱乐场所、球类运动场、水上活动和各种减压活动设施。

退休人士安乐窝

许思明补充,日间的医疗中心属于专科诊所,给退休人士或投资的乐龄人士提供便利。

“这里除了是投资的好地点,还是退休人士的安乐窝,在策略性的地点能有蓬勃的商业活动,而且商业活动和住宅区分为两地,不会影响生活素质。”

许思明:恐居民引不满 设小组讲解发展计划

孟沙南城前门衔接联邦大道,直通白沙罗及古晋路;后门衔接新班底大道,直通双威镇及直达梳邦再也。

建人行桥衔接地铁站

公共交通方便,毗邻分别有大学站和柯灵芝轻快贴站。

为了更方便居民和外地人到来孟沙南城,UOA更一掷千金耗资660万令吉兴建178公尺衔接原有的人行桥,从公寓俱乐部直达地铁站。

许思明说,这也是提供给业主的一项便利和设备。

当初柯灵芝大部分都是木屋区,UOA的发展列车进入柯灵芝,也担心会引起当地居民的不满情绪。

许思明就坦言,还好吉隆坡市政厅当时已解决木屋区,安顿他们迁至附近的组屋,有助于发展的起步。

“入庙拜神,进屋叫人”的文化,UOA确实也担心这项庞大的发展计划,会影响他们和四周居民长期相处,所以发展计划还未动工,该公司先让当地人了解整个发展概念。

许思明坦言,初期当地居民的确有出现少许的反感,认为新的发展会影响当地人的生活。

“我们特别成立小组,联络每个居协、联系当地的非政府组织,讲解整个发展计划。”

许思明说,主要是完善且良好的发展,能引进新的商业活动,让整个地区焕然一新。

组屋月租飙升至700元

孟沙南城的商业区已经启用,住宅区内也有两栋公寓已能入住,柯灵芝发展蓬勃。

他说,当地的廉价组屋,原本月租仅有300令吉至400令吉,随着孟沙南城的发展,如今已飙升至700令吉。

孟沙南城注入 柯灵芝焕然一新

许思明说,南城内共有2300个公寓单位,每个单位提供两个停车位,公寓底层也是停车场。

“停车位在孟沙南城不是一个问题,而且柯灵芝后方两旁道路摆卖的熟食摊位,也会迁入柯灵芝美食中心。”

他说,届时就会加宽道路,以应付车流量。

“现在孟沙南城已成为许多人很关注的发展,很多人来到柯灵芝,的确有焕然一新的感觉。”

许思明说,虽然孟沙南城的产业价格不及孟沙一带的昂贵,但是前景看俏,从建筑期产业价值的增长就可看出。

采用本身保安员

“初期,我们也是在尝试,不知道市场的反应,计划一步一步的走,工程一天一天的完成,终于看见很多正面回应,我们也知道这项工程获得公众认同。”

另外,许思明也透露,在保安方面,UOA采用本身训练的保安人员,提供一站式服务。

“承包给外面公司的保安人员,担心会有风险,既然我们有商业区也有住宅区,那就干脆使用本身的保安人员,给投资者信心。”

此外,在商业区的部分,UOA也将兴建一所警察局。

“居民和投资者看到这里有警局,居民有保障,产业才会有价值。”

商业区建精品办公楼 助柯灵芝居民就业

UOA也在商业区The HORIZON精品办公楼,提供一间办公室作为研究中心,协助当地单亲妈妈。

“柯灵芝区的居民,是我们聘请员工的首要选择,这是发展的回馈,给当地居民提供就业机会。”

UOA成立慈善基金

许思明说,办公楼的接线员、清洁工人和保安都是来自道地的柯灵芝居民。

在企业责任的工作上,UOA也成立慈善基金,让居民受惠,提供课程给柯灵芝的女孩,让他们学习如何保护自己,也有补习课程提供。

“开销由我们负责,这是一个双赢的方法,原来的居民不必担心就业问题,也不必担心孩子的未来,而且未来的投资者也能安居乐业,整个社区的生活水平及人文素质也大大提高。”

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发表于 2011-8-24 08:49 | 显示全部楼层
本帖最后由 eddy888 于 2011-8-24 08:53 编辑

Individual Quarter Ended Cumulative Quarter Ended
                                                                           30 June 2011         30 June 2011           
                                                                           RM'000 (Q2)              RM'000                    
Revenue                                                                    173,331            319,065                    
Cost of sales                                                             (88,064)          (157,734)   
Gross profit                                                                  85,267            161,331         
Fair value adjustment on investment properties               (775)             9 1,478         
Other income                                                                7,838               17,156           
Administrative and general expenses                            (7,870)            (27,387)      
Other expenses                                                           (1,502)              (3,178)     
Finance costs                                                                 (768)              (1,517)     
Share of loss of associate                                                 (13)                   (13)      
Profit before tax                                                         8 2,177              237,870      
Tax expense                                                             (19,371)             (41,455)         
Profit for the period                                                    62,806       196,415                       -

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发表于 2011-8-24 12:11 | 显示全部楼层
REVIEW OF PERFORMANCE

The Group registered revenue and profit attributable to the owners of RM173.3 million and RM59.8 million respectively for the second quarter ended 30 June 2011. Total expenditure for the quarter under review of RM10.1 million comprises marketing expenses of RM6.9 million, property maintenance expenses of RM1.5 million, finance costs of RM0.8 million and administrative and operating expenses of RM0.9 million.
The Group’s strong revenue and profit attributable to the owners were attributable to the
progressive recognition from the Group’s on-going development projects such as The Horizon Phase II, Kepong Business Park, Setapak Green, Binjai 8, Camellia Serviced Apartments and Annex Building and the sales of inventories.

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发表于 2011-8-24 12:18 | 显示全部楼层
CIMB Research maintains Outperform on UOA Devt
Written by theedgemalaysia.com     
Wednesday, 24 August 2011 08:48  

KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform rating on UOA Developments Bhd after its annualised 1H core net profit met expectations at 93% of its forecast and 94% of consensus projections.

The research house said on Wednesday, Aug 24 that future quarters should be stronger as recognition of the strong year-to-date sales picks up pace.

CIMB Research said the good results should also boost confidence in the group’s ability to meet the research house’s FY11 core profit forecast of RM224 milllion.

“However, in view of the stockmarket turbulence of late and global slowdown fears, we now value UOA Dev at a 20% discount to market P/E instead of 10% given the higher risks inherent in its large exposure to high-rise residential and commercial development.

“Our target price falls from RM3.25 to RM2.89 as we lower our P/E target from 13.1x to 11.6x. We maintain our OUTPERFORM call in light of the potential catalysts of 1) improving earnings, 2) continued strong sales and 3) landbank acquisition,” it said.

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