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I bot @2.83 today and UBS is selling..dunno whether another siao counter or not...
Zhiwei ( Date: 08-Mar-2011 13:17) Posted:
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what happened with this stock today? drop so much..
More info from my mailbox
Overseas Union Enterprise (OUE SP) BUY
Price/Target: S$3.46/S$4.25 Mkt Cap: US$2,649.9m Daily Vol: US$4.8m 1-Yr Hi/Lo: S$4.00/1.79
Clarification on OUE share sale
Analysts: Vikrant Pandey/Vijay Natarajan Tel: (65) 6590 6623/ 6590 6626
According to Reuters News, Credit Suisse Group AG is selling a stake in Overseas Union Enterprise for as much as S$116m at a price range of S$3.35-S$3.50. OUE stock has corrected by 4% post the news.
We understand from the management that there has been no share sale or placement. Instead,there has been a share financing arrangement by major shareholder Golden Concord Asia Limited (GCAL) which has been misinterpreted. Management will be issuing a clarification announcement soon. We view any near-term share price correction as a buying opportunity and reiterate our BUY call with a target price of S$4.25/Share.
market talk that Credit Suisse is looking to sell up to 42.6m shares (4.3% of shares out) at $3.35-3.50/sh.
The offering is likely linked to a placement on behalf of the controlling Riady family.
Stock may feature today.
Thanks for your iinfo.
this may explain recent price drop'
Overseas Union Enterprise Ltd. (OUE SP): Credit Suisse
Group AG is selling a stake in Singapore hotel operator Overseas
Union Enterprise for as much as $116 million, Reuters reported,
citing its IFR news service. Credit Suisse is offering to sell
the shares at between S$3.35 and S$3.50 each. The shares gained
1.1 percent to S$3.58.
BTW, don't get misleaded, the posting is get from 1 of the yesterday newspaper and not the 14Jan. FYI.
They recommend a BUY call !!!! YOU listen you die !!! LOL
Overseas Union Enterprise
Jan 17 close: $3.54
DMG & Partners Research, Jan 14
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WE INITIATE coverage of Overseas Union Enterprise (OUE) with a 'buy' at TP of $4.20, pegged at a 15 per cent discount to forecasted FY2011 RNAV of $4.94. OUE's sizeable office exposure (56 per cent of RNAV) offers investors an alternative proxy to play the rebounding office sector. OUE Bayfront (OUEB) and One Raffles Place Tower 2 (ORP2) should benefit from limited new Grade A supply, with minimal competition from existing inventory and rising demand for newer schemes.
We see further RNAV accretion from near- to medium-term office acquisitions and potential redevelopment of DBS Towers, which could yield $0.11 to $0.38 per share. Trading at a 28 per cent discount to RNAV (versus the sector's 2 per cent), OUE's valuations appear undemanding.
OUE's 2.1 million sq ft of offices provides investors with a viable alternative to ride on the office upcycle. In view of tenants' increasing preference for Grade A schemes and minimal new supply in CY2014 and CY2015 forecasts, OUEB and ORP2 should continue to see strong demand.
OUE should also benefit from the exclusivity factor, given that OUEB and ORP2 account for 15 per cent of CY2011 to CY2013 forecasts of Grade A supply, with the remaining owned by unlisted MPGA and Keppel Land ('neutral', TP $5.00). We expect minimal competition from older Grade A offices, as only half of these have floor plates of over 15,000 sq ft and the bulk of their leases should expire only after CY2012.
In addition to asset enhancement plans, we expect OUE to acquire new properties. As prime retail and residential properties remain rare, we think offices are the most likely purchase. We estimate OUE has sufficient debt headroom of $300 million to $1.4 billion, assuming net gearing of between 0.5 and 0.8 times. This translates into potential acquisitions of offices sized from 200,000 to 600,000 sq ft.
The acquisition of DBS Towers has not only strengthened OUE management's proven ability to identify undervalued assets, but also opened up several medium- to long-term redevelopment and value-unlocking opportunities. Based on our estimates, the conversion of DBS Towers into a high-end residential or a business hotel could add $0.38 and $0.17, respectively, to OUE's RNAV per share. Additional creation of retail or office spaces could provide RNAV per share accretion of $0.15 and $0.11, respectively.
BUY
I listen to Mon or Tue good morning Ch8, still got broking house recommend a buy call. We can't blame them, they want to earn your $$. What to do, we all like to listen to their recommendation, but take note, they always put a disclaimer at the end of the show !! LOL. Good luck.
enghou ( Date: 13-Jan-2011 19:55) Posted:
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Anyone know what happen?
What happen?
Huge voulume transacted
RBS recommends BUY with Target Price at $4.65
OUE's ongoing strategy to acquire undervalued assets and revamp older ones
could see it emerge as one of the top office players in Singapore. It is well-placed
to ride the asset inflation cycle, with 85% of RNAV in Singapore's commercial and
hotel sectors. Additional liquidity could prompt a re-rating. We initiate at Buy.
