UOA Ltd – one of the better property performers

The Group comprises 3 listed entities. Although UOA Ltd is dual-listed in Australia and Singapore, the bulk of the operations and earnings are from Malaysia.

The Malaysian property market has been soft over the past few years. This has resulted in a decline in revenue and earnings for the industry. UOA performance followed similar downtrends. But while there are signs of a turnaround over the past 2 years, UOA performance has yet to follow

UOA is one of the bigger players in the Malaysian property sector in terms of shareholders' funds, revenue, and earnings. It has been able to maintain its performance relative to the industry.

While UOA performance had deteriorated over the past few years, I would still rate it as fundamentally sound. This was based on its performance relative to its peers for a number of metrics. The Group is also financially healthy.

The Chart below summarizes UOA ROE over the past 12 years compared to the Bursa large property companies. You can see that it is one of the better performers.

At the same time, the current market price does not reflect its Asset Value or its Earning Power Value. It is an investment opportunity. At AUD 0.55 per share, it is even below its end Dec 2022 Graham Net Net of AUD 0.64 per share.