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20-09-2012, 09:59 AM
(20-09-2012, 08:44 AM)newyorkcityboy Wrote: Granted, OUE is having difficulties moving Twin Peaks but that is the only residential project on its books. The key to this deep value play is that OUE's Mandarin Orchard and Mandarin Gallery are not revalued to market and carried at cost. Hence, the book value of OUE (S$3.54 for 1Q2012) grossly understates the current market value of these assets. The Orchard properties add over a billion to its balance sheet and consequently brings down its gearing as well.
No not really, I refer you to the 2010 /2011 FY statements where OUE book a profit of 700++ million/200++million from their investment properties.
How is Mandarin Orchard worth 1billion? Its not even a freehold piece of land but a 99-year lease from The Ngee Ann Kongsi from 1 July 1957.
Maybe they are really lucky if they can find a sucker out there to buy it for 1billion ++.
I will not touch this piece of Crap.