Ann: Vietnam Joint Venture Project, page-14

I agree with comments above that ROE has been poor over the past few years, and that is probably the key reason the share price is depressed.
However, i believe the market is missing the strategy that is being implemented, which is a transition to more passive, recurring revenue through retention of properties (delivering rent, parking, hotel operations, hospitality revenue). This was severely impacted by COVID but is now growing rapidly. This strategy means profits have not been recognised through sales as much as they were in the past, as the business develops this recurring revenue stream.

COVID, together with an oversupply in Malaysia has also stifled development activity. However, this is now also ramping up with a number of exciting developments commencing - including the JV in Vietnam.

I believe this business has been managed very well over the past few years despite the low ROE. Yes, they are very conservative, but that is a massive positive for a property developer.

The fact that the UOA development paid a first interim dividend this year and that the majority owners did not participate in the recent DRP is very interesting.

Over the last two days have been the highest trading days in UOS over the past 3 months. Someone is soaking up the UOS sellers at these bargain prices. I would be doing the same, but it is already my largest position and almost 50% of my portfolio.