UOBKayhian on 28 Jan 2014
FY14F DPU Yld (%): 8.8
FY15F DPU Yld (%): 1.7
6.3% special dividend in sight. OUE has announced a one-for-six distribution in specie of OUE Hospitality Trust (OUE H-Trust), equivalent to S$0.15 dividend or 6.3% yield, contingent on the divestment of OUE Bayfront to OUE Commercial REIT. OUE will retain 33-35% of OUE H-Trust post divestment, down from 45% currently. With the successful divestment and listing, OUE will likely announce the special dividend within the next quarter.
Maintain BUY with a lower target price of S$3.04, pegged at a 30% discount to our RNAV of S$4.34/share. OUE is trading at a deep 45% discount to our RNAV.
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