UOADEV

来聊聊UOADEV。如果要看它的优点，那就从dividend开始。

股息

2011 FY- 0.10, reinvestment price RM 1.39

2012 FY-0.12, 照現在的價錢，DY 大概6%。

我深信一个股票之所以会稳定，主要是因为丰厚的股息。

虽然UOADEV从上市就不停的下滑，但是自从宣布第一次派息后，这只股开始有了回弹。

Dividend Reinvestment 在大马股市比较罕见。股东可以选择把股息投资回该公司，而且便宜不超过5天平均价的10%。与此同时，股东不但省了水钱，赚了股息还有市场的差价。

資產評估

RNAV

MIDF - RM 2.76 （NPV wacc計算法，較為靠近現在的價值）

CIMB - RM 2.88

Kenanga- RM 3.43

NTA RM1.65 從2012最後一季的財報來看。從這方面看，UOADEV現在的市價 1.95，是有點比較高一些，但是很多產業還在發展中，沒有完全重新被評估。

債務

Non- current liabilities RM103,164,000

Current liabilities RM 339,857,000

Total Liabilities RM 443,021,000

Non-current Asset RM 809,365,000

Current Asset RM 1,782,701,000

Total Asset RM 2,592,066,000

Total Equity RM 2,149,045,000

D/A = 0.17 

D/E =0.21

債務還好，不會高。UOADEV cash也很多，應該是2012賣了幾個產業，估計今年裡應該會增持多一些地。

不過，今年年頭買了兩間新公司，沒有很清楚交待用途，只是说也使用来做产业生意。

工程

1)Kuala Lumpur, 30 September 2011 - UOADevelopment Bhd (“UOA” or “UOA发展有限公司”), is pleased to announcethat it has entered into a Memorandum of Understanding (MoU) with Hoa BinhConstruction and Real Estate Corporation (“Hoa Binh Corporation” or “和平建筑与房地产公司”), a leading construction company in Vietnam.

Under the MoU, both companies will, amongst others,collaborate and exchange construction knowledge and expertise. UOA hasidentified the up-coming SriPetaling residential development comprising 670 units of condominiumswith an estimated gross development value (GDV) of RM400.0million as the maiden project underthis MoU. Work commencement is scheduled for fourth quarter of 2011 and the project is slated for completion towards the end of 2013.

2)Kuala Lumpur, 9 May 2012 – UOA Development Bhd (“UOA”or “UOA发展有限公司”) announced today that ithas engaged FrasersHospitality Pte Ltd (“Frasers” or ”辉盛国际管理有限公司”), to manage the premium floors of the currently underconstruction CamelliaServiced Suites, a residential cum hotel residence project locatedwithin the integrated development of Bangsar South - UOA’s flagship mixed usedevelopment.

The 34-storey Camellia ServicedSuites comprises 720 units with an estimated gross development value (GDV) of approximately RM500.0million and is slated for completion by mid 2013.

UOADEV今年預計這兩個工程會完成，會帶來GDV RM 900mill。

EPS = 0.2459  Market Price: RM2.00 (26/3/13)

P/E = 2/0.2459
      = 8.13x                  在這個價錢會有點高了。

我還是堅持便宜才買。理想價<1.90。

這是股是local institution 和foreign fund的心頭好，所以是比較liquid和volatile的。