Monday, 3 March 2014

Overseas Union Enterprise

UOBKayhian on 3 Mar 2014

FY14F PE (x): 30.6
FY15F PE (x): 27.0
Results in-line. Overseas Union Enterprise (OUE) reported 2013 attributable loss of
S$36.6m, largely due to net fair value losses on investment properties (S$46.7m), tax
provisions (S$29.7m) and forex losses (S$15.9m). Excluding these one-off items,
attributable net profit of S$49.5m is in line with our expectations.
Maintain BUY with an unchanged 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 its RNAV.

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