Brokers' take

UOL Group | Buy Fair value: S$8.41 Nov 14 close: S$6.12 OCBC Investment Research, Nov 14

UOL reported its Q3 2018 results which met our expectations. Group revenue slipped 2.6 per cent year-on-year (y-o-y) to S$523.8 million. Although Patmi dipped 84.8 per cent y-o-y to S$92.8 million, this was attributed primarily to the negative goodwill arising from the consolidation of UIC in Q3 2017.

While UOL highlighted that the recent property cooling measures had negatively affected sentiment, it remains comfortable at the current runrate of close to 70 per cent and 30 per cent sales for its Amber45 (six months after launch) and The Tre Ver projects (four months after launch), respectively.