UOL Group > Buy Maybank Kim Eng, Nov 10 Nov 10 close: S$8.75 Target price: S$9.85

NO surprises from its Q3 2017 operating performance. Consolidating UIC as a subsidiary led to a large one-off gain booked in the quarter. Hotels held by Marina Centre Holdings are now marked to market and some development earnings have been front-loaded as part of the revaluation exercise.

We continue to like UOL as a key beneficiary of the impending rebound in Singapore's property market. We raise our revalued net asset valuation (RNAV) estimates to S$10.95 to incorporate MBKE's latest target price for UOB. This lifts our target price to S$9.85, based on an unchanged RNAV discount of 10 per cent. Maintain "buy".