I was reviewing the last UOS presentation (4th march), and one piece of information jumped out at me that I had previously not noticed.
That is, UOS has already pre-sold, but not billed, A$200m worth of sales (for whom much of the costs have already been borne). Furthermore, I looked through the completion dates, and much of this will be booked in this half:
MENARA UOA BANGSAR HIGH TOWER (UOS 51%)
Pre-Sold 86% - Value A$150m (A$76.5 to UOS)
COMPLETION DATE - 2nd QTR 2009.
HORIZON @ BANGSAR SOUTH (UOS 100%)
Pre-Sold 62% - Value A$122m
COMPLETION DATE - 2nd QTR 2009.
It would seem likely that well in excess of A$100m of revenue will be booked this half. As per the same presentation, the Gross Margin on these sales is 40%.
UOS, with its VERY conservative gearing and ridiculously low share price, continues to trade strongly, even in the current environment.
Happy researching...
Y
UOS Price at posting:
17.0¢ Sentiment: LT Buy Disclosure: Held
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