An office heavyweight in the making
OUE aims to become one of the top two (vs top five now) office players in Singapore in terms
of portfolio value through acquisitions of undervalued properties and asset refurbishments. It
acquired DBS Towers 15% below market value last year and unlocked the value of all of its
older prime investment properties through a series of revamps. The company has debt
capacity of S$1bn, assuming 50% gearing, which we believe will be used to buy office and
hotel assets. Eventually, OUE could spin off its commercial and hotel properties into REITs,
offering investors significant LT upside potential.
Liquidity boost could prompt a re-rating
We expect OUE to raise equity through a new share issue to fund potential acquisitions.
Lippo could further pare down its stake from the current 67%, although it has said that it
plans to remain a majority holder. These events might spark a re-rating. OUE has
outperformed the FSTREH by 20.8pp from June 2010 to date post two placements and a
share split effected in June and October 2010. These expanded its freefloat three-fold to
33% and daily liquidity spiked 21x to US$4.2m.
Riding the asset inflation cycle
We are most positive on the office sector, where capital values look set to increase on rising
rents and cheap capital. Grade A office prices may reach a new peak this year, with Capital
Square asking for S$2,700-2,800 psf vs the S$2,400 psf that MBFC 1 fetched late last year.
Grade A rents were up 10% qoq in 4Q10, taking yoy gains to 23%. However, at S$9.90 psf,
this is still half the 2008 peak. Prime offices account for 49% of OUE’s FY11F RNAV, of
which 60% is Grade A. Singapore hotels represent 20% of RNAV and retail malls 14%, with
their values looking set to rise on capitalisation (cap) rate compression.
Initiating coverage with a Buy rating, target price S$4.65
Our TP is set at a 10% discount to OUE’s FY11F RNAV, vs 0-20% for our other Singapore
developers, as the stock is less liquid than some of its peers. It is currently trading at an
attractive 31% discount to RNAV, which we believe should narrow on successful acquisition
of undervalued assets and progressive improvement in stock liquidity. OUE also stands out
as a pure investment proxy for Singapore properties.
Life Is Great
Sold off OUE at 3.42 yestady and switch to Bukit Sembawang > upside as its warrants expiry need to push up...besides lauching paterson suites(next to ion),Carnhill,Seletar and Telok Blangah Heights(diagonally opposite Sentosa)..T.P $5.86CIMB
UOBKH recommends BUY with Target Price at $4.25
Because 1) attractive developer-play in office upcycle, 2) active asset investment strategy to enhance yield, 3) beenfit from favourable hotel outlook, 4) Potential REIT in the making. Check out our 10 peers. Vijay initiates coverage with a BUY and a target price of S$4.25, presenting a 26% upside from current share price levels. The target price is pegged at parity to FY11F RNAV, taking into account a 20% premium for the office and hotel portfolios, a 20% discount for the retail and residential portfolios, and other competitive strengths and risk factors.
Life Is Great
Credit Suisse recommends BUY with Target Price at $4.20
● As expected, November takeup was strong on investment
demand for attractive launches near MRT stations and genuine
demand for below S$1000/sq ft suburban projects. Sales rose
80% MoM to 1,909 units (excluding ECs). YTD sales reached
15,018 units, a record-high and above 2007’s 14,811 units.
● OCR sales rose 172% MoM on strong interest in new
developments. Waterview sold 376 units/54% at S$903/sq ft,
while The Lakefront Residences sold 437 units/69% at
S$1,075/sq ft. RCR sales rose 72% as Spottiswoode Residences
sold 258 units/74% sold at S$1,853/sq ft. CCR sales fell 36%
MoM to 213 units, but stayed above the six-month average of 196
units.
● Eleven units transacted at over S$3,000/sq ft, versus seven in
October and five in November. The three highest transacted
values were at 8 Napier (S$3,527/sq ft), Nassim Park Residences
(S$3,992/sq ft) and Scotts Square (S$4,358/sq ft).
● While we expect developers to face policy headwinds, liquidity
remains strong and we expect the office portfolios to outperform.
Our top picks are CDL and OUE
Life Is Great
OUE - Maintain Outperform by Credit Suisse
Riding on the office upcycle
OUE’s flagship office property 50CQ has signed up a new anchor
lease of 120,000 sq ft at S$11/sq ft, 16% above its earlier lease of
S$9.50/sq ft. This brings 50CQ’s pre-commitment rate to 60%.
● Management also revealed more details on the repositioning of
the retail components at One Raffles Place and DBS Towers.
With better-than-expected rents and faster cap rate compression,
we raise its commercial asset valuations by an average 11%, and
our RNAV by 10% to S$4.67. We now value its new prime offices
50CQ and ORP at S$2,400/sq ft, up from S$2,700/sq ft.
