UOL - United Overseas Land

[pianist]

today UOL surges 5.1% to 7.9...swee la..

[Art or Science]

Vested a little in UOL recently as I thought it would be a good time to to pick up during this downturn.

- P/B is ard 0.6 (based on Tangible book value). Probably one of the lowest compared to the likes to FCl, CPL and CDL.
- Dividends (2.5%) is comparatively low compared to STI and property FCL though payout ratio is low.
- ROE decreased from 14.8% to 7.7% but a comparison across the bigger boys shows that its still acceptable, with FCL at 9.4, CPL at 7.2 and CDL at 8.5.
- As for Financial leverage (debt/equity), it has probably the lowest against the aforementioned big boys.

Competitive moat

- Diversified portfolio comprises residential, offices, retail malls, hotels,etc. Their crown jewel is probably "Pan Pacific" and PARKROYAL hotel, which brings in recurring income/cashflow. Brand name counts for little - just take a look at Shangri-La .

Concerns:-

- Concentration risk - Majority of assets/revenue in Singapore though they have moved into Tianjin, China, etc. 
- As pointed out in the earlier post, UOL has been consistently buying UIC shares - currently holding 44.172%.

Just writing my thoughts on a lazy and hazy morning...

 (P.S.: I'm vested in FCL too.)

[postage paid]

Vested a little in UOL recently as I thought it would be a good time to to pick up during this downturn.

- P/B is ard 0.6 (based on Tangible book value). Probably one of the lowest compared to the likes to FCl, CPL and CDL. Actual P/B is lower as $1.5B of Pan Pacific Hotels are held at cost 
- Dividends (2.5%) is comparatively low compared to STI and property FCL though payout ratio is low.
- ROE decreased from 14.8% to 7.7% but a comparison across the bigger boys shows that its still acceptable, with FCL at 9.4, CPL at 7.2 and CDL at 8.5.
ROE decrease is due to reduction in fair valuation gains.
- As for Financial leverage (debt/equity), it has probably the lowest against the aforementioned big boys. This is higher as UIC stake is consolidated as a single line item. If you revalue Pan Pac and do a full consolidation of UIC and UOLs other JVs and associates the debt/ equity level is higher than what would be calculated from book value.
- Compare share price performance vs CPL and CDL over the long term to see the quality of management. It matters when manager is significantly invested

Competitive moat

- Diversified portfolio comprises residential, offices, retail malls, hotels,etc. Their crown jewel is probably "Pan Pacific" and PARKROYAL hotel, which brings in recurring income/cashflow. Brand name counts for little - just take a look at Shangri-La . In a real downturn diversification counts for nothing but it would help when there are minor corrections in some markets.

Concerns:-

- Concentration risk - Majority of assets/revenue in Singapore though they have moved into Tianjin, China, etc. If you are personally "short" Singapore property (e.g. dont own a home but need to buy 1 in future) this is good. If you are neutral SG property. Think twice. If already have investment property... be careful not to double down.
- As pointed out in the earlier post, UOL has been consistently buying UIC shares - currently holding 44.172%. WCY + GKW combined stake in UIC is 86+%. A mere 4% (S$200m) from 90% delisting level. Previous such moves include UOL for Pan Pac and UIC for Singland.

Just writing my thoughts on a lazy and hazy morning... Just my thoughts too

 (P.S.: I'm vested in FCL too.)

[greengiraffe]

Vested a little in UOL recently as I thought it would be a good time to to pick up during this downturn.

- P/B is ard 0.6 (based on Tangible book value). Probably one of the lowest compared to the likes to FCl, CPL and CDL.
- Dividends (2.5%) is comparatively low compared to STI and property FCL though payout ratio is low.
- ROE decreased from 14.8% to 7.7% but a comparison across the bigger boys shows that its still acceptable, with FCL at 9.4, CPL at 7.2 and CDL at 8.5.
- As for Financial leverage (debt/equity), it has probably the lowest against the aforementioned big boys.

Competitive moat

- Diversified portfolio comprises residential, offices, retail malls, hotels,etc. Their crown jewel is probably "Pan Pacific" and PARKROYAL hotel, which brings in recurring income/cashflow. Brand name counts for little - just take a look at Shangri-La .

Concerns:-

- Concentration risk - Majority of assets/revenue in Singapore though they have moved into Tianjin, China, etc. 
- As pointed out in the earlier post, UOL has been consistently buying UIC shares - currently holding 44.172%.

Just writing my thoughts on a lazy and hazy morning...

 (P.S.: I'm vested in FCL too.)

I like UOL as GODfather Wee is United behind UOL.

There are no worries whatsoever with Dr Wee's empire.

However, if one is looking for quick returns on UOL, I think will be disappointed. 

UOL is worth monitoring for strategic change in directions especially for Singapore asset markets...

