UOS

1.85%

53.0¢ united overseas australia limited

Ann: Release of Annual Report - UOA Development Bhd, page-11

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SteveSage

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14/04/24

11:47

Post #: 73335455
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Originally posted by suhm: ↑

Just catching up with this company and if anything I find this annual report the least oqaque that I have read from them, seems like they are genuinely making an effort to make disclosures about all the related party transactions and it is for all intents and purposes has seemed like a listed family private company.

$101,388,000 has been advanced to BDN, seems like a pretty decent investment in Vietnam. Do they still do the DRP discount? It has always irked me that they do this given the managing owners are doing this and probably has more to do with why ROE is so poor as they are then constantly issuing a huge amount of shares at a discount to the share price let alone NTA. Seems like they have slowed down on that and issued $5.7m in shares for the interim 2023 dividend vs $27.8m for the final 2022 dividend. At a nearly 7% dividend yield the DRP is huge and even with the increased cash dividend in 2023 they issued 60m shares and this has been happening every year, it would have been 100m if they had taken the same amount in shares which is why there are 1.6billion shares. It also seems like a hugely inefficient tax structure to have so much equity but the management probably think of the cash in the company as money in their bank account.

Not sure why interest expenses are so high when they have so much cash on hand unless that is project level debt as they are paying up to 9.62% in interest on that debt. It is also all mostly current term loans not non-current

Also what happened with the daughter director disposing of nearly 100m shares?

Has always looked cheap and have owned before but with interest rates up it should burn out the leveraged developers and 2026 onwards looks interesting for UOS especially if they have stopped diluting smaller holders

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where are you seeing a high interest expense?

I'm seeing ~MYR131k which is mainly amortisation and lease interest and absolutely immaterial in the context of finance income (which I would assume is mainly interest)

UOS Price at posting: 58.5¢ Sentiment: Hold Disclosure: Held
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(20min delay)
Last 53.0¢		Change -0.010(1.85%)		Mkt cap ! $178.1M

Open	High	Low	Value	Volume
55.5¢	55.5¢	53.0¢	$3.943K	7.393K

Buyers (Bids)

No.	Vol.	Price($)
3	47029	53.0¢

Sellers (Offers)

Price($)	Vol.	No.
55.5¢	21346	2

View Market Depth

No.	Vol.	Price($)
2	46086	0.530
1	5770	0.520
1	1000	0.500
1	23344	0.495
0	0	0.000

Price($)	Vol.	No.
0.555	21346	2
0.560	166019	3
0.565	138196	2
0.570	446323	2
0.575	50000	1

Last trade - 15.51pm 08/11/2024 (20 minute delay)

UOS (ASX) Chart

Ann: Release of Annual Report - UOA Development Bhd, page-11

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