Singapore-listed UOL likely has upside catalysts including asset sales and share buybacks, says Citi's Brandon Lee in a note.
The property developer's latest launch at Orchard Boulevard notched a better-than-expected first-day sales despite being located in a more challenging precinct.
Lee expects UOL to focus on marketing its coming launch Skye in 2H and replenishing its landbank.
UOL's shares have outperformed its peers and the benchmark FTSE Straits Times Index year-to-date, and Lee expects further gains thanks to its latest project's sales, asset sales and share buybacks.
Citi has a target price of S$9.60 and maintains a buy rating on UOL given its low net gearing and undemanding valuations.
Shares last at S$6.87.
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