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03-10-2015, 11:36 AM
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.)
- 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.)
Winston Churchill:-
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.”
"The farther backward you can look, the farther forward you are likely to see."
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.”
"The farther backward you can look, the farther forward you are likely to see."