Brokers' Take

OUE | Buy

Nov 5 close: S$2.13

Target price: S$2.43

Deutsche Bank, Nov 5

Following Q3 results, we maintain our "buy" recommendation on OUE. Valuations remain attractive at a 40 per cent discount to our RNAV (revalued net asset value) of S$4.06 and 0.52x P/B (price to book). Our target price is pegged to a 40 per cent discount to RNAV, on par with long term averages, reflecting the lack of visibility on the redeployment of capital which would help offset the hollowing out of the company's asset base. The...

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