UOL Group - OCBC Investment 2024-03-01: A Special Treat

UOL Group - A Special Treat

UOL Group (SGX:U14) | SGinvestors.ioUOL Group (SGX:U14)
  • UOL Group (SGX:U14)’s FY23 revenue came in at S$2,681.7m, which was a decline of 16% y-o-y. However, PATMI jumped 44% y-o-y to S$707.7m due to a one-off disposal gain of S$442.3m from the divestment of PARKROYAL on Kitchener Road.
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Special dividend of S$0.05

  • Management declared a first and final dividend of S$0.15, similar to FY22. However, a positive surprise came from its special dividend of S$0.05 which was higher than our expectations and FY22’s S$0.03 special dividend per share. As such, the total dividend of S$0.20 translates to a dividend yield of 3.4% based on UOL's share price of S$5.89 on 29 Feb 2024.
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Hotel operations the bright spot

  • The main driver for UOL’s FY23 results was its hotel operations, which contributed 28% of its revenue after an increase in sales by 38% y-o-y. Operating profit for this segment reversed from a loss of S$12.1m in FY22 to a profit of S$60.5m. This was aided by the recovery in its revenue per available room (RevPAR) by 23%, 13% and 47% in Singapore, Oceania and Others, respectively.
  • Operating profit from its property investments segment was flat y-o-y at S$332.1m, while that for its property development segment slipped 44% y-o-y to S$190.0m. UOL sold 312 residential units in Singapore aggregating S$1.1b in FY23, which paled in comparison to the 703 units sold in FY22 which were valued at S$1.55b. This was attributed to the weak transaction volumes in the Singapore residential property market given the spike in borrowing costs and continued increase in selling prices.

Land bank added

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Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

OCBC Research Team OCBC Investment Research | 2024-03-01

Previous report by OCBC:
2024-02-01 UOL Group - Subdued FY23 Results Expected But Likely Priced In.

Price targets by other brokers at UOL Group Target Prices.

Listing of research reports at UOL Group Analyst Reports.

Relevant links:
UOL Group Share Price History,
UOL Group Announcements,
UOL Group Dividends & Corporate Actions,
UOL Group News Articles


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