Vested
Odd Lots 
GG

[Art or Science]

Vested a little in UOL recently as I thought it would be a good time to to pick up during this downturn.

- P/B is ard 0.6 (based on Tangible book value). Probably one of the lowest compared to the likes to FCl, CPL and CDL. Actual P/B is lower as $1.5B of Pan Pacific Hotels are held at cost. Yeah, on closer scrutiny, its lower. but i thought its 1.8b?  
- Dividends (2.5%) is comparatively low compared to STI and property FCL though payout ratio is low.
- ROE decreased from 14.8% to 7.7% but a comparison across the bigger boys shows that its still acceptable, with FCL at 9.4, CPL at 7.2 and CDL at 8.5.
ROE decrease is due to reduction in fair valuation gains.
- As for Financial leverage (debt/equity), it has probably the lowest against the aforementioned big boys. This is higher as UIC stake is consolidated as a single line item. If you revalue Pan Pac and do a full consolidation of UIC and UOLs other JVs and associates the debt/ equity level is higher than what would be calculated from book value. Yet to do it . Will revalue and console. but i presume we have to do the same for fcl, cdl and cpl.
- Compare share price performance vs CPL and CDL over the long term to see the quality of management. It matters when manager is significantly invested. Agreed.

Competitive moat

- Diversified portfolio comprises residential, offices, retail malls, hotels,etc. Their crown jewel is probably "Pan Pacific" and PARKROYAL hotel, which brings in recurring income/cashflow. Brand name counts for little - just take a look at Shangri-La . In a real downturn diversification counts for nothing but it would help when there are minor corrections in some markets. Yah true.

Concerns:-

- Concentration risk - Majority of assets/revenue in Singapore though they have moved into Tianjin, China, etc. If you are personally "short" Singapore property (e.g. dont own a home but need to buy 1 in future) this is good. If you are neutral SG property. Think twice. If already have investment property... be careful not to double down.
- As pointed out in the earlier post, UOL has been consistently buying UIC shares - currently holding 44.172%. WCY + GKW combined stake in UIC is 86+%. A mere 4% (S$200m) from 90% delisting level. Previous such moves include UOL for Pan Pac and UIC for Singland. Yup, failed to point this out - actually saw this when i did my mini research.

Just writing my thoughts on a lazy and hazy morning... Just my thoughts too. Thanks, Postagepaid.

 (P.S.: I'm vested in FCL too.)

[Art or Science]

Vested a little in UOL recently as I thought it would be a good time to to pick up during this downturn.

- P/B is ard 0.6 (based on Tangible book value). Probably one of the lowest compared to the likes to FCl, CPL and CDL.
- Dividends (2.5%) is comparatively low compared to STI and property FCL though payout ratio is low.
- ROE decreased from 14.8% to 7.7% but a comparison across the bigger boys shows that its still acceptable, with FCL at 9.4, CPL at 7.2 and CDL at 8.5.
- As for Financial leverage (debt/equity), it has probably the lowest against the aforementioned big boys.

Competitive moat

- Diversified portfolio comprises residential, offices, retail malls, hotels,etc. Their crown jewel is probably "Pan Pacific" and PARKROYAL hotel, which brings in recurring income/cashflow. Brand name counts for little - just take a look at Shangri-La .

Concerns:-

- Concentration risk - Majority of assets/revenue in Singapore though they have moved into Tianjin, China, etc. 
- As pointed out in the earlier post, UOL has been consistently buying UIC shares - currently holding 44.172%.

Just writing my thoughts on a lazy and hazy morning...

 (P.S.: I'm vested in FCL too.)

I like UOL as GODfather Wee is United behind UOL.

There are no worries whatsoever with Dr Wee's empire.

However, if one is looking for quick returns on UOL, I think will be disappointed. 

UOL is worth monitoring for strategic change in directions especially for Singapore asset markets...

Vested
Odd Lots 
GG

Thanks, GG.

Yeah i did think about it when i decided to invest in UOL. but need to follow the right Godfather lah.  wait disown you then cham ah..

[greengiraffe]

Vested a little in UOL recently as I thought it would be a good time to to pick up during this downturn.

- P/B is ard 0.6 (based on Tangible book value). Probably one of the lowest compared to the likes to FCl, CPL and CDL.
- Dividends (2.5%) is comparatively low compared to STI and property FCL though payout ratio is low.
- ROE decreased from 14.8% to 7.7% but a comparison across the bigger boys shows that its still acceptable, with FCL at 9.4, CPL at 7.2 and CDL at 8.5.
- As for Financial leverage (debt/equity), it has probably the lowest against the aforementioned big boys.

Competitive moat

- Diversified portfolio comprises residential, offices, retail malls, hotels,etc. Their crown jewel is probably "Pan Pacific" and PARKROYAL hotel, which brings in recurring income/cashflow. Brand name counts for little - just take a look at Shangri-La .

