Taking UOL as a standalone entity, which mean largely leaving out Other Wee’s related empire will spell — complicated or spider-web? Not too sure but with much document being available through the 4 listed companies UOL, Pan Pacific Group, UIC and SingLand, I only see lot and lot of documents to read rather than opaque. In fact, I believe the information is so good that a formal evaluation of the UOL can be done which also mean getting the valuation is not out of the question for investor good in property. The problem is it is labour intensive, not many will try to go through that pile of documents.

Companies like WBL and Noble Group are more complicated in my own opinion. For WBL, there are many non cash generating assets lying there, I believe accounted for cheaply, only clear to someone who able to know what assets WBL own and their likely market price. And Noble Group, which has been always view as a focus, single business company(some might complain that they are unable to know what Noble is doing — the defective is on investor side) where the key is to know how much profit Noble is generating yearly or perhaps quarterly. But is it the case? Noble has reached a point where only significant subsidiaries are included in the annual report, “others” are being left out. Other than that, there are huge piles of assets, mine properties, agricultural assets, interests in joint controlled entities, associates and long term investment can easily add up in excess of USD$1 billion. Most of them are being funded by borrowing and equity, doesn’t anyone want to know what are they, where are they or at least some breakdown?

UOL group with its main 4 listed entities consist of

1) UOL with market Cap of 2.587 billion, shareholder equity of 3.835 billion. Ignore recent share-buyback.

2) Pan Pacific Group with market Cap of 0.624 billion, shareholder equity of 0.767 billion

3) UIC with market Cap of 2.479 billion, shareholder equity of 3.298 billion

4) Singland with market Cap of 2.174 billion, shareholder equity of 3.973 billion

UOL owned 81.57% of Pan Pacific and 31.58% of UIC. As UIC own 72% of SingLand, UOL own 22.74% of SingLand. Add in share investment in UOB, UIS and Haw Par, UOL become “complicated” and being valued by many in a way that is adding up all interest in Pan Pacific, UIC, investments and development properties but with a discount. Simple but not logical. As in a situation where everything is being valued at depressed price, it will work wonderfully but in another situation where the environment is good, valuation is rich, adding them up without a discount or even a premium is a straight road to hell. Discount after discounted is sweet, premium after premium is insane.

Anyway I am more interested to write about what are those stuffs that UOL own.

Property – retail, commercial offices, hotel and residential

Under UOL

1) Faber House(exclude 1st storey) – 100% interest

2) Odeon Tower – 100% interest

3) United Square – 100% interest

3) 2 units in Eunos Warehouse complex – 100% interest

4) Pan Pacific Serviced Suites – 100% interest

5) Pan Pacific Orchard – 100% interest

6) Novena Square – 60% interest

7) One Residency(KL – under development) – 60% interest.

8 ) Sofitel Plaza Xiamen(China) – 100% interest

9) Hai He Huang Guan(China – under development) – 90% interest

10) Marina Mandarin Singapore – 25% interest

11) Pan Pacific Singapore – 22.67% interest

12) OUB Centre – 4.67% interest(?)

Under Pan Pacific Hotels Group

1) Parkroyal on Beach Road – 100% interest (P), 81.57% interest(UOL)

2) Parkroyal on Kitchener Road – 100% interest(P), 81.57% interest(UOL)

3) Upper Picker Street Site(under development) – 100% interest(P), 81.57% interest(UOL)

4) The Plaza(retained interest) – 100% interest(P), 81.57% interest(UOL)

5) Sheration Perth Hotel(Australia) – 100% interest(P), 81.57% interest(UOL)

6) Crowne Plaza Darling Harbour(Australia) – 60% interest(P), 48.94% interest(UOL)

7) Crowne Plaza Parramatta(Australia) – 60% interest(P), 48.94% interest(UOL)

8 ) Sheration Suzhou Hotel & Tower(China) – 100% interest(P), 81.57% interest(UOL)

9) Parkroyal Kuala Lumpur(Malaysia) – 100% interest(P), 81.57% interest (UOL)

10) Parkroyal Penang(Malaysia) – 100% interest(P), 81.57% interest(UOL)

11) Parkroyal Saigon(Vietnam)- 100% interest(P), 81.57% interest(UOL)

12) Hotel Sofitel Plaza Hanoi(Vietnam)- 75% interest(P), 61.18% interest(UOL)

13) Hotel Sofitel Plaza Saigon and Centre Plaza(Vietnam) – 26% interest(P), 21.21% interest(UOL)

14) Parkroyal Yangon(Myanmar) – 95% interest(P), 77.49%(UOL)

Under UIC

1) UIC building – 100% interest(UIC), 31.58% interest (UOL)

2) Stamford Court – 100% interest(UIC), 31.58% interest(UOL)

3) West Mall – 86% interest(UIC), 27.16%(UOL)

4) Sheraton Tianjin Hotel(China) – 36%(UIC), 11.37%(UOL)

5) Tianjin Jun Long Square(China – under development) – 51%(UIC), 16.11%(UOL)

Under SingLand

1) Singapore Land Tower – 100% interest(S), 22.74% interest(UOL)

2) SGX Centre 2 – 100% interest(S), 22.74% interest( UOL)

3) Clifford Centre – 100% interest(S), 22.74% interest(UOL)

4) The Gateway – 100% interest(S), 22.74% interest (UOL)

5) ABACUS Plaza and Tampines Plaza – 100% interest(S), 22.74% interest (UOL)

6) Marine Square – 53.1% interest(S), 12.07% interest(UOL)

7) West Mall – 50% interest(S), 27.16% interest(UOL)

8 ) Novena Square – 20% interest(S), 64.55% interest(UOL)

9) Pan Pacific Singapore – 53.1% interest(S), 34.74% interest(UOL)

10) Marina Mandarin Singapore – 26.5% interest(S), 31.03% interest(UOL)

11) Mandarin Oriental Singapore – 26.5% interest(S), 6.03% interest (UOL)

12) Beijing Landmark Towers(China) – 19.95% interest(S), 4.54% interest (UOL)

Is this a complete list? I don’t know but if there are few that slip pass, it will be most likely “hide” under the unquote equity investments and some overseas interests like “Success City”. And this list pretty much confirmed with Wee UOL interests in Marina Area where its interests as a whole greater than SingLand commercial offices. And with the interests disperse around, it will be interesting to know who own the rest of Marine Shopping Centre and 3 hotels. Interestingly, OUE own another 1/4 interests in Marina Mandarin and 50% interest in OUB Centre.

Investment – quoted and unquoted

UOL : UOB – 2.2%, UIS, Haw Par and others – 364.65 million as at 31/03/09

Pan Pacific Hotel Group : Unknown – 11.86 million as at 31/03/09

SingLand : Unknown – 12 million as at 31/03/09

Property development

The easy way to look at it is UOL has 1.347 billion of development properties as at 31/03/09 where it ownership crossed 50%. So it excluded a sustainable amount being accounted for under associated companies interests.

That is the same for UIC and SingLand where 1.052 billion of development properties as at 31/03/09 which also exclude a sustainable amount being accounted for under associated companies interests. Interestingly, UOL, UIC and Singland team up and develop properties, if consolidated under one company, the amount in development properties will increased but at current status, the way to look for earnings from these development will be return on investment through dividend payback from associated companies.

I guess this pretty much add up all the main points.