● We expect accretive acquisitions in the near term to provide
further stock catalysts. An additional S$1 bn acquisition will add
25% to its current S$4 bn asset base. We adjust our FY10-12E
EPS by -9% to -1% on the timing differences of its projects.
● 77% of its RNAV is geared to the fastest growing prime office and
hotel segments. In view of its improving liquidity, we cut the target
price discount to RNAV to 10% from 15%, and raise our target
price to S$4.20. With 27% upside, we reiterate an
OUTPERFORM.
Make love more, don't make more enemies
OUE seems to be looking good on the charts and could poised for more upside.
http://sgsharemarket.com/home/2010/11/oue-bullish-uptrend-confirmation/
Singapore Property Sector ----------------------------------------------------------------------------------
Tg Pagar white site garners top bid of S$1,006/sq. ft, should drive rerating of office values
GuocoLand placed the top bid of S$1.7 bn (S$1,006/sq. ft/pr) for
the keenly-watched old CBD Tanjong Pagar white site, which was
25-54% above market’s expected S$650-800/sq. ft, and 12%
above second-placed Raffles Quay consortium’s S$900/sq. ft.
● The 99-year leasehold plot sits right on top of the Tanjong Pagar
MRT Station, and can be built up to nearly 1.7 mn sq. ft maximum
GFA, of which at least 60% (1 mn sq. ft) must be for offices and
another 10% (330-350 rooms) for hotel use, and up to 500
apartments.
● There were six valid bids, with the top five all above S$1.2 bn
(S$730/sq. ft), reflecting optimism for the development in this old
CBD area. CBRE estimates gross development value for the 60%
office component at S$2,200-2,300/sq. ft, and hotel at S$0.8-.9
mn/key. Nearby condos, Altez and Icon, recently transacted at
S$1,600-2,600/sq. ft, while offices transacted around S$1,500-
1,960/sq. ft.
● We expect this development to inject new office space in the old
CBD, but supply is unlikely to kick in until 2015. The better-thanexpected
price further supports our positive view and should drive
re-rating of the office proxies. Our top picks include CDL and OUE.
Source: Credit Suisse
Make Love More, Don't Make More Enemies
Overseas Union Enterprise (OUE SP) Px/Tgt HKD3.38/4.00 (my tgt)
Theme: Mega deal ahead
1. There is strong Institutional interest on this stock recently because of the strog interest in Office/Hotel/Industrial S'pore property segment.
2. Post-briefing, we are upbeat on OUE's prospects given:
a. Another mega deal ahead
b. Good take-ups in its Office/Hotel/High-end property
c. Trading -20% discount to consensus RNAV/share of SGD4.21
OUE had a analyst briefing on their 3Q10 results. Key highlights are as follows:
Another mega deal in the offing. OUE management mentioned that it is in advanced negotiations of securing two commercial deals of which one is a big sized transaction similar to its recent mega acquisition 'DBS towers' S$870m.
Bank of America signs up for additional space(>100,000 sqft) in 50 Collyer Quay at S$11psf/pm. This takes the total precommitment levels in 50 Collyer Quay to 50% levels. The average rents for the leases signed up so far is about S$9.50 psf/pm. Management remains very optimistic on office outlook and expects to secure future tenants at rentals of above S$11 psf/pm. The building is slated for completion in 1Q11.
Mandarin Orchard Hotel occupancy and room rates inching up. Mandarin Orchard hotel occupancies have been inching up with 3Q10 RevPAR increasing 35.8% yoy to S$216(Occupancy:85%). Occupancy for the recent weeks have hit a peak of 95% with room rates averaging close to S$300. The hotel has a customer profile of 80% leisure travellers and 20% corporate customers. Management plans to increase its corporate customer base as the rates fetched from corporate travellers are much higher than leisure travellers.
Positive on high-end residential segment. Management expects high end segment to gain further traction by 1H11. It launched about 70 of 420 units in its high-end development 'Twin Peaks' and sold more than 50% of units at ASP of S$2,850psf. OUE will hold back the remaining units and will time the launch based on market conditions.
Singapore to remain as the core market accounting for at least 90% of its asset base. OUE presently has 95% of its asset base in Singapore, with key focus on the office(59%), hospitality(20%), retail(10%) and residential(10%) sectors. Management noted that though they will continue to explore opportunity overseas, Singapore will remain their core market over the long term and target to maintain at least 90% of its asset base in Singapore.
Valuation. The stock is trading at 20% discount to the consensus RNAV of S$4.21.
Source: UOB KayHian
Make Love More, Don't Make More Enemies
I'm also wondering if anyone here is vested. What's happening? Like quite a few reports at one shot on this counter and mostly ang moh banks.