UOL Group reported a strong set of 1H25 results. Revenue and gross profit grew 22% and 17% y-o-y to S$1,549.3m and S$606.6m respectively.
On a segmental basis, UOL’s revenue and EBITDA increased y-o-y for all segments except for Hotel Operations and this was partly due to higher base effects.
1H25 core PATMI jumped 45% y-o-y and exceeded our expectations.
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Headline PATMI jumped 58% y-o-y to S$205.5m, and after stripping out attributable gains and fair value changes on investment properties, UOL’s core PATMI came in at S$206.6m, an increase of 45% y-o-y. This accounted for 62% of our initial FY25 forecast and was above our expectations.
Garnered robust sales momentum for Singapore residential property projects, including recent new launches.
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For its more recent project launches, PARKTOWN Residence in Tampines has already recorded a sell-through rate of 92% despite having 1,193 units (average selling price (ASP) of S$2,370 per square foot (psf) according to URA Realis), while its 301-unit UPPERHOUSE at Orchard Boulevard project in the Core Central Region (CCR) segment has already sold 64% of its units despite an ASP of ~S$3,300 psf.
The next upcoming launch in Singapore would be its Skye at Holland project in 3Q25.
Outside of Singapore, management is confident of its joint venture project in Jinmao Pu Yuan (effective stake of ~5.5%), which is located in the Hongkou District in Shanghai Puxi. The first phase is slated for launch in 3Q25. UOL hopes to sell out all the units within 2-3 years of the site acquisition at selling prices above CNY150k per square metre (psm).
Postive rental reversions for both SG retail and office portfolio.
Read more at SGinvestors.io.
Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
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