Concerns:-

- Concentration risk - Majority of assets/revenue in Singapore though they have moved into Tianjin, China, etc. 
- As pointed out in the earlier post, UOL has been consistently buying UIC shares - currently holding 44.172%.

Just writing my thoughts on a lazy and hazy morning...

 (P.S.: I'm vested in FCL too.)

I like UOL as GODfather Wee is United behind UOL.

There are no worries whatsoever with Dr Wee's empire.

However, if one is looking for quick returns on UOL, I think will be disappointed. 

UOL is worth monitoring for strategic change in directions especially for Singapore asset markets...

Vested
Odd Lots 
GG

Thanks, GG.

Yeah i did think about it when i decided to invest in UOL. but need to follow the right Godfather lah.  wait disown you then cham ah..

The real GODfather never ask anyone to follow him. You follow him at your own risks and hence no such thing as being disowned...

[VIChris]

Vested a little in UOL recently as I thought it would be a good time to to pick up during this downturn.

- P/B is ard 0.6 (based on Tangible book value). Probably one of the lowest compared to the likes to FCl, CPL and CDL.
- Dividends (2.5%) is comparatively low compared to STI and property FCL though payout ratio is low.
- ROE decreased from 14.8% to 7.7% but a comparison across the bigger boys shows that its still acceptable, with FCL at 9.4, CPL at 7.2 and CDL at 8.5.
- As for Financial leverage (debt/equity), it has probably the lowest against the aforementioned big boys.

Competitive moat

- Diversified portfolio comprises residential, offices, retail malls, hotels,etc. Their crown jewel is probably "Pan Pacific" and PARKROYAL hotel, which brings in recurring income/cashflow. Brand name counts for little - just take a look at Shangri-La .

Concerns:-

- Concentration risk - Majority of assets/revenue in Singapore though they have moved into Tianjin, China, etc. 
- As pointed out in the earlier post, UOL has been consistently buying UIC shares - currently holding 44.172%.

Just writing my thoughts on a lazy and hazy morning...

 (P.S.: I'm vested in FCL too.)

I like UOL as GODfather Wee is United behind UOL.

There are no worries whatsoever with Dr Wee's empire.

However, if one is looking for quick returns on UOL, I think will be disappointed. 

UOL is worth monitoring for strategic change in directions especially for Singapore asset markets...

Vested
Odd Lots 
GG

Thanks, GG.

Yeah i did think about it when i decided to invest in UOL. but need to follow the right Godfather lah.  wait disown you then cham ah..

The real GODfather never ask anyone to follow him. You follow him at your own risks and hence no such thing as being disowned...

Think again, for the so called godfather. Do study Sing Land privatization.

[Art or Science]

Vested a little in UOL recently as I thought it would be a good time to to pick up during this downturn.

- P/B is ard 0.6 (based on Tangible book value). Probably one of the lowest compared to the likes to FCl, CPL and CDL.
- Dividends (2.5%) is comparatively low compared to STI and property FCL though payout ratio is low.
- ROE decreased from 14.8% to 7.7% but a comparison across the bigger boys shows that its still acceptable, with FCL at 9.4, CPL at 7.2 and CDL at 8.5.
- As for Financial leverage (debt/equity), it has probably the lowest against the aforementioned big boys.

Competitive moat

- Diversified portfolio comprises residential, offices, retail malls, hotels,etc. Their crown jewel is probably "Pan Pacific" and PARKROYAL hotel, which brings in recurring income/cashflow. Brand name counts for little - just take a look at Shangri-La .

Concerns:-

- Concentration risk - Majority of assets/revenue in Singapore though they have moved into Tianjin, China, etc. 
- As pointed out in the earlier post, UOL has been consistently buying UIC shares - currently holding 44.172%.

Just writing my thoughts on a lazy and hazy morning...

 (P.S.: I'm vested in FCL too.)

I like UOL as GODfather Wee is United behind UOL.

There are no worries whatsoever with Dr Wee's empire.

However, if one is looking for quick returns on UOL, I think will be disappointed. 

UOL is worth monitoring for strategic change in directions especially for Singapore asset markets...

Vested
Odd Lots 
GG

Thanks, GG.

Yeah i did think about it when i decided to invest in UOL. but need to follow the right Godfather lah.  wait disown you then cham ah..

The real GODfather never ask anyone to follow him. You follow him at your own risks and hence no such thing as being disowned...

Think again, for the so called godfather. Do study Sing Land privatization.

yeah true, GG

think it a bit absurd for me to think about it but just wondering what is the likelihood of UOL getting privatized with the Wee family holding about 42%. Sorry if its a bit off tangent ..

UIC getting privatized seems to be only a matter of time i reckon.

[pianist]

Why do U like it to be privatised? Isn't it great to be in a great business that grew steadily over the years?